Discussions of Bitcoin’s energy usage and its indirect environmental impact have occured since the very early days of its release, becoming a recurring subject that tends to get resurrected in full force with each successive market cycle. As concerns began to ramp up last year under the guise of ESG, we at CoinShares Research developed a comprehensive model to estimate emissions and created our own data collection framework to populate it.

This report will highlight the overall results of our model, contain an overview of patterns and trends, as well as a short section discussing the use and cost of carbon credits for offsetting emissions.