Bitcoin's Increasing CO2 Footprint

If Bitcoin bulls are correct and the coin's price reaches a price of $500,000, there could be dire consequences for the environment. According to a Fortune report, Bitcoin's notorious carbon footprint may inexorably increase if its price continues to grow. Bitcoin miners now create as much carbon dioxide as the nation of Greece. If Bitcoin's price were to rise to $100,000 by Christmas 2024 — on the year when Bitcoin's production will be cut in half to reduce inflation — the size of the mining industry would expand by around 8% and generate about 8% more CO2 than today. Looking beyond, Bitcoin at $500,000 would emit 617 million metric tons of carbon a year. Such a carbon footprint would be beyond enormous. The Bitcoin network would be emitting 70% more carbon than the United Kingdom and approach Germany's emissions of 696 million tons. At this rate, Bitcoin would produce 12% of the CO2 that the United States produces.