According to researchers in Beijing, China, the total carbon footprint of bitcoin mining in the country will peak in 2024, releasing around 130 million metric tons of carbon. This figure exceeds the annual carbon emissions of countries including Italy and the Czech Republic. New Scientist reports: By 2024, bitcoin mining in China will require 297 terawatt-hours of energy and account for approximately 5.4 per cent of the carbon emissions from generating electricity in the country. The researchers predicted the emissions peak in China in 2024 based on calculations of when the overall cost of mining — the investment in computing equipment and the electricity costs — outweighs the financial rewards of selling mined bitcoin. They used both financial projections and carbon emissions analysis to model the emissions footprint in China, taking into account factors such as location. Bitcoin miners in Beijing or other parts of northern China are very likely to be using electricity from coal-powered plants. Mining in southern provinces — especially Guizhou, Yunnan and Sichuan — is in large part powered by hydroelectricity, says Guan. The findings have been published in the journal Nature Communications.