Connect with us

Economy

How is it That Bitcoin is Becoming a Major Contributor to Carbon Emissions?

HUDSON VALLEY PRESS — t’s hard to believe that bitcoin could be the final nail in the coffin causing irreversible climate change

Published

on

By EarthTalk

Dear EarthTalk: How is it that bitcoin, a virtual currency that few of us have heard of and no one I know uses, is becoming a major contributor to carbon emissions?

– Troy Sussman, Bowie, MD

It’s hard to believe that bitcoin, the best known of a group of new “cryptocurrencies” that many believe to be the future of money, could be the final nail in the coffin causing irreversible climate change. But a recent study from University of Hawai’i at Manoa researchers found that “projected bitcoin usage, if it follows the rate of adoption of other broadly adopted technologies, could alone produce enough carbon dioxide (CO2) emissions to push warming above 2°C within less than three decades.” According to the Intergovernmental Panel on Climate Change (IPCC), we can only hope to avoid the most cataclysmic effects of global warming if we can limit the rise in average global temperature to 2°C.

The reason bitcoin and other cryptocurrencies generate so much CO2 is that they require massive amounts of electricity, and our grid is still supplied primarily by fossil fuels. Bitcoin transactions are recorded and processed by dispersed individuals known as “miners” who group them together in blocks and add them to larger “chains” which serve as public ledgers of transactions.

“The verification process by miners, who compete to decipher a computationally demanding proof-of-work in exchange for bitcoins, requires large amounts of electricity,” reports study co-author Randi Rollins. Rollins estimates that bitcoin transactions accounted for some 69 million metric tons of CO2 emission in 2017 alone—and expects bitcoin-related emissions to rise sharply in the near future as the payment technology is adopted by millions around the world. If society adopts bitcoin as quickly as it adopted previous wildly popular “technologies” (e.g. credit cards, dishwashers), increased electricity demands could overwhelm efforts to curtail greenhouse gas emissions.

“We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it,” says the study’s lead author Camilo Mora.

“With the ever-growing devastation created by hazardous climate conditions, humanity is coming to terms with the fact that climate change is as real and personal as it can be,” she adds. “Clearly, any further development of cryptocurrencies should critically aim to reduce electricity demand, if the potentially devastating consequences of 2°C of global warming are to be avoided.”

Critics of the report counter that the global electric power sector—not to mention computers and cryptocurrency “rigs”—are getting significantly more energy efficient every year. Also, bitcoin and other cryptocurrencies might not be as widely adopted as researchers assume.

But isn’t it better we know now about the potential climate risks of bitcoin so we can work to direct the technology’s development in as environmentally friendly a way as possible? It certainly would be a shame to suffer the effects of runaway climate change after doing so much to lower our carbon footprints just because we neglected to hold cryptocurrencies to the same efficiency standards as the rest of the technologies we rely on.

This article originally appeared in the Hudson Valley Press.

Continue Reading
1 Comment

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Poll: Becerra Widens His Lead Over Hilton; Californians Split on Wealth Tax

A new Public Policy Institute of California poll shows Democrat Xavier Becerra leads Republican Steve Hilton by 22 points in California’s governor’s race, with 60% of likely voters supporting Becerra compared to 38% for Hilton. The September survey also reveals Californians are closely divided on a proposed one-time tax on billionaires, with 52% of likely voters in favor of Proposition 40. Affordability issues are a major factor for voters. Read more to learn about the poll’s additional findings on voter sentiment.

Published

on

Democrat Xavier Becerra and Republican Steve Hilton.

Democrat Xavier Becerra holds a 22-point lead over Republican Steve Hilton in California’s governor’s race, while voters remain closely divided over a proposed one-time tax on billionaires, according to a new Public Policy Institute of California poll.

The September PPIC survey found that 60% of likely voters support Becerra, compared with 38% for Hilton. His lead is actually narrower than it was in July, when he led Hilton 61% to 36%.

Becerra leads among independent voters, with 57% supporting him compared with 38% for Hilton. Party loyalty remains strong, with 93% of Democratic likely voters backing Becerra and 92% of Republicans supporting Hilton. 

Hilton leads in the Central Valley, where 52% of likely voters support him compared with 46% for Becerra.

Affordability remains a major factor: 65% of likely voters say candidates’ plans to address cost-of-living issues are “very important” to their vote.

“Affordability continues to be top of mind for Californians when considering their choice for governor,” said Mark Baldassare, PPIC Statewide Survey director and Miller Chair in Public Policy.

The poll also found a narrow split over Proposition 40, a proposed one-time tax of up to 5% on taxpayers with assets exceeding $1 billion. Fifty-two percent of likely voters said they would vote yes, while 46% said they would vote no.

Support for the wealth tax varies sharply by party. Seventy-two percent of Democrats favor Proposition 40, compared with 46% of independents and 21% of Republicans.

Two competing measures also drew majority support. Fifty-one percent back Proposition 41, while 54% support Proposition 42, both of which could affect the wealth-tax proposal.

The findings come as Californians express broader frustration with the state’s political direction. Seventy-one percent of likely voters expect bad economic times in California over the next year.

