How Is Bitcoin Mining Affecting the Climate?

Cryptocurrencies are being accepted on the global stage and have changed the economics behind how currency works. People are buying them at an unprecedented scale that consequently is leading to more cryptocurrency production. In one of their video features, the Wall Street Journal talks about a bitcoin mining lab that has been functioning near Niagara Falls to mint cryptocurrency in a sustainable way. Thousands of computers are working 24/7 to produce cryptocurrency. Crypto mining has faced severe backlash for its energy consumption and adverse effect on the climate. A research paper published in 2018 stated that in less than 30 years, the emissions from bitcoin mining alone could push Earth’s temperature up by 2 degrees Celsius. Sam Tabar, Chief Strategy Officer at Digital Head, the crypto mining company at Niagara Falls, states that their company aims to transition the crypto industry to net-zero greenhouse emissions by 2040. Tabar also mentions that their facility runs on hydropower and is entirely carbon neutral.

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