The continued growth of power-hungry Bitcoin could lock in catastrophic climate change, according to a new study.
The cryptocurrency’s growth, should it follow the adoption path of other widely used technologies (like credit cards and air conditioning), would alone be enough to push the planet to 2-degree C warming, the red line value the world agreed to in the 2015 Paris climate accord.
Bitcoin essentially converts electricity into cash, via incredibly complex math problems designed to eliminate the need for government-sponsored currencies. It’s made a lot of bros rich over the past few years, but it’s also raised some significant concerns about the ethics of sucking up excess energy on a finite planet.
The libertarian nerdbucks account for only a tiny fraction (0.033 percent) of global transactions right now, but its rapid growth and already sizable energy usage are worrisome. This latest study, from researchers at the University of Hawaii-Manoa, adds to the pile of evidence that Bitcoin needs to cut down dramatically on energy use — or risk taking down our chances for a clean energy future with it. [Continue reading…]