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ctricity prices are low. An analysis by Cambridge University estimated the industry consumed about 1 terawatt-hours year, or nearly 0.5% of the world' energy production. The cryptocurrency' carbon footprint is as large as one of China' ten largest cities, study found. China wants its emissions to peak in 2, and has plans to be carbon neutral by 2. However, the annual energy consumption of China' bitcoin miners is expected to peak in 2 at about 2 terawatt-hours, or more than was used by Italy in 2, undermining the nations efforts to reduce emissions unless the government steps in, according to new study. The study was published in the peer-reviewed journal Nature Communications by researchers from the University of the Chinese Academy of Sciences, Tsinghua University, Cornell University and the University of Surrey. Mining for bitcoin is highly energy intensive. Bitcoin has been around since 2 and its value has soared over the past year drawing growing number of miners to the industry. China accounts for more than 7% of bitcoin mining around the world, researchers said.In depth The carbon emissions of this emerging industry have potential hindering effect on Chinas climate neutrality targets, said Jiang Shangrong, lead author of the study and researcher with the University of the Chinese Academy of Sciences. Initially, miners used the basic central processing unit on general purpose computers. Then they moved to graphic processing units, which offered more power, and later to application-specific integrated circuits. The rapid hardware development and fierce competition significantly increased the capital expenditure for bitcoin mining but also led to massive energy consumption, the study said. Chinese companies with access to cheap electricity and hardware handled 7.8% of global bitcoin blockchain operations as of April 2. This involves minting new coins and keeping track of cryptocurrency transactions. About 4% of China' bitcoin