An Ecological, Social and Corporate Governance (ESG) analyst believes that bitcoin mining by burning methane from various sources will reduce the carbon footprint and the threat of global warming.
Geneious CEO Daniel Batten posted a report stating that bitcoin mining using the energy produced by burning oil-related methane could cut CO2 emissions by 5.32%.
“Reducing methane emissions is the fastest way to reduce global warming and complements strategies to reduce CO2 emissions,” the report says.
Batten is confident that Bitcoin mining can prevent global warming by 0.15% by 2045, and no other technology can achieve more. According to him, bitcoin mining is more efficient than using carbon credits or government systems.
“Bitcoin mining is now the only way to burn the methane associated with oil production that is economically and logistically feasible without carbon credits or governments of large industrialized countries that need to issue tax incentives and financing at the same time,” Batten explains in the report.
He elaborates that bitcoin mining can help in areas where the oil and gas industry uses flares, releases methane into the atmosphere, or areas where there are abandoned oil wells with landfill gas. Bitcoin mining could mitigate waste issues from biogas sources such as manure, agriculture, food processing, and landfills, Batten said.
At the end of the report, Batten points out many misconceptions, for example, about the dangers of mining cryptocurrencies using the PoW algorithm, about the mandatory transition of miners to renewable energy sources, that burning methane must be used to heat homes, and that the benefits of generating electricity from burning methane insignificant.
In his opinion, bitcoin mining on burning methane due to the rapid scalability of cryptocurrencies can improve the environmental situation faster than the goals of the United Nations Environment Program (UNEP) to reduce carbon emissions.
Recall that in May, US environmentalists demanded that ministries and departments take tough measures to oversee the mining of cryptocurrencies based on PoW.
Source: Bits
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