In bitcoin mining, as we know. energy-guzzling computers are developed to verify bitcoin transactions and vie with one another for new coins. In the US, the bitcoin mining is approaching 38 per cent of the world’s mining. There are emissions from the energy hungry mining sector. These emissions, as per the report of environmental groups, equal the emission of 6 million cars each year.

The world is thinking of doing rapid decarbonization. The bitcoin mining contributes 27.4 million tonnes of carbon footprint from mid-2021 through 2022. It is three times more than the largest US coal plant.

Bitcoin industry defends itself by stating that the amount of electricity consumed by it is relatively smaller — just 0.09 per cent to 1.7 per cent of the total US power consumed. Thus cryptocurrency sector is greener than other heavy industries. In addition, more than half the power it uses comes from the renewable sources. It is cleaner than the cement industry. The US mining companies are publicly traded. They are expected to reveal their energy consumption.

Besides this, miners claim they provide stability and financing to energy grids of renewable power-generation.

It also goes without saying that a lot of mining operations are responsible for bad or dirty energy projects. Bitcoin is a technology with a lot of positive and negative climate potential.