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efficiency of the hardware in use is an essential parameter in this calculation. Furthermore, we include assumptions about auxiliary factors which determine the power usage effectiveness (PUE). Losses from cooling and IT-equipment have a significant impact, but have been largely neglected in prior studies. Besides estimating the total power consumption, we determine the geographical footprint of mining activity based on IP addresses. This geographical footprint allows for more accurate estimation of carbon emissions compared to earlier work. Previous academic studies, such as predictions of future carbon emissions,10 or comparisons of cryptocurrency and metal mining,11 are based on vague estimates of power consumption, and lack empirical foundations. Consequently, the estimates produced vary significantly among studies, as listed in Table 1. Vranken12 Bevand13 Mora10 Foteinis14 De Vries7 2017 100-500 470-540 2018 2,550b 2017 69g 2018 43.9h 2.9-13.5 63 25.8i 21.5-53.6j Power consumption [MW] Carbon emissions [Mt CO2] Krause11 948 3,441c McCook15 12,080d Digiconomist16 7,744e This study 364-1,727a 5,501f Table 1 | Power consumption and carbon emission estimates in previous studies. a. power consumption range in 2017, b. power consumption as of 03/2018, c. as of 06/2018, d. as of 07/2018, e. as of 11/2018, f. as of 11/2018, g. as of 2017, h. 02/2018 including Ethereum, i. as of 11/30/2018, j. lower and upper limit of minimal and maximal marginal life-cycle carbon emissions factors, based on best-guess power consumption. We show that, as of November 2018, the annual electricity consumption of Bitcoin ranges between 35.0 TWh and 72.7 TWh, with a realistic magnitude of 48.2 TWh. We further calculate that the resulting annual carbon emissions range between 21.5 and 53.6 MtCO2; a ratio which sits between the levels produced by Bolivia and Portugal.17 The magnitude of these carbon emissions, combined with the risk of collusion and concerns about control over the monetary system, might justify regulatory intervention to protect individuals from themselves and others from their actions. 2PDF Image | The Carbon Footprint of Bitcoin
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