These are findings by Coinshares about the emissions of CO
2 by bitcoin miners. You can get the full report from this link below which is in PDF:
The bitcoin mining network CoinShares researchWhen I read the method used, I think this is a good research from CoinShares. To make it easy, I quote some important parts of the published paper which can be interesting to you people. If it is true, see what critics have been fighting, that bitcoin mining takes huge amount of energy and produces enormous CO
2 which is a greenhouse gasses that can add to global warming and melting of the polar regions. It's all lies, people are just making conclusion of what they do not know. Thanks for organizations that are researching about this. You wouldn't believe the total amount of estimated CO
2 bitcoin mining is emitting according to the research. Read further:
Left: Total known power draw off global mining countries (Dec 2021) |||| Right: Total carbon intensity of all global mining countries (Dec 2021): Right
Network efficiency is a crucial component of any mining model as it is the basis of the estimation of the total network power draw. Getting the network efficiency wrong directly translates into a proportional error size in the power draw estimation.
From the estimate of the total units mining at any given time, we calculate the average efficiency factor of the network. The efficiency factor is the weighted av￾erage number of Watts drawn by the entire network per TH/s of hashrate generated (this returns the dimension
of W/TH/s, but an equivalent and more commonly used dimension is J/TH). The average network efficiency is then used to estimate
the ongoing electricity draw of the network from the observable implied hashrate, sourced from the Bitcoin
blockchain itself (via CoinMetrics).
Carbon Calculation Method
We then distribute the total estimated power draw across a number of individual global mining regions, each of which has its own carbon intensity of electricity generation based upon its unique combination of gen￾eration sources. Here, we are assuming that the elec￾tricity consumption of a mining operation in any given region is responsible for carbon emissions at the av￾erage regional intensity of generation. The power draw by region is measured in MW and is estimated month to month.
Once the total carbon emissions of the network are calculated we subtract out the negative CO2 equivalent emissions of flare-mitigating oil field miners
Bitcoin's share of global energy Consumption![](https://ip.bitcointalk.org/?u=https%3A%2F%2Ftalkimg.com%2Fimages%2F2023%2F05%2F14%2Fblob9ce3afa1b6dadeb5.png&t=665&c=qxdLfZSb56fGjA)
Total Power Consumption
From our monthly average efficiency factors and im￾plied hashrate, we estimate that the Bitcoin network drew 75 TWh of electricity in 2020 and 82 TWh in 2021. As of December 2021, the current annualised draw is 89 TWh, which is the second highest monthly estimate
of 2021, the highest being November at 93 TWh. The lowest monthly estimate in 2021 was July, where we
estimate that the annualised draw was 54 TWh.
As a point of reference, total global energy consumption (not production, which is considerably higher) in 2019 has been estimated at 162,194 TWh.35 At an annual en￾ergy draw of 89 TWh, the Bitcoin mining network uses approximately 0.05% of the total energy consumed globally. This strikes us as a small cost for a global mon￾etary system, and on the global energy balance sheet, it amounts to a rounding error.
Conclusion
In the grand scheme of things, the carbon emissions emitted by electricity providers supplying the Bitcoin mining network are inconsequential. At 0.08 % of global CO2 emissions, removing the entire mining network from global demand—and thereby depriving hundreds of millions of people of their only hope for a fair and accessible form of money—would not amount to anything more than a rounding error.
This world is difficult to live in, even people turn back at good things, example is the bitcoin mining. Bitcoin miner uses energy, pay for the electricity they are using, buying miners and generating profit. This is called win-to-win which can help economy as a result of increase in production in a positive feedback manner which is towards the positive side. Only what critics are after is that bitcoin generates greenhouse gas (CO
2) but they do not focus on the fact that clean energy (energy without the emission of CO
2) can be used for bitcoin mining. There are many aspects of bitcoin that is even helping the economy.