A Deep Dive Into Bitcoins Environmental Impact
27 Sep 2022
Manuals and Handbooks
Author: The Cambridge Bitcoin Electricity Consumption Index (CBECI)
The Cambridge Bitcoin Electricity Consumption Index (CBECI) is a project launched in July 2019 by the Cambridge Digital Assets Program (CDAP) team at the University of Cambridge. Its primary goal is to provide high-quality data on bitcoin’s energy consumption and offer insights into this topic.
The tool has been continuously updated, and it now includes historical data on power demand and information about the geographical location of bitcoin mining operations (Mining Map). Taken together, in addition to data on energy sources used in different regions, these features allow estimating bitcoin’s environmental footprint.
The current demand for bitcoin network energy is updated every 24 hours, while the Mining Map is updated monthly.
According to the CBECI tracker, the current pace of mining will result in the release of 71.98 million tonnes of carbon dioxide equivalent per year. To put this into perspective, this is roughly the same amount emitted by New Zealand in 2022. The CDAP highlights that the Bitcoin mining industry is constantly evolving, which means that the tracker will continue to be updated to reflect these changes.