Bitcoin Mining and Its Environmental Effects

Year 2019, Volume: 33 Issue: 1, 91 - 106, 07.02.2019

Şerif Dilek , Yunus Furuncu

Abstract

 Bitcoin, with its market value among cryptocurrencies and being the biggest in terms of its processing volume, carries great potential in terms of low cost, speedy processing and lowlevel risk while also bringing with it important global-level change and transformation. On the other hand, the fact that cryptocurrencies and Bitcoin specifically are new, of unclear legal status, and carry the risk of being involved in illegal activity, there is the potential for their use as an extremely volatile and speculative investment tool and have environmental effects. This study examines Bitcoin mining and blockchain technology and investigates the high amounts of energy consumed by Bitcoin and its environmental effects. It is argued that the energy consumed as a result of increased Bitcoin mining will have environmental and social consequences, such as global warming and climate change.

Keywords

bitcoin, energy, environment, cryptocurrencies

BITCOIN MINING AND ITS ENVIRONMENTAL EFFECTS

Abstract

 Kripto paralar içerisinde sahip olduğu piyasa değeri ve işlem hacmiyle en büyük para birimi konumundaki Bitcoin düşük maliyet, hızlı işlem ve taşıdığı az risk boyutuyla büyük bir potansiyeli taşımakta ve küresel ölçekte önemli bir değişim ve dönüşümü de beraberinde getirmektedir. Öte taraftan, Bitcoin özelinde kripto paraların henüz yeni, yasal statülerinin belirsiz ve yasa dışı işlemler için kullanılma riskleri ile birlikte aşırı volatil, spekülatif bir yatırım aracı olarak kullanılmaları ve çevresel etkileri bulunmaktadır. Bu çalışmada, Bitcoin madenciliği ve blockchain teknolojisi incelenmekte, Bitcoin’in tükettiği yüksek miktardaki enerji ve bunun çevresel boyutları irdelenmektedir. Bitcoin madenciliğinin artış göstermesi sonucu tüketilen enerjinin küresel ısınma ve iklim değişikliği gibi çevresel ve sosyal sonuçlarının olacağı vurgulanmaktadır.

Keywords

Cryptocurrencies, Bitcoin, Energy, Environment

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