“Californians are clearly grumpy and aren’t enamored with any particular political party or movement,” Baldassare said.

The survey interviewed 1,745 California adults, including 1,103 likely voters, from Sept. 4-10. The margin of error for likely voters is plus or minus 3.8 percentage points.

Continue Reading

Business

From Historic Memories to New Possibilities: Oakland Celebrates Coliseum 60

More than 75 people gathered at Youth UpRising in East Oakland on Friday, September 18, for Coliseum 60, an event marking six decades of sports, entertainment, employment, and community memories at the Oakland-Alameda County Coliseum Complex. Held 60 years to the day after the Coliseum first opened, the celebration featured cultural performances and a mini-documentary highlighting its history. Speakers reflected on the venue’s significant role in the community and its future possibilities. Read more to learn about the individuals and stories honored during this special event.

Published

on

Quixote Atkins of VillageGIVE moderates a panel discussion at the Coliseum 60 celebration at Youth UpRising featuring Keith Brown, a member of IATSE Local 107; author, historian and former Black Panther Party member Tareka Lewis; and African American Sports and Entertainment Group President Ray Bobbitt.

More than 75 people gathered at Youth UpRising in East Oakland on Friday, Sept. 18, for Coliseum 60, a celebration honoring six decades of sports, entertainment, employment and community memories connected to the Oakland-Alameda County Coliseum Complex.

Held 60 years to the day after the Coliseum opened, the event carried the theme, “One Community. One Legacy. One Future. Forward Together.”

The celebration opened with the national anthem performed by sisters Anese Jade, Amina Benjamin and Zaza Benjamin. Diamano Coura West African Dance Company contributed African dance and drumming, bringing movement, rhythm and cultural expression to the program.

A mini documentary highlighted the Coliseum’s sports history and its broader role as an entertainment destination. Archival material recalled performances by Prince and Tina Turner, along with memorable games featuring the Warriors, Oakland A’s and Raiders.

“The Coliseum 60 is about much more than celebrating a building or looking back at 60 years of history,” said event organizer Quixote Atkins of VillageGIVE.

“It’s about the people who made that history possible: the families, workers, athletes, artists, community leaders, fans and generations who gathered there and created memories together.”

A panel exploring that history featured author, historian and former Black Panther Party member Tareka Lewis; stagehand and union representative Keith Brown; and Ray Bobbitt, president of the African American Sports and Entertainment Group AASEG. Lewis described her family as fourth-generation Bay Area pioneers.

“My family and Black families who arrived even earlier helped build the Bay Area, grew businesses and established culture here,” Lewis said. “This should be taught in the public schools.”

Lewis recalled Oakland’s influence on sports, music and literature, from the Raiders’ beginnings at Laney College to stars such as The Pointer Sisters and Rickey Henderson who attended Oakland public schools. She also advocated for school museums, historical timelines, entrepreneurship training and investments benefiting corridors such as Bancroft Avenue and High Street.

Keith Brown, a member of Local 107 of the International Alliance of Theater and Stage Employees (IATSE) who began working at the Coliseum in 2011, remembered the Ringling Bros. and Barnum & Bailey Circus, the Ice Capades, baseball bat giveaways and Nelson Mandela’s 1990 appearance.

“The special events are amazing, but it’s the workers that make the memories real for everyone,” Brown said. “They make the magic happen at the Coliseum.”

The program recognized longtime workers, including beer-stand manager Robert Preston, who served for 40 years, and Kenyatta Gentry, who worked as a vendor for 24 years and used her earnings to purchase her first apartment. Union workers Jose Gonzales and Carmen Sandoval were also honored. Speakers emphasized that Coliseum employment provided generations of residents with union wages and benefits.

Dr. Denise Saddler, the superintendent of the Oakland Unified School District (OUSD) was also honored. Saddler shared her family’s history of working at the Coliseum. 

District 7 Oakland City Councilmember Ken Houston discussed the complex ownership arrangements involving the city, county and private interests.

“This was the most complex deal of its kind in the country,” Houston said.

Prior to moving from the East Coast, Alameda County Supervisor and Coliseum Joint Powers Authority Chair Nate Miley recalled learning about Oakland through its three professional sports teams. As an elected official and public servant, Miley fought hard to keep the Golden State Warriors, Oakland As, and the Raiders, but he is hopeful for the future.

“The story is not over for the Coliseum,” Miley said. “We’re entering a new chapter.”

Bobbitt said the departure of three teams had once seemed unimaginable, but he maintained that Oakland’s future remains bright.

“Oakland is a cultural superpower worldwide,” Bobbitt said. “We’re going to write the future where we participate and drive the redevelopment.”

Bobbitt highlighted AASEG’s four-year partnership with Castlemont High School’s architecture program, which engages students in reimagining and creating redevelopment concepts for the Coliseum property. “The youth will always move us forward. They are the future.”

In closing, Atkins said, “September 18 is the celebration, but what we build together afterward is the legacy.”

