Along with the widespread use of Bitcoin in countries around the world, criticism of this digital currency network is increasing due to the production of carbon pollution and the destructive effect on the environment. However, this situation may change completely in the not too distant future; Because bitcoin miners are rapidly switching to renewable energy to reduce the amount of pollution produced in their mining units.
To Report Finbold, the BatCoinz group, has recently conducted a study that shows that the production of environmental pollution (greenhouse gases) in the Bitcoin mining process will reach zero by December 2024 (Azer 1403), and the Bitcoin network will become the world’s first monetary system. It will work without causing environmental pollution.
According to this research, currently and taking into account the activities of miners who use greenhouse gases to provide energy, 62.4% of the mining process in the Bitcoin network is done without producing environmental pollution. It is expected that this rate will reach 72.7% by March 2023 (Esfand 1401) as the number of miners using this method increases.
In order to get more familiar with the method of this research, it should be said that Bitcoins researchers first measured the amount of energy consumed in the Bitcoin network, which is the result of methods associated with the production of carbon pollution, and then calculated the volume of carbon produced by the entire Bitcoin network. In addition, using reverse engineering, they have calculated how much methane must be removed from the air by combustion to offset the amount of carbon produced in the Bitcoin network.
The conclusion of this research is based on the use of burned gases to produce the energy needed in Bitcoin mining; The method whose output has grown by 8.3 megawatts per month since May 2021 (May 1400).
The Betcoins report states:
We predict that the rate of increase in the use of ventilated methane in Bitcoin mining for energy production will initially be equal to 83% of the growth rate of using the gas burning method to produce mining electricity (6.9 megawatts per month). With this average growth rate, it can be predicted that the Bitcoin network will no longer have carbon pollution in the fourth quarter of 2024.
Batcoins analysts say that along with the growth of electricity consumption in the mining process, the hash rate of the network will also increase. They believe that the use of renewable energy and the productivity of miner devices are also increasing at the same time, and these conditions will cause a balanced growth of the hash rate of the network.
Environmental criticisms of Bitcoin
The production of carbon pollution in the Bitcoin network has been investigated in various countries and has become one of the focus points of legal authorities. For example, the US government previously commissioned a study to find out how much electricity consumption Bitcoin and other digital currencies consume in total and use this information for policy making in the country.
At the same time, many miners have turned to using renewable energy in order to reduce the production of carbon pollution in their unit.
As previously reported, the electricity consumption of the Bitcoin network has decreased by 21% since the beginning of 2022; A significant decrease coincided with the fall in the price of digital currencies.
All in all, it will be an interesting discussion how the zero pollution production in the Bitcoin mining process will affect the policy making of international authorities. Meanwhile, some jurisdictions, such as the state of New York, have already banned the establishment of new mining farms for all proof-of-work digital currencies.