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Carbon footprint We calculate Bitcoin’s carbon footprint based on its total power consumption and geographic footprint. To determine the amount of carbon emitted in each country, we multiply the power consumption by average and marginal emission factors of power generation. Average emission factors represent the carbon intensity of the power generation resource mix, while marginal emission factors account for the carbon intensity of incremental load change. Unless there is excess zero-carbon power capacity, even the skimming of renewable electricity leads to shortages in surrounding grid areas. These shortages are generally covered by fossil fuel resources. Therefore, we assume that the additional load caused by Bitcoin mining has to be covered by the additional consumption of fossil fuels such as coal or natural gas. Due to uncertainty about which resource technology is covering the additional load accredited to Bitcoin, we estimate a range by using gas as minimal and coal as maximal marginal emission factors. We assume the hardware runs continuously throughout the year. A comparison of break-even electricity prices for ASIC models shows that this assumption is valid for most fixed retail tariff rates and especially for regions with high mining activity (see Supplementary Notes Sheet 3.5). The steadiness of hash rate distribution in Figure 2 supports this assumption. Therefore, we do not consider potential additional sources of revenue from price volatility in the wholesale market or from the provision of load-balancing services. Figure 7 shows our estimates of carbon emissions for th10e0Bitcoin network in the aforementioned scenarios. 90 80 70 60 50 40 30 20 10 0 Miner IPs Pool IPs Device IPs Device IPs Miner IPs Pool IPs Pool IPs Miner IPs Device IPs (min) (min/gas) (avg) (min/gas) (avg) (avg) (max/coal) (max/coal) (max/coal) Upper bound Lower bound Realistic magnitude Fig. 7 | Global carbon emissions from Bitcoin mining. Carbon emission factors from IEA30 are listed in Supplementary Notes Sheet 4.4. Calculation of the three scenarios can be found in Sheet 3.1. 10 Annual carbon emissions [MtCO2]PDF Image | The Carbon Footprint of Bitcoin
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