It’s all about the methane. Finally, an ESG analyst takes a look at the data and gives bitcoin mining the praise it deserves. on paper”Quantifying the potential impact of bitcoin mining on global methane emissions“Daniel Batten confirms what bitcoinists are saying. Bitcoin mining is an ally of the environment. Not only that, it is the only industry with the necessary features and incentive structure to be able to help.
Daniel Batten, an ESG analyst and ClimateTech VC, published the study: bitcoinz brand, This is the first post on the page and it has already caused quite a stir. “Bitcoin mining is currently the only way to reduce these methane emissions that is technically feasible and does not require significant behavioral changes to work,” the paper claims.
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And Batten & Co. say it’s the “only way” because the bitcoin mining industry has the “unique combination of being location-agnostic, mobile, and interruptible, making it the only economic one for the two major sources of methane emissions leaking bitcoin mining.” Makes a practically viable use case for this paper.”
We are publishing the methodology, calculations for everyone to check and welcome your investigation. This is the first attempt to measure the impact of climate change. We invite others to add to the research by calibrating bitcoin mining growth rates and bottlenecks
— Daniel Batten (@DSBatten) 24 May 2022
And “for those who previously believed that BTC had negative environmental impacts,” Batten & Co. has a message. “We fully realize that this discovery may be surprising. As environmentalists ourselves, we were also surprised and had to work against the underlying biases as each new fact continued to contradict each of the prior beliefs.
It is important to point out that Daniel Batten also claims“We did not receive any funding for this research. We have no affiliation with bitcoin mining or similar companies. If you find bugs, let us know. We will keep improving.”
What does the ESG study say about methane?
Why is bitcoin constantly attacked by the ESG mob? Because “the energy consumption of bitcoin mining is obvious, but its environmental benefits are not immediately apparent. Perhaps for this reason, it is easy to make a premature and superficial assessment based only on energy consumption that bitcoin has a net negative environmental impact. This is so.” The argument is flawed, as the net effect can only be established by considering both environmental costs and benefits.”
And what is the use in this case? Well, the study is only about methane and its results indicate a “minimum achievable target”. This means that the percentage of global emissions that bitcoin can eliminate is probably over 5.32%. The study states:
“We only quantified the net CO2-eq effect where bitcoin mining was the only economically viable technology capable of combusting that methane. Our results would give the minimum achievable target, as we only used flared gas and landfill gas. quantified the environmental benefits of combustion: these are the largest methane emitters, collectible by miners.”
BTC price chart for 05/28/2022 on Capital.com | Source: BTC/USD on TradingView.com
clearing up misconceptions
“Cutting methane is the strongest lever we have to slow climate change over the next 25 years and meet the efforts needed to reduce carbon dioxide,” UNEP executive director Inger Andersen was quoted as saying in the study. ” Nevertheless, the general public has many misconceptions about “Bitcoin mining using methane as a power source”.
While the study dispels those misconceptions, we learn that using methane-fueled energy for something more practical is “neither economically nor logistically feasible. Unless you’re one in the middle of an oil field.” They don’t want to make hospitals or residential houses a village.” Power can only travel so far. On the other hand, “mobile bitcoin miners are the only location-agnostic users happy to be detected in an oil field, who can start harnessing this power and immediately remove harmful methane.”
Conclusion: Bitcoin is the environment’s best friend
The facts are, “Using bitcoin mining to leak methane sources could eliminate 5.32% of all global emissions by 2045. This represents 23% of all global methane emissions: 45% by 2045 by UNEP.” More than half of the targeted reduction of methane.” They are huge numbers.
— Daniel Batten (@DSBatten) 26 May 2022
Not only that though. “Bitcoin mining has a real potential to help humanity avoid approximately 0.15% of warming by 2045. To our knowledge, this cannot be legitimately claimed by any other technology,” the study said. And it does it all by itself, bitcoin does not require “carbon credits, government regulation and government funding”. How can this be accomplished? Because since bitcoin mining “makes commercial sense for both the emitter and the miner, it can happen through private business deals.”
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After studying the numbers and preparing the study, what does Daniel Batten now believe? he said so via twitter“The ESG attack on BTC undermines the credibility of ESG, not BTC.”
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