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ll Figure 1. Bitcoin Energy Consumption Estimates 2017–2020 Energy consumption is presented in gigawatt (GW). Details on the underlying methodologies and date sources can be found in the Supplemental Information and Table S1. Commentary Translating energy consumption into GHG emissions adds further uncertainty. Krause and Tolaymat,2 for instance, use average emission factors of electricity consumption in several countries to chart a range of potential results, which vary by a factor of over 4 between the lowest and highest values. As miners seek locations with low electricity prices, other studies assume high shares of cheap renewable energy, which results in much lower emis- sions estimates.9 From a power system perspective, the most accurate approach would be to consider marginal emission factors. Mining operations cause an addi- tional load that activates additional gen- eration resources. The increase in full- load hours of certain generation re- sources may lead to fuel switching effects and alter local emission intensities.7 As this approach requires exact mining loca- tions and load information—which are extremely hard to get—Stoll et al.10 use average emission factors as a proxy to balance the effect of higher emissions at the margin and mining in regions with high shares of clean energy. Conclusions We show in this Commentary the neces- sity to broaden the debate on the envi- ronmental impacts of cryptocurren- cies—beyond Bitcoin. Irrespective of the uncertainty in assessing the energy demand and associated GHG emissions of cryptocurrencies, our estimate for understudied currencies underlines the importance of including these in the debate. Based on the underlying algorithms, current hash rates, and suitable mining devices, we conclude that Bitcoin accounts for 2/3 of the total energy consumption, and under- studied cryptocurrencies represent the remaining 1/3. Therefore, understudied currencies add nearly 50% on top of Bit- coin’s energy hunger, which already alone may cause considerable environ- mental damage.10 Including the remain- ing hundreds of mineable coins and to- kens, which account for the 1.77% market capitalization not captured by the top 20, would further increase the note: Figure 1 shows monthly averages for Digiconomist and CBECI). The CBECI uses a bottom-up approach, whereas Digiconomist applies a top-down approach (which has been criticized for potential overestimating in the past6). Given that we consistently apply the bot- tom-up approach of Krause and Tolay- mat2 to all 20 currencies, potentially higher absolute numbers would not impair the relative shares (if we assume the neglected factors apply to all cur- rencies equally). Nonetheless, all energy estimates and underlying assumptions are subject to uncertainty. In particular, the selections and operation of the mining devices pose a significant challenge given that the mining industry operates secretively. Miners may shut down and ramp up certain devices temporarily as a response to variations in electricity prices and mar- ket prices (i.e., when electricity costs exceed mining revenues, as seen during coronavirus pandemic when market pri- ces and hash rates tumbled).7 Including outdated and unprofitable mining de- vices in the estimate has been found to distort the energy demand estimate and overvalue the resulting carbon emissions by a factor of 4.5.8 Here again, potential changes in absolute numbers would likely impair the estimates of all crypto- currencies in a similar manner. Environmental Impacts Energy consumption, per se, is not an issue in the context of climate change. For instance, clean generation resources, such as wind and solar, produce energy without emitting greenhouse gases (GHG) (which trap heat in the atmosphere and cause cost—now and for future gen- erations). Fossil generation resources— most prominently coal and gas—cause such GHG emissions. Consequently, the emission factor of electricity depends on the constitution of the generation resource mix, which varies among coun- tries as well as regions. The relative energy demand of cryptocurrencies in Table 1 could be used to roughly estimate GHG emissions. To derive a profound estimate of caused GHG emissions, however, more research is needed into currency-specific factors such as the respective footprint of mining operations. 1844 Joule 4, 1839–1851, September 16, 2020PDF Image | Energy Consumption of Cryptocurrencies Beyond Bitcoin
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