How are you everyone?Today I will discuss with you about The environment impact of bitcoin. I am young and my experience is very little so please forgive me if there are any mistake.

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Bitcoin mining is famous for its energy intensity. As of March 25, 2023, Bitcoin miners' electricity demand is 15.4 gigawatts (GW). In the Bitcoin network, so-called miners compete in a computational puzzle to add blocks to the chain and verify the ownership and transactions of the coins included in the blocks. To participate in the process, miners use special hardware devices that consume electricity.
And while scholars and bitcoin proponents agree that miners use a lot of electricity, opinions on the climate impact of bitcoin mining diverge fundamentally. Critics see Bitcoin's power consumption as a disaster, while proponents see it as a feature rather than a bug. A growing body of academic studies compares bitcoin's carbon footprint to the emissions levels of mid-sized countries. At the same time, Bitcoin proponents highlight potential climate benefits from grid balancing services, support for renewable energy expansion, reduction of methane emissions through use of flare gas or orphan well sealing, and use of waste heat from mining hardware for ancillary operations.
Notably, during Winter Storm Elliott in North America in December 2022, Bitcoin miners dropped 100 exhashes per second (EH/s) equivalent to 38% of the total Bitcoin network hashrate that day. This number provides empirical evidence that at least 38% of all Bitcoin mining activity was located in the United States. and Canada by December 2022.
We examine both sides of the argument and provide empirical evidence for the volume and power source of Bitcoin mining in the United States based on data from 13 publicly listed mining companies responsible for one-quarter of the total network hashrate by the end of 2022. Using grid average emission factors, we find that the carbon intensity of electricity generated by the 13 miners included in our analysis is roughly equivalent to that of the United States at 397 gCO2/kWh. The grid average is 387 gCO2/kWh. Furthermore, we find that the annual emissions of 7.2 MtCO2 analyzed by 13 publicly listed miners in the United States. Vermont outpaces the state's carbon emissions alone.

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These results, based on grid average emissions factors, stand in contrast to industry claims that the majority (58.9%) of Bitcoin mining is fueled by sustainable energy due to the share of fossil electricity from renewables (21.5%) and nuclear (18.2%). ) is significantly lower in the US generation mix. At the same time, we see that the potential climate benefits of Bitcoin mining also receive close attention. Financial incentives in the Bitcoin network, for example, could subsidize the sealing of orphaned and unplugged wells and, in turn, reduce methane emissions at scale.
Increasing transparency on the location and power sources of large publicly listed bitcoin miners highlights the value of mandatory disclosures and can help dismantle unsupported industry claims, improve hypothesis-based academic models, and direct regulators to areas where the bitcoin mining climate could bring co-benefits.
Today's discussion ends here. I hope you find it interesting and able to understand. Share your thoughts on today's topic. Wishes and blessings to all.