Chart: Matthew SparkesSource: Cambridge Centre for Alternative Finance Created with Datawrapper

We already knew it was dirty. But it keeps getting dirtier and the guys who cheerlead unfettered “innovation” come across as celebrating the dirty as the unavoidable cost of progress. Something’s gotta give:

Skull of Satoshi, a sculpture by Benjamin Von Wong highlighting the environmental impact of bitcoin. VonWong/Skull Of Satoshi/Greenpeace blog.vonwong.com/skull/

Should nations try to ban bitcoin because of its environmental impact?

Bitcoin miners seem unwilling to take action to curb the cryptocurrency’s energy and water use – so some campaigners argue that it is time for governments to intervene

The amount of electricity used to mine and trade bitcoin climbed to 121 terawatt-hours in 2023, 27 per cent more than the previous year. While other cryptocurrencies in the same position have made bold changes to cut their impact, bitcoin’s decentralised community of developers, miners and investors are showing little interest in changing course. If bitcoin cannot clean up its own house, should governments step in to shut it down?

The latest data from the University of Cambridge shows that bitcoin currently accounts for 0.69 per cent of all electricity consumption worldwide. It also requires vast amounts of water, both for electricity production and for cooling at data centres. A study last year found that a single bitcoin transaction uses enough water to fill a swimming pool.

To dispense with centralised control but to ensure security and reliability, bitcoin traders register transactions in a permanent record called the blockchain by carrying out vast numbers of calculations…

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