If Bitcoin adoption happens at similar rates at which other technologies are being used at present, Bitcoin trading could produce emissions enough to push global warming beyond the threshold of 2 degrees Celsius or 28.4 degrees Fahrenheit.
The prediction is based on a new research conducted by a group of scientists at the University of Hawaii at Manoa.
The team found that even at the slowest rate at which Bitcoin adoption happens, the cumulative emissions from the technology would be enough to warm the planet beyond the global threshold for temperature in just 22 years. The scenario could be worse if Bitcoin would be incorporated at the average rate at which present technologies are being adopted, increasing the probability of crossing the threshold by 16 years.
For the study, published in the journal Nature Climate Change on Oct. 29, the researchers put in the energy consumption of computers when used in Bitcoin mining, the geographic location of Bitcoin miners, and the carbon dioxide emissions of producing electricity in those locations.
Randi Rollins, a co-author of the paper, explained that Bitcoin is a cryptocurrency that needs heavy hardware requirements which in return could eat up massive electricity demands.
The study piques the interest of many and has since been covered by major publications worldwide.
Some experts, however, disagree with the study. The most common criticism is that the study did not take into consideration that there are efforts at present to shift to renewable sources of energy across different industries. This would mean that in 22 years, there would be more sustainable sources of energy and emission could be significantly reduced, including the theoretical emissions produced by Bitcoin mining.
Furthermore, Bitcoin miners have already improved their energy usage in the last few years while the study from the University of Hawaii at Manoa based their projections solely on the predicted growth in Bitcoin adoption.
The study on theoretical environmental impacts of Bitcoin mining was released at a time when the success of the cryptocurrency has yet to materialize.
Xapo founder Wences Casares, in fact, said that it could still be years before Bitcoin could prove its worth.
Casares, who was popularly known as "patient zero" for introducing cryptocurrency into the Silicon Valley, told Bloomberg that the probability of Bitcoin's success is still bigger than its failure. He, however, explained that the world is currently at an extremely early stage to believe Bitcoin's success. In comparison, the world is currently at a perception within the level given for the concept of the internet back in 1992.
Casares said that the true measure of its success is if it became globally recognizable. While a time when Bitcoin would replace national currencies might not be achieved, it could already be considered successful if it at least reached a universal standard of value.
