Bitcoin ‘as bad for environment as beef production’

Digital cryptocurrency uses more energy than mining gold, reports Maryam Zakir-Hussain

In 2020, Bitcoin mining used 75.4 terawatt hours per year (TWhyear-1) – higher energy usage than Austria or Portugal (Getty Images)

Bitcoin is doing as much damage to the environment as beef production, researchers have found in a new report about the impact of the popular cryptocurrency on the climate.

Rather than being seen as similar to ‘digital gold’, Bitcoin should instead be compared to much more energy intensive products such as beef, natural gas, and crude oil, the report said.

In December 2021, Bitcoin had an approximate market value of $960 billion, with a roughly 41 percent global market share among cryptocurrencies.