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The Environmental Cost of Cryptocurrency: Assessing Carbon Emissions from Bitcoin Mining in China

Lookup NU author(s): Dr Jose LiuORCiD

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Abstract

This study estimates the environmental impacts of Bitcoin mining. Employing a top-down measurement approach, this paper assesses the carbon footprint of Bitcoin mining in China from 2017 to 2021. The findings reveal that mining activities during this period contributed to a total of 77.84 million tons of carbon dioxide emissions in China. By utilizing data at the provincial level, we find that the seasonal migration of Bitcoin mining pools will lead to regional power demand shocks in China. Additionally, this study predicts future carbon emissions from Bitcoin mining in China, projecting cumulative carbon dioxide emissions of 76.40 million tons and 722.18 million tons by 2030 and 2060 respectively, in the absence of any policy interventions. Based on these findings, it is argued that adopting environmentally friendly technological approaches and keeping the carbon emissions from digital currency issuance within an appropriate range are crucial for sustainable development.

Publication metadata

Author(s): Xiao Z, Cui S, Xiang L, Liu P, Zhang H

Publication type: Article

Publication status: Published

Journal: Journal of Digital Economy

Year: 2023

Volume: 2

Pages: 119-136

Print publication date: 01/12/2023

Online publication date: 27/11/2023

Acceptance date: 20/11/2023

Date deposited: 21/11/2023

ISSN (electronic): 2773-0670

Publisher: Elsevier

URL: https://doi.org/10.1016/j.jdec.2023.11.001

DOI: 10.1016/j.jdec.2023.11.001

ePrints DOI: 10.57711/3xgx-f237

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