A climate technology investor has painted a bright view of the Bitcoin network, suggesting that its environmental pros outweigh its cons at a whopping 31:1 ratio.
On January 12, self-proclaimed philanthropist and environmentalist Daniel Patten claimed in a Twitter thread that “Bitcoin is probably the most important ESG technology of our time.”
According to Batten, the 31:1 positive impact ratio was calculated through research and interviews with network engineers, climatologists, Bitcoin mining engineers, methane reduction experts, and solar and wind installers.
The results discovered 21 Bitcoin methods
BTC
cursors down
$20,997
It can be environmentally positive and only five ways it can be environmentally negative.
Patten said the results were “strangely similar” to those of the solar industry.
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Many of the positives involved renewable energy grids and benefiting from mining, such as being the leading technology to respond to grid power demand from oversupply and undersupply. Depending on the energy demand constraints, bitcoin mining farms can be turned on or off.
In addition, BTC mining can be a solution to geo-scaling. Energy curtailment is a deliberate reduction in production below what can be produced to balance energy supply and demand, or due to transportation restrictions.
There are also benefits in innovation and methane reduction, according to Patten’s findings.
Bitcoin (BTC) mining can be used to reduce ventilated landfill gases and flaring gas emissions by using this wasted energy to power rigs.
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The set of negatives included grid emission levels, e-waste production, and the opening of former fossil fuel sites. However, the environmental positives far outweigh these negatives, according to Patten, who saw:
“The renewed rapid adoption of bitcoin mining could inspire other sectors of the industry to follow.”
“We see that bitcoin mining can play a real role in global methane mitigation,” he concluded.
Related: Bitcoin Can Become a Zero-Emission Network: Report
On January 13, the South China Morning Post countered the idea that bitcoin was good for the environment, by reporting that BTC accounted for 86.3 million tons of carbon dioxide emissions in 2022.
However, it acknowledged that Ethereum saw CO2 emissions drop from 21.95 million tons in 2021 to 8,824 tons last year, according to data from Forex Suggest. Ethereum’s switch to Proof of Stake in September 2022 reduced network power consumption by 99.98%.
