China’s bitcoin mines could derail carbon neutrality goals, study says
- ‘The carbon emissions of this emerging industry have a potential hindering effect on China’s climate neutrality targets,’ head researcher says
- Beijing has set a goal for its carbon emissions to peak before 2030 and achieve carbon neutrality by 2060
The annual energy consumption of China’s bitcoin miners is expected to peak in 2024 at about 297 terawatt-hours, or more than was used by Italy in 2016, the study said.
The mines’ annual carbon emissions are set to peak at 130 million tonnes in 2024, or more than the greenhouse gas emissions of the Czech Republic in 2016.
The study was published in the peer-reviewed journal Nature Communications on Tuesday by researchers from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey.
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Chinese police seize 4,000 bitcoin-mining computers that illegally tapped US$3 million worth of electricity
Mining for bitcoin is highly energy intensive. In China, most mines are located in resource-rich provinces like Inner Mongolia, Sichuan, Yunnan and Xinjiang, where electricity prices are low.