Study says bitcoin could derail China's climate change targets
Bitcoin mining in China is so carbon intensive that it could threaten the country's emissions reduction targets, according to new research. China wants its emissions to peak in 2030, and has plans to be carbon neutral by 2060. The cryptocurrency's carbon footprint is as large as one of China's ten largest cities, the study found. China accounts for more than 75% of bitcoin mining around the world, researchers said. The study was written by academics from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey. It was published by the peer-reviewed journal Nature Communications. "Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country," it warned. Some rural areas in China are popular among bitcoin miners, mainly due to the cheaper electricity prices and undeveloped land to house the servers. Miners play a dual role, effectively auditing bitcoin transactions in exchange for the opportunity to acquire the digital currency. The process requires enormous computing power, and in turn consumes huge amounts of energy. Already, bitcoin-related emissions in China exceed the total emissions of the Czech Republic and Qatar in 2016. This video can not be played Man loses 210 million worth of bitcoin after throwing away hard drive. By 2024, China's bitcoin operations will exceed the total energy consumption of Italy and Saudi Arabia, and would rank 12th among nations. At its peak, it could account for about 5.41% of China's electricity generation emissions. The researchers said a carbon tax would be relatively ineffective for bitcoin, and suggested "site regulation" policies instead. The researchers said the "attractive financial incentive of bitcoin mining" has caused an arms race in dedicated mining hardware The price of the cryptocurrency surged during the pandemic, rising from $7,000 last April to pass $60,000 in March before hitting a period of volatility. Bitcoin's price increase was pushed higher by well-known companies adopting it as a method of payment, including electric carmaker Tesla. The Covid-19 pandemic also likely played a part, with more people shopping online and moving further away from physical currencies. Critics have long charged that in addition to its environmental impact, its main use is as a financial speculation tool rather than as a currency. They also worry that it is prone to market manipulation by a few large players. Tesla cars can be bought in Bitcoin Bitcoin surges past $60,000 for first time Buyer defends paying $2.9m for 'Mona Lisa' of tweets Morocco rescuers dig with bare hands as foreign aid sent US denies Cold War with China in historic Vietnam visit How Russia and West agreed on Ukraine G20 language How Russia and West agreed on Ukraine G20 language US denies Cold War with China in historic Vietnam visit 'Everyone in this village is either dead or missing' A Serbian scientist's long quest to name Srebrenica's dead How chronic pain feels for me. Video How chronic pain feels for me Guyana scrambles to make the most of oil wealth The spongy creatures cleaning Zanzibar's oceans. Video The spongy creatures cleaning Zanzibar's oceans Inside a 'hijacked' South African building. Video Inside a 'hijacked' South African building The rise and fall of a parenting influencer Florida's first hurricane-proof town The greatest spy novel ever written? Why is everyone crazy about Aperol? 2023 BBC.