Continue Reading

Books

Oakland Mayor Reads to Children at Bookout Block Party at Marcus Books Store

Booths lined the street with arts and crafts, and children participated in hands-on art projects. A large display of books was on display and each child chose his/her free book to take home. Food and snacks were available, and free water was encouraged to keep all hydrated.

Published

on

(L.to R.) Cherysse Calhoun and Blanche Richardson of Marcus Books join Oakland Mayor Barbara Lee with Indya McGuffin and Bean Tupou of Storyland Collective inside the store on Sept. 12. Courtesy photo.

Floating bubbles greeted families on arrival at the Bookout Block Party held on Sat. Sept. 12 at 39th and MLK Blvd. in Oakland.

Sponsored by Marcus Books and Storyland Collective, a wonderland of activity for children stretched to Longfellow School while live music filled the air, courtesy of KWC Complex Jazz Group.

Booths lined the street with arts and crafts, and children participated in hands-on art projects. A large display of books was on display and each child chose his/her free book to take home. Food and snacks were available, and free water was encouraged to keep all hydrated.

A large area of turf was filled with huge bean bags for jumping, rolling, and sitting to listen as families crowded close to listen to Oakland Mayor Barbara Mayor Barbara Lee read a book out loud.

Of the numerous booths present were, “Claim Your Scholarship,” a program for Oakland Public School students and “VOLUNTEER NOW,” a program encouraging volunteers to help boost reading proficiency. Individuals sold their art and products. Free gifts were at many tables and a raffle was held.

The event with Marcus books culminated a summer-long program organized by Storyland Collective, a literacy arts organization bringing children’s ‘storytime,’ local authors, and art activities to Bay Area neighborhoods. Marcus Books is the oldest, independent Black-owned book store in the U.S., featuring books by and about Black people here and abroad.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

Facebook

Assemblymember Corey Jackson (D-Moreno Valley). File photo.
Community17 hours ago

Asm. Corey Jackson Announces Launch of 24-Hour Childcare in His District

The Rev. Leon “Sonny” Clark. File photo.
Black History19 hours ago

IN MEMORIAM: The Rev. Leon “Sonny” Clark, Longtime Orange County Pastor and Community Leader, Dies at 72

Democrat Xavier Becerra and Republican Steve Hilton.
Economy19 hours ago

Poll: Becerra Widens His Lead Over Hilton; Californians Split on Wealth Tax

Quixote Atkins of VillageGIVE moderates a panel discussion at the Coliseum 60 celebration at Youth UpRising featuring Keith Brown, a member of IATSE Local 107; author, historian and former Black Panther Party member Tareka Lewis; and African American Sports and Entertainment Group President Ray Bobbitt.
Business20 hours ago

From Historic Memories to New Possibilities: Oakland Celebrates Coliseum 60

ACOE Supt. Alysse Castro; OUSD Supt. Dr. Denise Saddler. File photos.
Business20 hours ago

County Office of Education Says OUSD Finances Are Getting Healthier, Materially Stronger

Imani Social Justice Team (left to right): Angela Noel, Zakiya Jendayi and Diane Doss. Patty Hallm, Susan Burns, Diane Lewis, Pastor Michael McBride, Theresa ???, Jean Moses and Diana Bell. Front: Sloane Johnson and (man whose name I'm getting to complete the identification). Photo by Octavian Kelly.
Community20 hours ago

LIVE FREE Sunday Dinner Brings Faith, Fellowship and Civic Conversation to Oakland

Chancey Bailey. File photo.
Black History20 hours ago

Remembering Chauncey Bailey as Student Journalists Face Threats to Truth-Telling

The first cohort of BLACspace participants with awards in August. Courtesy photo.
Art20 hours ago

BLACspace Cooperative Invites Bay Area to Experience Oakland’s Black Cultural Ecosystem Through a BLAC Map Tour + Party

Oakland Police and emergency vehicle arrive to Williams Chapel Monday morning. Courtesy photo.
Black History20 hours ago

In Wake of Death on Doorstep, Williams Chapel Baptist Church Calls for Better Care, Funding for Unhoused

Standing by her birthday cake, Nuna McKee waves to family and friends who came from far and near to celebrate her birthday. Courtesy photo.
Community21 hours ago

Oakland Centenarian Nuna McKee Honored!

Bussa Emancipation Statue in Bridgetown, Barbados. Photo courtesy Wikimedia Commons.
Black History21 hours ago

Caribbean Nations Produce Action Plan Calling for UK Reparations Over Slavery

Activism21 hours ago

Oakland Post: Week of September 23 – 29, 2026

Long Beach resident Cassandra Carter approached the birth of her daughter, Nyomi (pictured), last November with anxiety after losing twins. She is pictured here with her husband.
Black History4 days ago

Doulas Are Helping Black California Moms Navigate Pregnancy–Even as High Mortality Rates Persist

iStock
Business6 days ago

Newsom Signs Addictive Social Media Law to Protect Kids

Shutterstock
Featured6 days ago

On Your November Ballot: Prop 38 Would Allocate $8.4 Billion to Immunology and Immunotherapy Funding

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.