Abstract
Since the financial crisis, bitcoin has become a pioneer among virtual currencies, and much attention has been focused on its mechanisms, market risk and expected development. Despite extensive research into these aspects, the broader significance of bitcoin's existence has gone unnoticed. A critical facet is Bitcoin mining, notorious for its substantial energy consumption and subsequent carbon emissions. This dynamic interplay with the environment and energy market is a pivotal yet understudied aspect of Bitcoin's impact. Consequently, this paper seeks to fill this research gap by synthesizing existing literature on the repercussions of bitcoin mining on energy consumption and the environment. By delving into the intricate relationship between Bitcoin mining and its environmental consequences, the paper aims to shed light on a critical yet often neglected dimension. Furthermore, the analysis extends to examining the responsiveness of prevailing government policies to address the environmental concerns associated with Bitcoin mining. This endeavor underscores the necessity for a comprehensive understanding of the broader consequences of cryptocurrency activities, particularly in the realm of energy consumption and environmental sustainability.
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