China's bitcoin mining emissions will reach 130 million tons by 2024

   Carbon mining related carbon emissions have risen rapidly in China, and they will soon outstrip the total annual emissions of mid-sized European countries.
   Analysis by Dr. Guan Dabo at Tsinghua University in Beijing, China and his colleagues shows that the total carbon emissions of bitcoin mining in China will peak in 2024, liberating about 130 million. . tons of carbon.

   This figure exceeds the annual carbon footprint of countries including Italy and the Czech Republic.
By 2024, mining operations in China will require energy 297 terawatt hours and account for about 5.4% of carbon emissions from electricity production in the country.
   Bitcoin mining relies on computers racing to solve mathematical puzzles, with miners accepting bitcoin for being the first to process a series of verified transactions.
   The number of bitcoins awarded for this work halves every four years and the puzzles become more difficult and require more computing power to solve. The cost of the powerful and electrical computing equipment to run it also goes up.
   Researchers predict China's emission peak in 2024 based on calculations of when the total cost of mining - investment in computer equipment and the cost of electricity - is greater than the financial reward of selling. row. Bitcoin is mined.
   They used both financial forecasting and carbon emissions analysis to model emissions in China, taking into account factors such as location. “Are you in Shanghai, Beijing, or other places? That's very important because it determines what type of electricity you use, ”said Guan. "Overall, from all China's bitcoin mining, 40% is powered by coal."
   Bitcoin miners in Beijing or other parts of northern China are most likely using electricity from coal-fired plants. Guan said mining in southern provinces - especially Guizhou, Yunnan and Sichuan - is largely powered by hydroelectricity.
   With China's commitment to a carbon-free goal by 2060, regulations to reduce carbon emissions from bitcoin mining and future emerging sectors will need to be implemented, he said. to speak.