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Based on a multi‐attribute assessment of the environmental impacts and challenges associated with global Bitcoin (BTC) mining activities around the globe, we call for urgent action by the scientific, policy, and advocacy communities. The worldwide BTC mining network consumed 173.42 TWh of electricity during the 2020–2021 period, bigger than the electricity consumption of most nations. The mining process emitted over 85.89 Mt of CO₂eq in the same timeframe, equivalent to the emission caused by burning 84 billion pounds of coal or running 190 natural gas‐fired power plants. The environmental footprint of BTC mining is not limited to greenhouse gas emissions. In 2020–2021, the global water footprint of BTC mining was about 1.65 km³, more than the domestic water use of 300 million people in rural Sub‐Saharan Africa. The land footprint of the global BTC mining network during this period was more than 1 …