Bitcoin Energy Use and Externalities
Andrew M. Bailey, Yale-NUS College
I have compiled below some of the most important research on bitcoin's energy use, associated externalities, mitigation strategies, and bitcoin's role in clean energy build-out. Many have appeared in reputable academic venues with at least some peer-review; industry reports are housed under a separate heading. Sources that have since proven to be questionable, whether in findings or methodology are marked with an asterisk (*); I am including these, not to recommend them as sound, but because they remain influential in public discourse about bitcoin.
Energy Use
- Koomey and Masanet, ‘Does not compute: Avoiding pitfalls assessing the Internet’s energy and carbon impacts’
- de Vries, 'Bitcoin's Growing Energy Problem*'
- Sai and Vranken, 'Promoting Rigor in Blockchain Energy and Environmental Footprint Research'
- Lei, et al. ‘Best practices for analyzing the direct energy use of blockchain technology systems’
- Rudd, '100 Important Questions about Bitcoin’s Energy Use and ESG Impacts'
- Song and Aste, 'The Cost of Mining Bitcoin Has Never Really Increased'
- Marthinsen and Gordon, 'The Price and Cost of Bitcoin'
Externalities
- Mora, et al., ‘Bitcoin emissions alone could push global warming above 2°C*’
- de Vries and Stoll, 'Bitcoin's Growing E-Waste Problem*'
- Read, The Bitcoin Dilemma (selections)*
- Houy, 'Rational mining limits Bitcoin emissions'
- Masanet, et al. ‘Implausible projections overestimate near-term Bitcoin CO2 emissions’
- McCook, ‘Drivers of Bitcoin Energy Use and Emissions’
- Ibañez and Freier, ‘Bitcoin’s Carbon Footprint Revisited’
- Köhler and Pizzol, 'Life Cycle Assessment of Bitcoin Mining'
- Paez, ‘Brandolini’s Law in Action’
Bitcoin and Clean Energy Transition
- Bastian-Pinto, et al., ‘Hedging renewable energy investments with Bitcoin mining’
- Dogan, et al. ‘Are clean energy and carbon emission allowances caused by bitcoin?’
- Lal, et al., ‘From Mining to Mitigation’
- Baur and Oll, ‘Bitcoin investments and climate change: A financial and carbon intensity perspective’
- Cross and Bailey, ‘Carbon-neutral bitcoin for nation states’
- Menati, et al., ‘High resolution modeling and analysis of cryptocurrency mining’s impact on power grids’
- Bruno et al., 'Can Bitcoin mining increase renewable electricity capacity?'
- Lal and You, 'Climate sustainability through a dynamic duo: Green hydrogen and crypto driving energy transition and decarbonization'
- Paez and Cross, 'Bitcoin and the Energy Transition'
Industry Reports
- Carter and Stevens, ‘Bitcoin Net Zero’
- IRM Energy and Renewables Group, ‘ Bitcoin and the Energy Transition: From Risk to Opportunity’
- KPMG, ‘Bitcoin's Role in the ESG Imperative’
- CoinShares, ‘The Bitcoin Mining Network: Energy and Carbon Impact’
- Galaxy Digital, ‘On Bitcoin's Energy Consumption: A Quantitative Approach to a Subjective Question’
- Coin Center, ‘Estimating Bitcoin Electricity Use: A Beginner's Guide’
- Tikula Research Network, ‘Leveraging Bitcoin Mining to Increase Access to Electricity in Rural Africa’