Bitcoin emissions & energy consumption compared
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Bitcoins world energy consumption is currently approximately 102 TWh per year.
Net emissions are approximately 12 MTCO₂e per year.
Net emissions are approximately 12 MTCO₂e per year.
Reductions / Offsets
Waste heat from mining consumes the same amount of electricity as a regular resistive heater & often displacing fossil heating. Switching from oil to electric in a Low Carbon Intensity area could reduce heating footprint by up to 92% . A mining heating combination has the potential to lower the cost of heating millions of homes, heat water, aid industrial processes such as drying greenhouse warming etc.
Methane is 125x more potent Green House Gas than CO₂ (Sir David King). Mining with otherwise vented CH₄ gives a massive reduction in GHGs to approximately 1/20th of original potency. DS Batten takes a deep dive into the complex science.
Demand response in conjunction with power generation can eliminate the need for gas peeker plants, incentivising renewables, soaking up excesses and shutting down during heat waves etc. Effectively greening the grid by a small %
Further Reductions
The Banking Sector is said to be responsible for financing 2,805 MTCO₂ , Lets say a small hypothetical percentage is invested in Bitcoin instead of fossil fuels. A very small reduction in the banking sector sends Bitcoin emissions negative. If climate activist wanted a circular economy and de-growth, well here it is.
Bitcoin scope 1,2,3 emissions
- Scope 1 - Surprisingly virtually none existent. Once a mining farm is built, it's electricity in - Bitcoin, warm air & whirring noise out.
- Scope 2 - Electricity production. 98% of emissions
- Scope 3 - Mostly from ASIC manufacturing. With an all time total mass of equipment ever made ≈ 84k Tonnes. Resulting in eWaste ≈ 250 t/year
Mining carbon intensity
According to the Bitcoin Mining Council Bitcoin their members are utilising 63.8% "sustainable power mix" , when combined with the rest of world mining this translates roughly 210 gCO₂/kWh .
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Some mining is based in Ontario with a very green 12month average of 76gCO₂/kWh such as Blockfusion that is “completely powered by water fall !”. In Texas USA (where much mining is now located) the 12 month average Grid carbon intensity is 389gCO₂/kWh.
Sources
- UK Banking sector + Wall Street
- Gold mining
- Military Industrial Complex
- Agriculture
- World total emissions 54.6 Billion Tonnes CO₂eq (100y)
- BP World Energy 554 ExaJoules
