In a survey conducted by the Bitcoin Mining Council (BMC) it was said that this cryptocurrency has become more sustainable. Experts in an investigation, however, examined how Bitcoin harms the environment citing three main criteria, including whether estimated climate damage grows over time, whether Bitcoin’s climate damage exceeds market price, and how climate damage shares the market price compared to other industries and sectors.
The author of this study, Benjamin Jones of the University of New Mexico, has said that they have not found any evidence of sustainability over time, and that this cryptocurrency bears no resemblance to «digital gold» but to crude oil from drilling and refining, oilseeds or beef.
Jones explained that Bitcoin mining or production uses amounts of electricity, primarily from fossil fuels like coal and natural gas, which damages the air with carbon emissions.
“We found several cases between 2016 and 2021 where Bitcoin is more damaging to the climate than a single Bitcoin is actually worth,” Professor Jones explained, adding that Bitcoin mining causes damages that exceed the value of a coin, which makes a change in the perspective of sustainability.
Climate damages for Bitcoin averaged at 35% of its market value between 2016 and 2021. This was less than the climate damages compared to the market value of electricity produced by natural gas in a 46% and gasoline produced from crude oil in a 41%.