The new report is available here PublishedCoinShares estimated Monday that (BTCIn 2021, 42 Megatons (or Mt) of CO2 were emitted by the ) mining network. This is less than 0.8% of world’s 49,360 Mts CO2 emissions in that same year. CoinShares derived these figures by using several estimates about the efficiency and energy usage of Bitcoin networks, as well as hardware on a worldwide scale. It may therefore not accurately reflect actual CO2 emissions from the network. The report’s estimation of CO2 emissions worldwide is in good agreement with the industry.

The report also estimates that the Bitcoin network’s total electricity consumption is 89 Terawatt-hours (TWh), a figure far less than the University of Cambridge estimates. This is particularly true given the fact that Bitcoin’s hashrate has reached new all-time highs. However, the impact of Bitcoin’s network on the environment is not measured solely by electricity consumption. Because global CO2 emissions can come from many sources, like private automobiles.