Bitcoin’s Climate Damage Is on Par With Beef and Crude Oil

10/3/2022 3:35:00 AM

And it’s only getting worse.

It’s abundantly clear that the rise of Bitcoin and other cryptocurrencies is a pernicious blight on the environment and efforts to fight climate change—no matter how much Bitcoin advocates say otherwise.

And it’s only getting worse.

no matter how much Bitcoin advocates say otherwise., two of the most environmentally destructive industries on Earth.Calls for windfall profits taxes have increased globally in recent weeks.''Bitcoin is a way to harness greed.

And it turns out the costs of Bitcoin’s environmental destruction is on par with that of the beef industry, according to a Scientific Reports.The authors—economists from the University of New Mexico—say that rather than representing a new kind of “digital gold,” Bitcoin is emerging more as a “digital crude” when it comes to a climate perspective." Though the researchers admitted that there's still a lot to be learned about the extent of the damage done by the king of crypto, their approach — categorizing the mining energy usage as a share of Bitcoin's market price — does provide a jarring perspective on just how serious its environmental impacts appears to be.At the end of last year, the market value for Bitcoin, the most popular cryptocurrency, was projected to be about $960 billion.Guterres’ windfall tax proposal would direct those funds: “to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices.Advocates have consistently promoted Bitcoin as a potential tool that can be used to encourage the exchange and growth of sustainable products and services."We find several instances between 2016-2021 where Bitcoin is more damaging to the climate than a single Bitcoin is actually worth," the economics researcher and paper co-author said in the UNM statement.But its development is grounded in cryptocurrency mining, a process in which computers compete with one another to solve complex mathematical problems to provide “proof” that a transaction has taken place.” The irony of this historic transaction was such that the person who bought this pizza from Hanyecz also sold his Bitcoins for a negligible price.

You can read more about how this works here , but the gist is that running these computers—which are often housed in large facilities—consume an enormous amount of electricity." Since 2016, the researchers calculated that Bitcoin's electricity-generating missions have increased a whopping 126 percent, from 0.The United Kingdom, meanwhile, approved a 25% windfall tax on oil and gas firms in May — but new right-wing Prime Minister Liz Truss has made clear she opposes windfall taxes and won’t support any new ones.If that power source isn’t green, then the mining operations are basically leading to a huge swell in carbon emissions as a result.It doesn’t help that China recently banned Bitcoin mining from taking place on its land."Calculations suggest each Bitcoin mined in 2021 generated 11,314 US Dollars (USD) in climate damages, with total global damages exceeding 12 billion USD between 2016 and 2021," the statement continued.Most of those operations were running on electricity generated by hydroelectric plants.As those operations have moved to the West, they’ve situated themselves on grids tied to fossil-fuel burning plants.56 USD in global climate damages that month.

The new study reveals that between Jan.2016 and Dec.But for now, there's nothing stopping anyone from mining mining Bitcoin — whereas oil drilling, at least, requires some very expensive equipment.2021, Bitcoin mining used 75.4 terawatt hours per year.That’s more energy than was used annually in the entire country of Austria or Portugal.

The researchers went on to assess what the climate damages caused by Bitcoin have been over this time.The analysis suggests that carbon emissions increased 126 fold.By Dec.2021, each coin was responsible for about 113 tonnes in carbon emissions—and about $11,314 in damages per coin.In fact, the climate damages often exceeded the actual value of the Bitcoin market—peaking in May 2020, when each $1 worth of Bitcoin led to $1.

56 in global climate damages.Bitcoin wouldn’t be the first industry with an outsized impact on the climate.But it’s remarkable in how it has already surpassed many others in such a short time.Bitcoin’s climate damages are estimated by the authors to be about 35 percent of its market value.That’s higher than global beef production (33 percent), and not much lower than gasoline production from crude oil (41 percent).

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Is greenpeaceusa and Ripple labs funding the now? In a world being ripped apart by the fiat ponzi through debasement and hyperinflation you decide to attack impoverished peoples last hope? shame!!! Why do you rail against FinancialFreedom and inclusion? Spreading misinformation I see. Really makes me question everything TDB has published.

I feel like TDB took a pole of their readers and concluded they were skeptical of bitcoin, so they came up with this click beat to draw them in. For anyone actually interested in how to save your fucked world, this is a better start on the topic: This is Climate Denial. 🖕🖕 This is dangerous dangerous propaganda and your entire organization should be personally and collectively ashamed of itself. You might as well be giving out free blowjobs to fossil fuel executives while burning down the last of the Amazon. Shameless political scum propaganda...

