Bitcoin hits 3 new all-time highs, but not (yet) in price

According to new analysis from Daniel Batten, managing partner at CH4 Capital and renowned bitcoin ESG researcher, the btc network has reached three notable new all-time highs. However, these milestones are not related to its price, which has yet to surpass the previous high of $69,000.

Batten's insights were detailed in the latest issue of “The bitcoin ESG Forecast,” where he sheds light on how btc is gradually gaining traction among institutional investors, particularly within the $23 trillion ESG fund sector.

New All-Time High #1: Methane Mitigation

Batten highlights the critical achievement in methane mitigation, where the bitcoin network is making significant progress. “In four years, without subsidies or offset purchases, bitcoin mining now offsets one in every 13 tons of emissions through methane mitigation,” Batten notes.

This milestone is particularly significant in light of the focus on methane at the recent COP28, with companies like Vespene leading the way in using landfill gas for btc mining.

New All-Time High #2: Sustainable Energy-Based bitcoin Mining

An impressive 61.5% of all known miners now use sustainable energy. “To our knowledge, there is no other industry where such a high percentage of operators use almost exclusively sustainable energy,” Batten says, emphasizing the move away from the narrative that mining is predominantly fossil fuel-based.

This statistic includes almost 18% of all miners using stranded methane, highlighting the industry's commitment to combating climate change.

New All-Time High #3 – Off-Grid Mining

The expansion of off-grid btc mining to 29.8% underlines the sector's innovative approach to energy use. “Cheap energy, usually sustainable energy, drives miners away from the grid,” explains Batten. Furthermore, he explains that the cost of sustainable energy has decreased significantly, making it a lucrative option for miners driven by profits but who are finding a convergence with ecological imperatives.

Batten criticizes existing models, such as Cambridge's, for not taking into account off-grid mining, which he believes has historically underestimated the scale of sustainable energy-based bitcoin mining. He argues that the industry is a prime example of how “the economic incentive and the ecological imperative increasingly overlap.”

The scientific community supports bitcoin

Additionally, Batten addresses the shift in narrative surrounding the environmental impact of bitcoin mining. She cites recent peer-reviewed scientific literature supporting the net positive environmental potential of bitcoin mining. This includes studies from Cornell University and findings published in MDPI and Sciencedirect, which collectively support the role of bitcoin mining in renewable energy development, grid decarbonization, and methane mitigation.

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Many people don't realize how much peer-reviewed scientific literature has appeared in the last 18 months supporting the net positive environmental potential of bitcoin mining.

Here are 5 of the most recent posts with
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—Daniel Batten (@DSBatten) February 12, 2024

“These publications reveal transformative potential in the btc mining sector, especially with regards to demand response, network flexibility and methane mitigation,” Batten highlights, challenging the often critical perspective of mainstream media about the environmental impact of bitcoin.

With this comprehensive analysis, Batten not only sheds light on btc's critical role in environmental sustainability, but also underlines its growing appeal among global investors, particularly within ESG-focused funds. As bitcoin continues to reach new records in sustainability and innovation, it reinforces its position at the forefront of aligning economic incentives with environmental goals, paving the way for broader institutional acceptance.

At the time of publication, btc was trading at $50,116.

Featured image created with DALL·E, chart from TradingView.com