To offset the carbon footprint of mining the leading cryptocurrency, a UN report has said more than 3.9 billion trees would need to be planted.
Bitcoin mining consumes more electricity than most countries, according to a new report on its damaging environmental impact. Mining is the process by which transactions are added to and validated on the blockchain, the public ledger for cryptocurrencies. Competing miners race to use computers to solve complex mathematical puzzles using extremely powerful hardware - receiving new Bitcoin as a reward for their efforts. In 2020 to 2021, Bitcoin consumed 173.
But organisations including the Bitcoin Mining Council - which represents 43% of miners around the world - claim this energy-intensive process has become more eco-friendly since. Its figures suggest 59.9% of the electricity used by its members came from sustainable sources in the first six months of 2023. However, these figures are difficult to verify, and only represent less than half of the overall network.
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