Bitcoin mining can 'single-handedly' upset global warming targets

India supports blockchain but not cryptocurrency
A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, on their opening day in Singapore December 21, 2017 REUTERS/Edgar Su/File Photo

What could defeat the Paris accord of 2015 under which around 200 nations agreed to keep global warming in check?

There are boundless threats to the goal of keeping global warming well below a rise of 2°C above pre-industrial times, of course. But no one had perhaps factored in the risk from crypto currencies. Not until now.

According to the latest research findings, the rising demand for bitcoin can 'single-handedly' upset the global warming goals.

Huge Energy Use

According to the research study published in the journal Nature Climate Change, the huge amounts of energy used to mine crypto currencies can spell doom for the world.

According to the researchers, by 2033, bitcoin demand can defeat the global warning goals set by the Paris accord.

"Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change ... This research illustrates that bitcoin should be added to this list," the study's co-author Katie Taladay said in a statement.

According to the researchers, bitcoin production and usage led to the emission of around 69 million metric tons of carbon dioxide equivalent, Reuters reported.

"No matter how you slice it, that thing is using a lot of electricity. That means bad business for the environment," co-author Camilo Mora added.

A report in the Economist said earlier this year that bitcoin miners consumed about five times more power than they did in the last year.