Its abundantly clear that despite your opinions Bitcoin will simply gain more adoption and use more energy over time for the overall betterment of the world And btw the environment will be just fine. You'll do nothing about trying to stop bitcoin anyway except writing words lol Just how the masses need to eat Impossible Meat 🥓 but the wealthy can fly their jets NONSTOP. ✈️ 🙄

Y’all are either terrible journalists or bought off by the status quo. Probably both. Sweet. Another account to block!

Bitcoin Mining as Bad for Planet as Oil Drilling, Scientists SayWhen it comes to environmental harm, Bitcoin mining is worse than gold and comparable to both crude oil and cattle farming, a new study has found.

Ironic that your bullshit article involves a bullshit “study” on cow shit. This is propaganda, not journalism. “assBumDanTLy cLEaR” GFY You are so scared. It doesn’t look good on you. Bullshit 🤣 cry harder 😄 Financial inclusion which removes human bias & greed is important to humanity. Bitcoin prevents abuse from Govt & Banks. Promoting this disinformation is supporting the widening of the wealth gap. The obvious answer is rarely the right one. One must dig deeper. You are wrong.

Stop doing the bidding of the big banks. They have a vested interest is promoting false info on Bitcoin so they can continue to steal from the poor to give to the rich. Stop being a pawn for the big banks. The media's fear mongering about Bitcoin is endangering not just the environment, but the future prosperity of the human race. Fortunately, media rags have a near perfect track record of getting nearly everything wrong, but also having no ability to halt progress.

🤡

California Gov. Newsom Proposes Windfall Profits Tax on Big Oil“Crude oil prices are down but oil and gas companies have jacked up prices at the pump,” noted Newsom. I don't believe it until it happens. Pre Reagan Corporate taxes would do wonders

it’s abundantly clear that this is pure propaganda and you are a sorry excuse for a journalist FREE ROSS ULBRICHT!!! Do you misinform people on all topics or just bitcoin? Bitcoin has a tiny fraction of the energy footprint of the global fiat financialization system that bitcoin eventually completely replaces. Also bitcoin has an easy net positive impact on the environment; methane capture.

cope and seethe, we're not going anywhere People can do whatever they want with electricity that they pay for. If you want to change that, start with air-conditioning (which uses 100x more power than Bitcoin mining) n_vpatel ✅ Pronouns in bio ✅ Multiple articles promoting ineffective / unscientific masking to prevent respiratory virus. ✅ Articles promoting “long COVID” conspiracy theory.

Wait, you guys still think beef is bad for the environment? No. Liars. Wow, well done on such an original and totally truthful take...

Bitcoin Pizza | CoinMarketCapCMCGlossary: Bitcoin Pizza 🍕 Bitcoin Pizza refers to the infamous transaction where a guy, named Laszlo Hanyecz, paid 10,000 Bitcoins for two pizzas making it the first business transaction of Bitcoin in the real world. 👉 Details: Coins public GİVE is LİVE🚀 50k bnb🐋 The most expensive meal in the entire Universe. it should be in the guinness book of records😅 What pizza company was it? Are they still hodling the BTC?

this post is doing great lmao. 1.3 Million Followers and the engagement is worse than mine 🤣🤣🤣 So the metric used in this study is the environmental damages/market value ratio. Using this ratio, what score does computer gaming have? Or clothes drying? Their score must be much worse because they produce no value at all. But nobody is attacking those.

No Bitcoin is not, it uses energy for good, unlike misinformation. Clowns OK, bozo. Garbage article, just throwing numbers out there and regurgitating FUD. How much decrease in bad weather could we expect if Bitcoin mining was banned? and the bitcoin advocates are right !

Bitcoin NFTs | CoinMarketCapCMCGlossary: Bitcoin NFTs ✨ Non-fungible tokens (NFTs) minted on Bitcoin-powered blockchains and secured by the Bitcoin network are known as Bitcoin NFTs. 👉 Details: Quit ghosting me $HEX Why is everybodyy silent on thiss? Why is everybodyy silentEABB on thiss?

Buying more beef and Bitcoin. You should remove intelligent from your bio because this is highly regarded. GFY 🖕 37 likes. You got ratio'd so hard. Read the room. Dig deeper than this and do better. It's not OK to publish complete nonsense like this without disclosing who paid for it. Let's be honest, this is not reporting or journalism, it's part of a PR campaign, so who is paying for this total BS?

