Bitcoin mining has evolved from a hobby of individual enthusiasts to a mature commercial industry dominated by large publicly traded companies operating large-scale mining complexes.
“20 publicly traded mining companies produce as much carbon dioxide emissions as two coal-fired power plants in a year, that is, more than 7.8 million metric tons of CO2. Year-over-year, the biggest carbon emitters were Marathon Digital, Hut 8, Bitfarms, Riot Platforms and Core Scientific. Moreover, each of these companies consumes as much electricity as a small city,” the Greenpeace report says.
According to environmentalists, in 2023 the total energy consumption of mining companies made up about 153 TWh, which is comparable to the volume of electricity consumption by industry in a medium-sized European country.
Greenpeace experts believe that banks and Wall Street asset managers such as MassMutual, M&T Bank, BlackRock or Vanguard are “hypocritically putting environmental and sustainability goals on their agenda while investing in and funding the cryptocurrency mining industry.”
Greenpeace is confident that large financial corporations and small miners must bear joint responsibility for carbon dioxide emissions. Since the development of the industry would be impossible without the support of capital and the creation of economic incentives leading to the persistence of environmental threats.
Source: Bits
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