• The growing energy consumption and associated carbon emission of Bitcoin mining could
    potentially undermine global sustainable efforts. By investigating carbon emission flows of
    Bitcoin blockchain operation in China with a simulation-based Bitcoin blockchain carbon
    emission model, we find that without any policy interventions, the annual energy consumption
    of the Bitcoin blockchain in China is expected to peak in 2024 at 296.59 Twh and
    generate 130.50 million metric tons of carbon emission correspondingly. Internationally, this
    emission output would exceed the total annualized greenhouse gas emission output of the
    Czech Republic and Qatar. Domestically, it ranks in the top 10 among 182 cities and 42
    industrial sectors in China. In this work, we show that moving away from the current punitive
    carbon tax policy to a site regulation policy which induces changes in the energy consumption
    structure of the mining activities is more effective in limiting carbon emission of Bitcoin
    blockchain operation.

  • School of Economics and Management, University of Chinese Academy of Sciences, Beijing, China



    Copyright: © The Author(s) 2021

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