The bitcoin network generates 114 million tonnes of CO2 per year. That is roughly the same as the Czech Republic, according to figures from the crypto portal Digiconomist. +Get the most important news from Switzerland in your inbox In addition, the network of the popular cryptocurrency consumes 3,222 gigalitres of drinking water. This is comparable to the total water consumption of Switzerland. According to Digiconomist, a single bitcoin transaction currently generates as much CO2 as watching around 117,000 hours of YouTube videos, or processing 1.5 million Visa transactions. The bitcoin network is based on blockchain technology. The challenge is to validate transactions on the blockchain in a forgery-proof manner. + Swiss central bank chief rejects holding bitcoin in reserves So far, the "proof of work" method has been used for these systems. This involves solving complicated cryptographic puzzles, which ultimately generate bitcoins. This process is also known as "mining". In ...
