Emissions from mining cryptocurrencies have skyrocketed, researchers reported in Scientific Reports. The carbon footprint of mining one Bitcoin multiplied 126 times from 2016 to 2021. In that window, Bitcoin mining caused an estimated $12 billion in global climate damage.
“We find no evidence that Bitcoin mining is becoming more sustainable over time,” said Benjamin Jones, an economist at the University of New Mexico. “Rather, our results suggest the opposite: Bitcoin mining is becoming dirtier and more damaging to the climate.”