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It may be that too many people are criticizing Bitcoin for not being environmentally friendly. FTX founder SBF posted a mathematical article on Twitter, saying: "How much carbon dioxide (CO2) does Bitcoin produce? Should it be worried?" Before the deadline, This tweet from SBF was also supported by the exchange BitMEXsecondary title。

How much does non-renewable energy account for mining costs?

SBF said, suppose we spend X yuan in transaction fees on Bitcoin or Ethereum. (or other proof-of-work PoW cryptocurrencies). X will eventually go to the miners through on-chain bidding. In an efficient market, people will continue to participate as long as Bitcoin or Ethereum mining is profitable.

So if people pay X dollars, then the miner's cost should be less than X. Therefore, SBF assumes that: Gas Fee is approximately equal to (mining cost * 3/2)

SBF divides the mining cost into 1/2 electricity and 1/2 equipment, so 3/4 of the mining cost will be used to pay for electricity:

Gas Fee = (mining cost * 1.5) = {(1/2 mining cost)+(1/2 mining cost)}*3/2

Power expenditure = (1/2 mining cost)*3/2 = 3/4 mining cost

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SBF stated that according toCool EarthCalculated, about 1 US dollar can reduce 1 ton of carbon emissions.

Settlement: Balanced mining carbon emissions only need low cost

SBF finally deduced his calculations, Gas Fee spent X yuan, 2/3 will be spent on mining costs, 3/4 will be spent on electricity, of which 2/3 is non-renewable energy, the cost is about 0.05 USD/kWh, Each kWh produces 0.0004 tons of CO2, and it costs $1 per ton to reduce carbon emissions.

2/3 * 3/4 * (2/3) / 0.05 * 0.0004 * 1 = 0.0026

SBF said that this result tells us that if you spend 1 dollar on the handling fee, you only need to donate 0.0026 dollars to Cool Earth to solve the carbon emission problem. He also marked Tesla founder Musk, who criticized Bitcoin for causing carbon emissions.