Fewer and fewer people are using bitcoin for digital payments. Nevertheless, bitcoin transactions are consuming more energy than ever before – the same amount as the whole of Thailand. With a carbon footprint equivalent to the Czech Republic’s (about 114 million tonnes per year), bitcoin is cancelling out other climate wins.
The global take-up of electric vehicles, for example, is estimated to have prevented 50 million tonnes of CO2 so far. That’s less than half of bitcoin’s emissions for a single year. And the problem is getting worse. The growth of bitcoin mining powered by fossil fuels is outpacing greener alternatives, causing bitcoin’s carbon footprint to swell five-fold in just two years.
