Bitcoin mining requires a lot of energy and electricity, which are both produced by fossil fuels. This is because the miners need to use high-powered computers to be able to mine cryptocurrencies.
The mining process requires a lot of electricity and this is where the problem lies. The amount of energy required for Bitcoin mining is so high that it has been compared to the entire electricity consumption of a country like Ireland or Iceland.
Bitcoin mining has been a significant contributor to the rise in global CO2 emissions.
The use of fossil fuels in bitcoin mining is increasing at an alarming rate. The problem with this is that there are many other more sustainable and environmentally friendly options for powering the mining process. If bitcoin mining were to switch over to more sustainable sources of energy, it would have a huge impact on the environment and the world economy as well.