The environmental effect of BTC mining has become a hot topic in recent months. The climate campaigners keep claiming that PoW mining is too energy-intensive. But, according to Daniel Batten, BTC mining could reduce global carbon emissions by 5.32%. If BTC mining firms target methane emissions, they could prevent 0.15% global warming by 2045.
BTC Mining Might Reduce Methane Emissions
On 23rd May 2022, Geneious CEO Daniel Batten and an ESG analyst issued a research paper. It showed that mining Bitcoin might benefit our planet. Using BTC mining to burn leaking methane can end 5.32% of worldwide CO2-eq emissions.
BTC mining is the only method for removing carbon emissions that one can rely on in the long term. It reduces methane output quickly since it complements CO2 reduction initiatives. It’s a technologically possible way to reduce methane emissions. Also, it doesn’t need large alterations in behavior through BTC mining.
People have said that BTC mining, particularly PoW mining, consumes much energy. People don’t doubt the CO2 emissions. Also, the state-enforced violence needed to keep fiats afloat. But, many believe certain critics have a predetermined goal.
Crypto operators introduced ESG-friendly concepts to the crypto mining ecosystem. As a result, Q1 2022 saw a 25% fall in the amount of electricity used by Bitcoin miners. BTC mining is more efficient than relying on carbon credits. BTC is currently the only option to burn leaking methane.
It doesn’t need carbon credits or the governments of major industrialized nations having to give tax incentives and subsidies in lockstep. BTC mining has already demonstrated that it can scale at an exponential rate.
BTC’s Environmental Benefits Are Unknown
But, BTC mining and PoW mining can address methane leaks from many sources. Mining could be beneficial in locations where oil and gas companies use flares or vent gas. BTC mining can aid in the fight against landfill gas and abandoned oil wells.
BTC mining reduces biogas waste, like manure, farmland, wastelands, and food-industry byproduct gas. Using biogas or wastewater to power BTC mining will reduce CO2 emissions. Solar energy is clear in how it helps the environment but less clear in using carbon. But, BTC mining is clear in how much energy it uses but less clear in how it helps the environment.
When it comes to BTC, it’s natural to assume that there’s an environmental effect. That’s because of the electricity it consumes. This reasoning is incorrect. You can only determine the total effect by considering environmental costs and benefits.
Besides Batten’s reasoning, there are many myths about BTC mining using methane energy. BTC mining, according to Batten, can reduce global methane emissions. It is even faster than the UNEP carbon reduction targets. That’s because each of the reasons listed above is a misunderstanding.