Bm, Bitcoin Mining Report Published

The United Nations (UN) recently published a report on Bitcoin mining, shedding light on the environmental and social impacts of this cryptocurrency-related activity. The report, titled "Bitcoin Mining and Its Environmental and Social Impacts," comprehensively analyzes the global landscape and consequences of the Bitcoin mining industry.

In the report, the UN addresses the energy consumption associated with Bitcoin mining, discussing its impact on greenhouse gas emissions and global electricity consumption. It also focuses on the geographical distribution of Bitcoin mining operations, highlighting the role of renewable energy sources in some regions.

Furthermore, the report delves deep into the social and economic aspects of Bitcoin mining, examining working conditions at mining facilities and the economic benefits and challenges it brings to local communities. The UN also emphasizes regulatory measures and environmental responsibilities that can mitigate the negative impacts of Bitcoin mining.

This UN report provides valuable insights into the world of Bitcoin mining and its effects on our environment and society. It underscores the importance of sustainable practices and responsible regulations in the cryptocurrency mining industry.

UN scientists evaluated the activities of 76 Bitcoin mining countries during the 2020-2021 period in a report. This report found that the global Bitcoin mining network consumed 173.42 terawatt-hours of electricity. This period coincided with a bull market in the cryptocurrency markets, and Bitcoin reached an all-time high price of $69,000.

According to the statements in the report, "the 400% increase in the price of Bitcoin from 2021 to 2022 triggered a 140% increase in energy consumption by the global Bitcoin mining network." This increase was primarily due to electricity generation from fossil energy sources. Subsequently, crypto entrepreneurs took proactive steps toward transitioning to green energy sources.

The report highlights that hydroelectric energy supplied more than 16% of the global Bitcoin mining network's electricity supply, while nuclear energy, solar energy, and wind energy contributed 9%, 2%, and 5%, respectively.

Following the release of the report, the crypto community raised an older UN report from 2018, which suggested that carbon emissions from Bitcoin mining platforms had been misreported, questioning the accuracy of the information in the new report.

One of the crazy things about the UN paper is that the authors did read the rebuttals to the Mora et al paper because they cite the Houy 2019 paper, but only to note that BTC price is a factor in determining BTC mining profitability. The UN authors completely ignored the opening…

— Margot Paez / jyn urso (@jyn_urso) October 25, 2023

Nic Carter openly criticized the UN report, stating that it relied entirely on information obtained from unreliable sources.

According to the UN report, the first 10 countries engaged in Bitcoin mining (China, the United States, Kazakhstan, Russia, Malaysia, Canada, Germany, Iran, Ireland, and Singapore) were responsible for 92% to 94% of global carbon emissions.

The crypto mining sector continues to take significant steps toward transitioning to green energy. Companies consuming more than 400 MW of electricity worldwide, such as Genesis Digital Assets Limited, have opened a new data center in Sweden that hosts 1,900 mining machines powered by renewable energy sources. These efforts contribute to making crypto mining more sustainable.

Bitcoin miners shared their plans to help decarbonize the crypto ecosystem at the World Digital Mining Summit on September 22nd.

Nazar Khan, Chief Operating Officer of TerraWulf, emphasized the significant role that manufacturers played in the decarbonization process during the release of Bitmain's efficiency-focused Antminer S21.