Posted 11/29/2023, 4:00:00 PM
Bitcoin Mining's Massive Water Use Sparks Debate on Environmental Impacts
- Bitcoin mining uses a lot of electricity and water for cooling systems - an estimated 1,600 gigaliters in 2021, equal to a small backyard pool per transaction
- Bitcoin's high mining water use is estimated to rise to 2,300 gigaliters worldwide in 2023 as prices recover
- In the US, Bitcoin mining annually uses about as much water as the city of Washington D.C.
- More efficient mining systems could reduce water use, but transitioning away from mining towards alternative transaction validation methods could virtually eliminate these environmental impacts
- People argue Bitcoin isn't as bad as estimated rather than addressing the issues around its high electricity and water consumption