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Introduction In 2008, Satoshi, the pseudonymous founder of Bitcoin, published a vision of a digital currency which, only a decade later, reached a peak market capitalization of over $800 billion.1,2 The revolutionary element of Bitcoin was not the idea of a digital currency in itself, but the underlying blockchain technology. Instead of a trusted third party, incentivized network participants validate transactions and ensure the integrity of the network via the decentralized administration of a data protocol. The distributed ledger protocol created by Satoshi has since been referred to as the ‘first blockchain’.3 Bitcoin’s blockchain uses a Proof-of-Work consensus mechanism to avoid double-spending and manipulation. The validation of ownership and transactions is based on search puzzles of hash- functions, as first introduced by a spam-protection mechanism called Hashcash.4 These search puzzles have to be solved by network participants in order to add valid blocks to the chain. The difficulty of these puzzles adjusts regularly in order to account for changes in connected computing power and to maintain approximately ten minutes between the addition of each block.5 During 2018, the computing power required to solve a Bitcoin puzzle increased more than threefold, and heightened electricity consumption accordingly.6,7 Speculations about the Bitcoin network’s source of fuel have suggested, among other things, Chinese coal, Icelandic geothermal power, and Venezuelan subsidies.8 In order to keep global warming below 2°C – as internationally agreed in Paris COP21 – net-zero carbon emissions during the second half of the century are crucial.9 To take the right measures, policy makers need to understand the carbon footprint of cryptocurrencies. We present a techno-economic model for determining electricity consumption in order to provide an accurate estimate of the carbon footprint of Bitcoin. Firstly, we narrow down the power consumption, based on mining hardware, facilities, and pools. Secondly, we develop three scenarios representing the geographic footprint of Bitcoin mining, based on pool server IP, miners’ IP, and device IP addresses. Thirdly, we calculate the carbon footprint, based on the regional carbon intensity of electricity consumption. In comparison to previous work, our analysis is based on empirical insides. We use hardware data derived from recent IPO filings, which are key to a reliable estimate of power consumption as the 1PDF Image | The Carbon Footprint of Bitcoin
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