The validation process of Bitcoin's blockchain requires vast amounts of electricity. We demonstrate a methodology for estimating the associated carbon footprint based on IPO filings of major hardware manufacturers, insights on mining facility operations, mining pool compositions, and localization of IP addresses. Our findings provide empirical insights into the carbon footprint of Bitcoin. These results, combined with the risk of collusion and concerns about control that we discuss, may help policy-makers in setting the right rules for a sensible adoption of blockchain technology.
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