Bitcoin mining could cause catastrophic climate change

A study published by Nature indicates that Bitcoin mining could increase global temperatures by as much as two degrees Celsius by 2033.

It said further that this could happen if Bitcoin is adopted at similar rates to other innovations such as the credit card.

The United Nations recently asserted that a 1.5-degree Celsius increase in global temperature could lead to irreversible damage of the planet’s ecosystems.

The study looked at the adoption rates of previous technologies, and while a credit card-level rise in popularity could see this rise in temperature by 2033, even a lower uptake model – such as that of the dishwasher – would see this temperature increase reached by 2040.

Financial economist Alex de Vries previously published an article claiming that the Bitcoin network’s electricity needs were progressing to a point where they would be comparable with those of the entire nation of Austria.

Now Read: Bitcoin’s slump might not be over yet

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Bitcoin mining could cause catastrophic climate change