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Recent research shows the harmful environmental impact of online cryptocurrency is comparable to that of beef production or crude oil.
Researchers found that between 2016 to 2021, each $1 created in Bitcoin market value was responsible for $0.35 in global climate damages. In comparison, beef production was responsible for $0.33 and burned crude oil for $0.41. The report approximated that global climate damages of Bitcoin between 2016 and 2021 reached $12 billion.
Environmental groups are urging U.S. leaders to ban new mining operations after the weight of these findings.
Should we ban cryptocurrency mining?
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