The environmental issues surrounding bitcoin are known, but this statistic from a recent Deutsche Bank report is jarring.
According to Marion Laboure, a Deutsche Bank analyst, mining one bitcoin BTCUSD, +0.19% consumes a larger carbon footprint than nearly two billion Visa V, +1.29% transactions. Another incredible stat: an individual bitcoin transaction could power the average U.S. household for 61 days.
Adding in the energy consumption of Ethereum ETHUSD, -4.02%, and the two major cryptocurrencies would rank 15th in the world, nearly equivalent to Mexico.
And while there have been moves to push cryptocurrency activity to renewable sources, about three-quarters of bitcoin’s global energy consumption is generated from non-renewable sources, says Laboure.
She notes that regulators are moving to address the environmental impact of cryptocurrency. The European Parliament, for instance, has proposed requiring companies to disclose the energy consumption related to crypto activities. The…