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Mining bitcoin is as costly to the environment as energy-intensive beef production, and more so than gold mining.

According to a paper published in the journal Scientific Reports, bitcoin mining and the mining of other cryptocurrencies uses huge amounts of energy, in fact, more than that used by entire countries. For example, 75.4 terawatt hours per year (TWhyear-1) are used to mine bitcoin; all of Austria only uses 69.9 TWhyear-1.