News
    Home   >     Original    >     Main body

    Bitcoin to Disrupt China’s Climate Goals, Says Study

    Abstract:For China, however, it seems these goals might be in jeopardy because of bitcoin. According to a recent study, the rate of bitcoin mining in China is very carbon-intensive, so much so that it could be counter-productive to current sustainability goals.

      One of the biggest topics on the global stage these days is climate change and sustainability. Scientists have claimed that irreversible damage will be done to the earth if current behaviors are not addressed within the next decade. In response to this, several countries have set climate goals such as becoming carbon neutral by a certain time.

      For China, however, it seems these goals might be in jeopardy because of bitcoin. According to a recent study, the rate of bitcoin mining in China is very carbon-intensive, so much so that it could be counter-productive to current sustainability goals.

      The Bitcoin Barrier to Sustainability

      The current goal for China is to have its carbon emissions reach their peak by the year 2030. After that, China plans to achieve carbon neutrality by the year 2060. However, China is also at the top of the list when it comes to crypto mining, with 75% of all the crypto mining in the world taking place in China. This is despite the fact that cryptocurrency trading is illegal in China.

      This constitutes a huge contribution to the country‘s carbon footprint, on par with one of the ten largest cities in the country. With the current boom in cryptocurrency thanks to bitcoin’s bull run and overall institutional support, more mining can be expected over the years.

      This means that as China is working to reduce its carbon emissions, the crypto industry will increase it. Thus, Chinas goal of its carbon emissions peaking in 2030 and carbon neutrality in 2060 might be in jeopardy.

      A recent study that was conducted by researchers at the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University, and the University of Surrey supports this theory.

      “Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country,”.

      Mining is especially popular in places with cheaper electricity costs, such as rural villages. In 2016, bitcoin-related emissions in China had already surpassed the total emissions of countries like the Czech Republic and Qatar.

      By 2024, this figure could rise to eclipse the emissions for the whole of Italy and Saudi Arabia. It is clear that action needs to be taken to confront what the growth of crypto will mean for the future of the planet.

    Read more

    Bitcoin Bull Mike Novogratz Warns of 'Existential Crisis' if the US Fails to Create Digital Dollar

    Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.

    News 1618217643000

    How to Use AI to Generate Free Bitcoins

    When you get on the Bitcoin train you know you are in for a wild ride, with the price dipping and soaring so fast it’s hard to keep up. One thing is certain however, the overall value of Bitcoin is rising year-on-year at an incredible rate. Since the start of the pandemic the price has skyrocketed from just 7,200 USD in January last year, to its current price of near to 60,000 USD, although with some heart-stopping drops and recoveries in price along the way. BTC is clearly a great investment, but there is undoubtedly a high level of risk and uncertainty, so it is critical to mitigate your exposure and the best way to do this is with an automated platform.

    News 1618207992000

    All that mined is not green: Bitcoin’s carbon footprint hard to estimate

    The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible.

    News 1618198734000

    With Banks Turning to Bitcoin, Is It Finally Time to Long the Bankers?

    In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?

    News 1618196175000