Important facts:
-
According to the WEF, the environment is the biggest winner in bitcoin mining that uses methane.
-
The Forum recognizes that companies using biogas are building economical mining farms.
The World Economic Forum (WEF) has recognized that mining of Bitcoin and other cryptocurrencies is increasingly being done with clean energy that does not pollute the environment.
in one Video recently published, the WEF evaluated the activities of the American company Crusoe, which uses methane gas emissions to generate energy and feed a Bitcoin mining farm. An action that helps prevent pollution.
According to the organization, which brings together leaders in business and government, “this company is aligning the future of computing with the future of global climate.” The foregoing considering this methane gas is one of the strongest greenhouse gases. Methane can pollute the environment 80 times more than carbon dioxide over a 20-year period.
Although the World Economic Forum has repeatedly argued that mining farms for Bitcoin and other cryptocurrencies are “a growing environmental concern,” it acknowledges that mining farms like Crusoe allow fuel companies to save on the cost of burning excess methane. The, while at the same time “improving their environmental performance”.
According to the WEF, companies like Crusoe are given cheap energy sources that allow them to do this Build “extremely cheap” mining farms. “And the biggest winner from all of this is the environment, which is saved from harmful methane gas emissions,” the WEF said.
Like Crusoe, there are other companies that use methane gas emissions to generate electricity and power cryptocurrency mining farms. An example is the company Vespene Energy. This was one of the first in the industry. who funded a mining project that uses the energy generated by methane gasas reported by CriptoNoticias last February.
Another company that works in the same way is Argentina’s CryptoGranjas. It produces methane gas from agricultural and industrial waste. This gas is used to generate electricity. aimed at mining farms, as reported by this medium.
What the World Economic Forum is saying about Bitcoin mining aligns with what environmental activist Daniel Batten has said. He assured the mining activity in a study in 2022 could reduce more than 20% of greenhouse gases.
And it is that the fact that there are mining companies working with renewable energy sources makes the activity possible become a “catalyst or driver” of the market, with a view to “new renewable energy projects”, such as recommended by the World Economic Forum itself.
The WEF’s recognition of the environmental benefit that clean energy bitcoin mining can bring comes a few months after that organization announced its intention examine aspects of the technology of the first cryptocurrency, including its output.
In September 2022, the WEF reported that a task force would be commissioned to study energy use in mining. To do this, they would evaluate the energy consumption of the mining industry.
The current position of the WEF is in contrast to its statements from previous years criticized the energy consumption in bitcoin mining. They did it in 2017. At the time, the organization warned that mining activity could use the same amount of annual energy used worldwide.