Only fools don’t change their minds! The mainstream press often highlights supposed negative aspects of Bitcoin mining. Among other things, it conveys the idea that proof-of-work consensus PoW is an ecological disaster. Mining consumes a lot of energy, so it pollutes! A well-known environmentalist in our ecosystem regularly echoes these charged papers on his Twitter account. His aim is to debunk what is presented as the indestructible obvious. His pleas usually go unheeded, but there are occasional pleasant surprises.
Another article on cryptos far greener than Bitcoin
Last July 6, Daniel Batten reacts to the publication of yet another article on the subject. He unfolds his arguments in a thread on Twitter. He presents the fruit of his research, which establishes concrete, documented facts that run counter to the usual clichés on the subject. Mr Batten also discusses the Bitcoin’s benefits for unbanked populations.
Unusually in the « peaceful communication » space that is Twitter, the author of the article, Elvis Gwaroreplies by congratulating Mr. Batten on the quality of his studies. He points out, however, that the various papers he consulted more often reported the negative impact of mining on the environment.
Things could have ended there, but 10 days later, Batten posts a new thread. Indeed, after a constructive exchange between the two men, Mr Gwaro published another article, this time highlighting the contributions of Bitcoin for the environment. Here’s a brief overview of the issues it addresses.
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Bitcoin mining is a great customer for renewable energy producers
The BTC detractors brandish the raw figure of the Bitcoin network’s power consumption as a dismissal. However, they overlook the qualitative aspect of how this energy is produced. According to Daniel Batten, who takes into account all production units, miners use 52.6% green electricity. What’s more, this trend is developing rapidly, which makes the the most sustainable industry..
The BTC network uses excess electricity production
Renewable energy production is irregular and dependent on climatic conditions. When there is a surplus, storage possibilities are limited. The current solution is to reduce production. This is detrimental to the financial equilibrium of the plant.
The miners propose an alternative by buying this excess energy. The Norwegian company KriptoVault has two production sitespowered 100% by green energy. In particular, it uses electricity produced in excess.
Mining helps to balance the grid during periods of high demand.
Miners buy surplus production. Conversely, they can also reduce their activity when energy demand rises sharply. This is what happened in Texas during the heat wave of summer 2022. Riot Blockchain and other crypto-companies turned off some of their equipment to help the power grid cope with air-conditioning consumption. The government compensated companies with energy credits.
Bitcoin is a solution for absorbing methane
Daniel Batten’s hobbyhorse is bitcoin mining powered by methane released at fossil fuel production sites. This co-product of oil and gas extraction has a very real impact on climate change. Rejected methane contributes directly to rising global temperatures. Flaring offers only a partial solution. On the other hand, some companies are proposing touse this gas to mine bitcoins. This process would significantly reduce emissions. The carbon footprint of the crypto-mining industry would even become negative in the medium term.
Beyond the arguments in favor of Bitcoin mining, it’s clear that the very idea of environmental benefits is gradually gaining ground. The negative perception of this industry is beginning to change. Positive articles are more numerous. Mr. Gwaro, for example, has revised his opinion following an open and constructive exchange with Mr. Batten. It’s worth pointing out that Daniel Batten himself was highly critical of BTC before studying it. Other possible applications to enhance mining include heating water for your home for example.
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