Bitcoin used the most energy of any cryptocurrency in 2020, producing as much as 59.9 million tons of CO2. 299.6 million trees would’ve needed to be planted to offset this volume. Bitcoin is an incredibly unsustainable cryptocurrency. Studies suggest that the cryptocurrency’s carbon footprint is as large as some of the world’s biggest cities. This needs to be changed if Bitcoin wants a future in the dawning law-carbon cybersociety age.
This dirty side of Bitcoin has also been recognized by super-influencers Elon Musk, head of Tesla, and Jack Dorsey, Co-founder and CEO of Twitter. Tesla initially accepted Bitcoins as payment for its e-cars but stopped after the “dirty” CO2 footprints became known. The world’s leading e-car manufacturer Tesla will resume accepting bitcoin payments for its cars once miners of the cryptocurrency can show they are using roughly 50% clean energy, CEO Elon Musk said in a tweet.
When there’s confirmation of reasonable clean energy usage by miners, Tesla will resume allowing Bitcoin transactions, he said.
An analysis of the De Nederlandsche Bank found that in 2020 a single bitcoin transaction produced some 402 kg of CO2 emissions, which is comparable to two-thirds of the monthly emissions of an average Dutch household.