In recent years, Bitcoin mining has been frequently criticized for "wasting a lot of energy" in response to climate change and emissions reduction. However, a recent study found that the carbon emissions of technology giants have far exceeded the carbon emissions of Bitcoin mining throughout its entire life cycle. This surprising discovery completely breaks the long-standing inherent perception of Bitcoin as "high energy consumption".
According to the latest data, the carbon emissions generated by US tech giants since 2019 have exceeded the overall carbon emissions of the Bitcoin network since 2014. Amazon's carbon emissions alone exceed the carbon emissions of the Bitcoin network in one year. If Google, Microsoft and other companies are added, the total annual carbon emissions of US tech giants will far exceed Bitcoin.
It is very difficult to accurately calculate the carbon emissions of Bitcoin worldwide. No research team has yet been able to obtain grid usage and cost data for all countries involved in Bitcoin mining. However, by comparing actual mining activities with cost estimates, researchers can come up with some reliable estimates.
A study conducted by the United Nations University found that the global Bitcoin mining network consumed 173.42 terawatt-hours of electricity between 2020 and 2021. If the Bitcoin network were a country, its energy usage would exceed that of Pakistan (which has a population of 220 million). Another study estimated that Bitcoin mining could generate about 65.4 megatons of carbon dioxide emissions per year. This means that the Bitcoin network's carbon emissions are roughly the same as the entire country of Greece.
However, Amazon reported in 2021 that it produced 71.54 million tons of CO2 emissions. In comparison, Bitcoin's estimated annual emissions are 65.4 million tons, making Amazon a significantly larger source of emissions. If we add Google's 14.3 million tons in 2023 and Microsoft's 15.3 million tons in 2023, the total exceeds 100 million tons per year. This does not include Apple's 15.6 million tons in 2023.
Although it is not entirely scientific to directly compare the carbon emissions data reported by companies with the estimated emissions data of Bitcoin, it is clear that the carbon footprint of the tech giants is far greater than that of Bitcoin. Even assuming that data centers for artificial intelligence, Bitcoin, and cloud computing are roughly equivalent in terms of power consumption and carbon emissions, the data shows that the total carbon emissions of US technology companies since 2019 have exceeded all emissions of Bitcoin in its entire history.
This finding overturns the long-standing stereotype that Bitcoin "wastes a lot of energy". Because people have long used the huge energy consumption and carbon emissions in the Bitcoin mining process as one of the main arguments for criticizing the cryptocurrency. However, it turns out that even if Bitcoin mining does emit more carbon than some traditional industries, in comparison, the carbon emissions of technology giants are the real "big spenders".
There are two main reasons for this: first, technology companies' data centers, cloud computing businesses and artificial intelligence services consume enormous amounts of energy, far exceeding Bitcoin mining; second, although the Bitcoin network's carbon emissions are large, it is a decentralized global network after all. In comparison, the emissions of a few technology giants appear to be more concentrated and massive.
This finding is thought-provoking. Technology giants have all made promises of "net zero emissions", but with the rise of generative AI products and services such as ChatGPT, technology companies' carbon emissions are bound to continue to soar in the future. This means that the "pollution" arguments that people often point to Bitcoin in the past may need to be completely re-examined and adjusted.
"Whether the value of Bitcoin is enough to offset the potential harm caused by its carbon emissions" has always been a focus of controversy. But now it seems that the premise is no longer true. Compared with technology companies, Bitcoin's carbon emissions are really insignificant. Moreover, as a decentralized, transparent and secure cryptocurrency, Bitcoin's sustainable development prospects have always been highly praised.
Industry insiders pointed out that as the proportion of renewable energy used in Bitcoin mining continues to increase, Bitcoin's carbon emissions will become smaller and smaller. In contrast, the carbon emissions problem of technology companies has not received the attention and solution it deserves. In the future, how to curb more massive carbon emissions and achieve true environmental protection and sustainable development will be an important issue worthy of joint attention and discussion by all parties.
In summary, the results of this study overturn people's inherent views on Bitcoin and reveal the heavy burden of technology giants in carbon emissions. Perhaps everyone should look at Bitcoin with a more objective attitude and focus on industries with a larger carbon footprint. After all, achieving global climate goals requires joint efforts from all parties.