Y'all really just copy and pasted a FUD article? Bitcoin is the cleanest industry in the world and uses more renewables than anything else, it also provides the economic incentive for renewable energy buildout. But carry on peddling banker propaganda It’s abundantly clear that the rise of is a pernicious blight on journalism and efforts to fight disinformation—no matter how much and it’s paid hacks say otherwise.

Bitcoin price starts 'Uptober' down 0.7% amid hope for final $20K pushBitcoin stays calm into the weekly close with BTC price tipped to crack $20,000. Uniswaap need to fix this now I was told... Uptober 🫢 I think so will be downtober 😇

🤡 🤡 lmao It’s abundantly clear you haven’t actually done any research and are parroting methodologically and socio-economically flawed research along with many others. Not only is the headline absurdly inaccurate (exhibit a, below) the research is full of false assumptions & omissions. Zero research from a completely uncredible source. Embarrassing for your propaganda paper to push these narratives for money. Sell outs.

Congrats on this engagement team seriously. Whoever paid for this piece must be really thrilled with the results I'm going to eat 5 steaks today and buy more bitcoin I wish I had a miner. The… Daily… Beast. No, it isn’t. Thats a lie. Why are you so determined to keep the bankers in power? I think we all know. Bitcoin

Absolute Bullshit!!! Oh no! Also, is anyone reporting the fact that if you divide the amount of electricity that Bitcoin uses by 0.0000000000000000001 you get an extraordinarily large and scary number?!

Over 34,000 BTC Moved off Exchanges in Single Day, What This Implies for Bitcoin Price⬆ +13 Over 34,000 BTC Moved off Exchanges in Single Day, What This Implies for Bitcoin Price $BTC bitcoin

🤡 I love BTC, beef, and crude oil. All three make my life better! More likely your corporate masters don't want any escape from the fiat exploitation system, and you spout this mindless dribble because you are void of morals and will say absolutely anything for pay. Another pet of the FIAT system is bashing the only true monetary system to help humanity.

The wef wants their money back - this drivel doesn’t qualify as narrative-worthy. Either you’re being disingenuous or this is outright incompetent research & reporting. All lies.. It's abundantly clear that your lies do deny proof of any route to the truth that solve the reason you lie your refusal of facts is amusing and lacks any form of research where one side isn't backed

what IS abundantly clear is that you have not idea what you are talking about.

Poorly researched. Troy cross is on target The truth is, you're wrong. The Daily Clinton Propaganda Nah, I'm good on your lies. Cry harder, fiat slave. Just making crap up because someone paid you to lie. You don't even bother to verify the sources. The Daily Regime Propaganda out here spreading more lies

Remember when they told you all these lies about vaccines? Well, they are still lying. It’s abundantly clear that The Daily Beast and other propaganda organizations are a pernicious blight on liberty and efforts to fight for freedom globally — no matter how much the elites say otherwise. ABUDINTLY CLEAR. ORANGE COIN BAD

Embarrassing yourselves here. Absolutely ZERO research on Bitcoin while ignoring or hiding the facts 👍🤣🤡 Now do the petrodollar When you don't know anything about a topic, you don't write about it. Read a book at least! Terrible journalism Except that this article contains multiple falsehoods… Why is it ok for your writers to lie and/or be extremely lazy in their work? Do you hire 8th graders to write articles for you?

Say what now? HFSP Wow! This is not a coordinated attack from corporate media on Bitcoin at all 🤡 Have fun getting rekt!

So funny, how every MSM media outlet has been paid simultaneously to parrot the same article about Bitcoin 's 'environment threat'. Some powerful financial institutions are getting really nervous...😂😅 Never read something so full of 💩 in my life. Cry harder daily beast Bitcoin only. With or without you.

Clowns like this 👆 will cost you the opportunity of a lifetime. Keep learning Such an erroneous article. False. You're dumping more BS than the entire beef industry. Don't fall for the FUD “In fact, the climate damages often exceeded the actual value of the Bitcoin market—peaking in May 2020, when each $1 worth of Bitcoin led to $1.56 in global climate damages.” Retract this. Retract it if you care at all about your credibility. This is an error.

This article is flat-out wrong... n_vpatel ...you wrote this? Good luck with the ratio.

'Make up some shit that fits a narrative and publish it' seems to be your M.O. Look at bitcoin. Look at livestock and manure. bitcoin mining uses electricity and emits zero emissions, only heat no different than an electric vehicle This article is ridiculous...There's no wonder News Guard downgraded the DailyBeast

Kinda like those lithium mining areas… Everything from earth is fair game except these 3 huh? Weird!