The Carbon Footprint of Bitcoin
Open accessAbstract
Participation in the Bitcoin blockchain validation process requires specialized hardware and vast amounts of electricity, which translate into a significant carbon footprint. Here we demonstrate a methodology for estimating the power consumption associated with Bitcoin’s blockchain based on IPO filings of major hardware manufacturers, insights on mining facility operations, and mining pool compositions. We then translate our power consumption estimate into carbon emissions, using the localization of IP-addresses. We determine the annual electricity consumption of Bitcoin, as of November 2018, to be 48.2 TWh, and estimate that annual carbon emissions range from 23.6 to 28.8 MtCO 2. This means that the level of emissions produced by Bitcoin sits between the levels produced by the nations of Jordan and Mongolia. With this article, we aim to gauge the external costs of Bitcoin, and inform the broader debate on the costs and benefits of cryptocurrencies. The externalities we discuss here may help policy-makers in setting the right rules as the adoption journey of blockchain has just started.
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Annual carbon dioxide emissions by the bitcoin network are as high as 22.9 million metric tons, almost equivalent to the amount produced by countries like Sri Lanka and Jordan.
“According to a research, the annual carbon dioxide emissions by the bitcoin network are as high as 22.9 million metric tons, almost equivalent to the amount produced by the countries like Sri Lanka and Jordan [4].”
From A Review of Blockchain Architecture and Consensus Protocols: Use Cases, Challenges, and Solutions (2019) · cites this paper as [4]
The annual carbon dioxide emissions by the bitcoin network using PoW are as high as 22.9 million metric tons, almost equivalent to the amount produced by countries like Sri Lanka and Jordan.
“According to a research, the annual carbon dioxide emissions by the bitcoin network using the PoW are as high as 22.9 million metric tons, almost equivalent to the amount produced by the countries like Sri Lanka and Jordan [4].”
From A Review of Blockchain Architecture and Consensus Protocols: Use Cases, Challenges, and Solutions (2019) · cites this paper as [4]
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- Authors
- Stoll, C., KlaaBen, L., & Gallersdörfer, U.
- Affiliations
- Massachusetts Institute of Technology (US)
- Technical University of Munich (DE)
- Corresponding author
- Stoll, Christian
- ORCID
- Stoll, Christian
- Venue
- SSRN Electronic Journal
- Publisher
- Elsevier BV
- Published
- 2019
- ISSN
- 1556-5068 (ISSN-L)
- OpenAlex
- W3124650869
- Cited by
- 43
- References
- 0
- Citations by year
- 2025: 3 · 2024: 9 · 2023: 4 · 2022: 10 · 2021: 11 · 2020: 4 · 2019: 2
- Type
- posted content
- Language
- en
- Open access
- green
- doi.org
- Locations
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Physical Sciences › Engineering › Electrical and Electronic Engineering › Green IT and Sustainability
- Physical Sciences › Environmental Science › Environmental Engineering › Environmental Impact and Sustainability
- Keywords
- Bitcoin, carbon footprint, electricity consumption, blockchain mining, CO2 emissions, mining pools, IP geolocation, environmental impact of cryptocurrencies, blockchain regulation
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