Mining one bitcoin consumes a larger carbon footprint than nearly two billion Visa transactions, according to Marion Laboure, a Deutsche Bank analyst.
According to Marion Laboure, a Deutsche Bank analyst, mining one bitcoin BTCUSD, +1.76% consumes a larger carbon footprint than nearly two billion Visa V, +0.95% transactions. Another incredible stat: an individual bitcoin transaction could power the average U.S. household for 61 days.
And while there have been moves to push cryptocurrency activity to renewable sources, about three-quarters of bitcoin’s global energy consumption is generated from non-renewable sources, says Laboure. She suggested four ways to decarbonize cryptocurrencies. One would be to push the cryptocurrency industry toward renewable sources, such as geothermal energy. El Salvador has started using geothermal energy from volcanoes, Another would be a carbon tax, that would hit large consumers of carbon-fuelled energy.
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