UN researchers report significant impact of bitcoin on climate change, water and land

A recent study conducted by the United Nations has raised concerns about the possible impact of bitcoin on the environment in general. According to the results published by the United Nations University and Earth Future, although BTC is the most popular cryptocurrency, its mining has «significant impacts on climate, water, and land.»

«The surge in the crypto market can be compared to a gold rush. However, this exciting market has a hidden dark side. Cryptocurrency mining can have a significant impact on climate, water, and land ,» the experts emphasized.

The study analyzed the activities of 76 countries that mined bitcoin in 2020−2021. During this time, the global BTC mining network consumed 173.42 terawatt-hours of electricity, which ranks it 27th in the world.

This energy consumption resulted in a carbon footprint equivalent to burning 84 billion pounds of coal or operating 190 natural gas-fired power plants. The study also highlighted the significant dependence of bitcoin mining on fossil energy sources, with coal accounting for 45% of the BTC energy mix, followed by natural gas (21%). Renewable sources such as hydropower, although affecting water resources, provided 16% of electricity demand. Nuclear energy accounted for 9%, while solar and wind energy accounted for 2% and 5%, respectively.

The researchers noted that their findings should not discourage the use of digital assets. «Technological innovations often come with unintended consequences, and bitcoin is no exception. Our findings should not discourage the use of digital currencies. On the contrary, they should encourage us to invest in regulatory interventions and technological advances that improve the efficiency of the global financial system without harming the environment,» said Professor Kaveh Madani.

Earlier in July, UN representatives expressed concerns about potentially harmful advances in neurotechnology, including the implantation of AI chips into the human brain. This technology can violate people’s mental privacy by giving artificial intelligence access to their thoughts and the ability to manipulate brain mechanisms, the UN believes.