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An analyst of Environmental, Social and Corporate Governance (ESG) believes that the extraction of bitcoin by burning methane from various sources will reduce the carbon footprint and the threat of global warming.
Geneious CEO Daniel Batten posted a report saying that mining bitcoin using energy from burning associated methane production could reduce CO2 emissions by 5.32%.
“Reducing methane emissions is the fastest way to reduce global warming, which complements strategies to reduce CO2 emissions,” the report said.
Batten is confident that by 2045, bitcoin mining can prevent global warming by 0.15%, and no other technology can achieve more. According to him, bitcoin mining is more efficient than using carbon credits or government systems.
“Bitcoin mining is now the only way to burn methane associated with oil production, which is economically and logistically feasible without carbon credits or governments of large industrialized countries that need to simultaneously issue tax incentives and financing,” Batten explains in the report.
He clarifies that bitcoin mining can help in areas where the oil and gas industry uses flares, emits methane into the atmosphere, or areas where there are ownerless oil wells with landfill gas. According to Batten, bitcoin mining can mitigate problems with waste from biogas sources such as manure, agriculture, the food industry and landfills.
At the end of the report, Batten points to many misconceptions, for example, about the dangers of mining cryptocurrency using the PoW algorithm, about the mandatory transition of miners to renewable sources of electricity, that the burned methane should be used to heat residential premises and that the benefits of producing electricity from burned methane are insignificant.
In his opinion, the extraction of bitcoins on burned methane due to the rapid scalability of cryptocurrencies can improve the environmental situation faster than the goals of the United Nations Environment Program (UNEP) to reduce carbon emissions.
Recall that in May, US environmentalists demanded that ministries and departments take strict measures to supervise the production of cryptocurrencies based on PoW.
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