Bitcoin Could Become a Zero Emission Network: Report
A pro-Bitcoin mining report by self-proclaimed philanthropist Daniel Batten has claimed that Bitcoin could become a zero emissions network.
The report draws on data from the Bitcoin Mining Council to understand the impact of carbon negative energy sources on Bitcoin’s (BTC) total carbon footprint. After an investigation and extrapolation of the results, it claims to “predict when the entire Bitcoin network will become a zero emission network.”
But how does the network become carbon-negative in the first place? Simply put, by burning stranded methane gas to extract BTC that would otherwise be released into the atmosphere. The study finds that this process, which is already happening worldwide, reduces the network’s emissions by 63%.
“That means 1.57% of the Bitcoin network using carbon negative sources has a -4.2% impact on the carbon intensity of the Bitcoin network.”
The study uses data from various flare gas BTC miners, including Crusoe Energy in Colorado, Jai Energy in Wyoming and Arthur Mining in Brazil. It also touches on miners who use waste gases from animal waste – such as those in Slovakia – to illustrate that Bitcoin mining can positively affect the environment by preventing the release of harmful methane gases.
While central bankers and the mainstream media continue to sneer at Bitcoin’s energy-intensive mining process, it appears that mining may be a viable path to cutting emissions. According to a UN report, “cutting methane is the strongest lever we have to slow climate change over the next 25 years.” By eliminating gas flaring or biogas emissions from animal waste, Bitcoin miners around the world are working towards the zero emissions goal.
Cointelegraph reporter Joe Hall interviewed a Northern Irish farmer who recently started trying Bitcoin mining. Owen, the farmer, told Cointelegraph that it makes sense to mine Bitcoin using farm waste that emits biogas that would otherwise have gone up into the atmosphere.
Owen partnered with Scilling Digital Mining, an Irish company looking for renewable energy to use for Bitcoin mining. In a nod to further adoption across Ireland, Mark Morton – CEO of Scilling – told Cointelegraph:
“Daniel [Batten] has done a phenomenal job of showcasing Bitcoin mining’s methane capture prowess. The fame of these uncertain energy consumers is only just beginning, and Ireland’s farmers could be the next big users of this incredible technology.”
Morton added that “Bitcoin mining will be the catalyst for widespread small-scale, off-grid anaerobic digestion leading to less farm waste, more decentralized network hash rate and lower agricultural emissions.” Farming is responsible for a third of Irish greenhouse gas emissions, so capturing waste gas from farming can not only clean up the polluting farming industry, but also earn additional revenue through mined BTC.
Related: Banking uses 56 times more energy than Bitcoin: Valuechain report
Batten, the report’s author, is an environmentalist who spends his time researching Bitcoin and energy consumption. Before advocating environmental protection through Bitcoin mining, Batten was a philanthropist and venture capitalist.
During an external presentation at Surfin’ Bitcoin over the weekend, he shared why Bitcoin mining has become his “most important mission.” In his presentation, he argued for methane capture and emphasized how important climate change is.
