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bitcoin mining can save the planet from environmental catastrophe, and that means asset managers who don’t consider bitcoin-related investments in their environmental, social and governance (ESG) portfolios are committing “gross negligence,” he said. climate technology investor Daniel Batten.
Batten, co-founder of CH4 Capital, a fund that specializes in methane mitigation technologies, says in bitcoin-methane” target=”_blank” rel=”noopener”>an article at Blockworks that their point of view is based on two months of research that showed flaws in the way generally assumed bitcoin mining is Terrible for the environment.
“The best way to stop the impending environmental disaster, according to the United Nations, is to urgently reduce the amount of methane emissions,” he said. “And the best way to urgently reduce methane, interestingly, could be bitcoin mining.”
bitcoin mining offers incentives to capture methane from landfills
This is because bitcoin mining offers a financial incentive to capture methane from landfills, he said. Right now, about half of the world’s landfills have no option to sell their energy to grids, she said, adding that an on-site customer “would change everything.”
“This is where bitcoin mining’s enormous electricity use (80% of its operating budget and once maligned by environmentalists) proves to be its greatest environmental asset,” he said. bitcoin miners are in a “unique position to make methane mitigation profitable for half of the world’s landfills,” he added.
While not investment advice, this is my opinion as a fund manager on the bitcoin ESG case after 2 months of due diligence.
If you are a fund manager where bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin is an investment candidate: do not consider btc?src=hash&ref_src=twsrc%5Etfw”>#btc In the mix is gross negligence towards its ESG obligations.
—Daniel Batten (@DSBatten) May 8, 2022
Batten challenges conventional wisdom about bitcoin‘s environmental impact. Here are some of his key findings:
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Infrastructure improvements for landfills:
The adoption of bitcoin mining can lead to improved infrastructure in landfills. These improvements can make it easier to capture and utilize methane, making landfills more environmentally friendly.
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Sustainable energy use in bitcoin mining:
Batten research reveals that 41 bitcoin mining companies primarily or exclusively used renewable energy sources, Contradictory claims that bitcoin revives fossil fuel plants. “I found that the ‘bitcoin revives old fossil fuel plants’ argument was not supported by the Security Commission submissions,” he said. “Instead, these filings clearly showed that the only gas plant claimed to have been reactivated for bitcoin mining was opened to provide additional power to the grid.”
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Emission intensity:
Contrary to claims about increasing emissions, bitcoin mining was found to be powered primarily by hydroelectric sources, with 52.6% relying on sustainable energy, reducing emissions intensity. “It was revealed that bitcoin mining runs primarily on hydropower, 52.6% on sustainable energy, a marked drop in emissions intensity and an emission of 34 MT CO2e, a figure that has not increased in the last cycle four years old,” Batten said.
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Methane Mitigation Opportunity:
Methane is a very powerful greenhouse gas, “warming 84 times more than CO2 over a 20-year period” and its emissions are increasing rapidly. Reducing methane emissions is crucial to mitigating climate change. bitcoin mining high electricity consumption It provides a unique opportunity to convert landfill gas into electricity, effectively mitigating methane emissions. This approach can benefit landfills that face barriers to selling electricity to the grid, making methane mitigation cost-effective.
“Unless we make methane mitigation cost-effective, the methane mitigation our planet needs will not happen and our climate efforts will be in vain,” Batten said. “bitcoin mining is already the world’s leading industry driven by more sustainable energy and is uniquely positioned to make methane mitigation profitable for half of the world’s landfills.
It has achieved this in just 14 years, and our research revealed a rolling growth rate of 59% since Q1 2021 and ~383% since 2013. This is important because it can be a “Roger Bannister” for other industries by showing a seemingly impossible potential. In fact, speed is possible. pic.twitter.com/LbF7mgKqhl
—Daniel Batten (@DSBatten) May 8, 2022
Batten concludes that bitcoin mining is potentially crucial ESG asset that fund managers and investment committees should not overlook.
“Given all of these facts, my view is that bitcoin is the most important ESG asset of our time, and it is the fiduciary duty of every ESG fund manager and investment committee to evaluate it,” he said.
Cloud mining is also on the rise – check out our recent review of one of the newest new online platforms, bitcoin Minetrix.
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