Recently, the impact of bitcoin mining on the environment has been subject to topical debate as climate change activists believe that mining proves Work (PoW) consumes a lot of power.
However, a recent report by ESG analyst Daniel Patten shows that bitcoin mining can remove the world's carbon emissions by 5.32%.
The Patten study indicates that if bitcoin mining entities "aggressively" target leaked methane, bitcoin mining has the potential to avoid 0.15% warming by 2045.
ESG Analyst Claims
Bitcoin mining
is currently the only "technologically feasible" way to reduce methane emissions on May 23, 2022, Geneious and ESG CEO Daniel Batten published a report showing that bitcoin mining can help the environment.
Patten tweeted about his study and said the findings suggested that "the use of [bitcoin]
mining for leaked methane combustion could eliminate 5.32% of all global CO2-eq emissions.
In fact, Patten's study says that bitcoin mining is one of the only ways to remove carbon emissions in a sustainable way. Reducing methane emissions is the quickest strategy to mitigate global warming, and it works in tandem with CO2 reduction efforts.
Details of Patten's report. The study's executive summary adds
- Bitcoin mining, more specifically proof-of-work mining, has been heavily criticized for using too much energy.
- However, many believe that some critics have an agenda and that most people do not question the amount of carbon and state
- imposed violence necessary to keep paper currencies afloat.
Furthermore, players in the cryptocurrency industry have introduced environmentally friendly concepts and corporate governance (ESG) to the cryptocurrency mining ecosystem.
Furthermore, the mining report covering Bitcoin's electricity use data shows consumption levels fell by 25% in the first quarter of 2022.
ESG study shows bitcoin mining potential to get rid of 0.15% of global warming by 2045
no other technology :
can do better Patten's research goes further and notes how bitcoin mining is more effective than leveraging carbon credits or systems
Government. Patten's report explains that "bitcoin mining is also the only way to currently burn leaked methane gas that is feasible Economically and logistically without carbon credits or governments of major industrialized countries need to issue tax incentives and funding in harmony
complete ". Bitcoin mining has already demonstrated its capacity to develop at an exponential rate.
Bitcoin mining's energy consumption is evident," the research states, "but its environmental usefulness is not immediately clear.
In fact, bitcoin mining (BTC) can be leveraged or generally proven to combat methane leakage from a number of different sources.
For example, the report indicates that mining can help in areas where flaming gas is expelled or emitted from the oil and gas industry. Bitcoin mining can aid in the reduction of landfill gases and the remediation of locations with abandoned oil wells.
Research results show that bitcoin mining
can also alleviate the problems of gas waste from biogas sources such as manure, agriculture, waste areas and waste from the food industry.
In future papers, we will quantify the reduction in carbon dioxide equivalent potential using bitcoin mining with biogas or wastewater, the report says.
Unlike solar energy, which has an obvious environmental advantage but has a high carbon footprint (via coal ovens used to dissolve silicon)
- is less clear, the energy consumption in bitcoin mining is clear
- but its environmental benefit is not immediately clear
- according to a research on the possible impact of bitcoin mining.
"Perhaps for this reason :
it's all too easy to draw a hasty and shallow judgement based just on energy usage, given bitcoin's net negative environmental effect."
such logic is wrong, as net impact can only be determined by considering environmental cost and benefits ".
In addition to the wrong logic, Patten describes a number of misconceptions about bitcoin mining using methane for energy.
Misconceptions included the following
- "Burning methane releases carbon dioxide that will increase our carbon emissions."
- We must focus on renewable energy, not the burning of methane.
- When oil and gas companies release methane gas, they remove methane gas anyway.
- "Benefits of electricity generation from burning gas are minimal." (relative to 3)
- "This burning gas should be used for something more helpful" - hospitals, household heating, anything.
- Oil companies will only use those funds to do more oil exploration.
- Agriculture is the largest contaminant of methane: eating less meat will solve it.
Patten explains how each of the above reasons is a miscalculation
and believes that bitcoin mining can reduce global methane emissions faster than UNEP's carbon reduction goals.
ESG study shows bitcoin mining potential to get rid of 0.15% of global warming by 2045, no other technology can do better
"Bitcoin mining
may reduce world emissions by 0.94 + 4.38 = 5.32 percent.. This represents 23% of all global methane emissions: more than half of UNEP's methane reduction target ", the Batten study concludes.
Adds ESG Analyst
- This means that bitcoin mining has the potential to achieve half of our goal to reduce methane.
- This also means that bitcoin mining has a realistic potential to help humanity avoid nearly 0.15% warming by 2045.
- To our knowledge, this cannot legitimately be claimed by any other technology.
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