The electricity spent on bitcoin mining in China will be more than the total electricity consumption in Italy and Saudi Arabia

 

Carbon emissions from bitcoin mining in China are increasing and could soon rise above the energy consumption of countries such as Italy and Saudi Arabia, a new study has shown. 

Bitcoin mining, which requires extensive computer processors and is generally favoured in areas where electricity is cheap, is taking a serious toll on China's carbon emissions, the Independent reported. China's coal-intensive regions have been favored for mining in recent years, with 75 percent of worldwide bitcoin mining operations taking place here, according to April 2020 data. 

The annual energy consumption of the bitcoin industry in China could rise to 297 terawatt hours by 2024, according to researchers from the Chinese Academy of Science who participated in the study. "This amount exceeds the total amount of energy consumption of Italy and Saudi Arabia," the study said. 

The research continued: "Accordingly, carbon emissions from the bitcoin operation will increase to 130.5 metric tons by 2024. This amount is above the carbon emissions levels of Czechia and Qatar in 2016" 

China-based miners such as Bitmain have announced they will pull their operations out of coal and shift to areas where renewable energy is available. Microsoft founder Bill Gates had said Bitcoin mining was harmful to the environment and damaging the climate due to excessive energy use.