As the world continues to warm and face the effects of climate change, what does this mean for Bitcoin, blockchain and the world of crypto?
In October 2018, the journal Nature Climate Change made headlines both within the crypto world and beyond after it published a study claiming that within three decades, the carbon emissions of the Bitcoin network alone could push the planet past 2 degrees Celsius of warming — the threshold established by the international Paris Agreement.
While additional research has been released since, showing that much of the Bitcoin network actually relies on renewable energy sources, the initial reporting has been influential in shaping the way in which people understand the role of cryptocurrency within the context of the global climate crisis: The planet is warming, and cryptocurrency is, at least in part, to blame.
However, the truth is that the relationship between crypto and climate is much more complex, as global warming has consequences far beyond how hot summers are.