If Bitcoin is implemented at similar rates at which other technologies have been incorporated, then Bitcoin alone could produce enough emissions to raise global temperatures by 2°C as soon as 2033.
Peer-reviewed journal Nature Climate Change – Bitcoin emissions alone could push global warming above 2°Celsius.
A team of UH Mānoa researchers analyzed information such as the power efficiency of computers used by Bitcoin mining, the geographic location of the miners who likely computed the Bitcoin and the CO2 emissions of producing electricity in those countries. Based on the data, the researchers estimated that the use of bitcoins in the year 2017 emitted 69 million metric tons of CO2.
Researchers also studied how other technologies have been adopted by society, and created scenarios to estimate the cumulative emissions of Bitcoin should it grow at the rate that other technologies have been incorporated.
The team found that if Bitcoin is incorporated, even at the slowest rate at which other technologies have been incorporated, its cumulative emissions will be enough to warm the planet above 2oC in just 22 years. If incorporated at the average rate of other technologies, it is closer to 16 years.
“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list,” said Katie Taladay, a UH Mānoa PhD student and coauthor of the paper.
“We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it,” said Camilo Mora, associate professor of geography in the College of Social Sciences at UH Mānoa and lead author of the study.
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
He has substantial familiarity with a broad range of breakthrough technologies like age reversal and antiaging, quantum computers, artificial intelligence, ocean tech, agtech, nuclear fission, advanced nuclear fission, space propulsion, satellites, imaging, molecular nanotechnology, biotechnology, medicine, blockchain, crypto and many other areas.