Bitcoin Operates More Like Digital Crude Than Digital Gold 

According to the most recent study by economists at the University of New Mexico, which was released on September 29, Bitcoin functions more like “digital crude” than “digital gold” in terms of climate impact.

The study makes comparisons with other industries in an effort to determine the energy-related climate harm that proof-of-work Bitcoin mining causes. According to the claim, on average between 2016 and 2021, every $1 in BTC market value created caused $0.35 in “climate damages” worldwide.

It is highly improbable that the Bitcoin network would become sustainable by moving to proof-of-stake, the researchers note in their conclusion, adding that the findings constitute “a series of red lights for any consideration as a sustainable industry.”