Briefly –
- ESG specialist Daniel Batten believes BTC mining might decrease methane emissions by 8.5% come 2030.
- Batten contemplates converting methane from oil landfills and fields into CO2 and utilizes it in running mining rigs.
- He trusts that removing methane emissions (worth one tone) is more effective than evading similar amounts of CO2.
Daniel Batten of ESG trusts BTC mining could reduce methane emissions by nearly 8.5% come 2030.
Research reveals that methane is 80 times more likely to lead to climate change than CO2 in its initial 20 years within the atmosphere. It accounts for nearly one-fifth of emissions from greenhouse gasses.
Converting Methane into Carbon Dioxide
A renowned ESG (environment, social, and governance) analyst and BTC investor, Daniel Batten, stated that Bitcoin mining might significantly lessen methane in the atmosphere. He argues that diminishing one tone of methane concentration is more effective than preventing similar carbon dioxide amounts. Batten plans to convert methane into CO2 and utilize the energy in Bitcoin mining.
Batten supported his claims in a Twitter thread on 29 April, stating that the conversion involves finding leaking methane gas and burning it to produce electricity. He added that the action would mean a +80 in removing methane and a -1 penalty for the carbon dioxide residual, concluding that it’s 79 times more effective than reducing atmospheric CO2.
Methane (CH4) comes primarily from landfills and agricultural undertakings, like a cow’s digestive system. Also, human dealings like gas and oil fields and driving cars emit the gas. However, burning methane disintegrates, forming non-global warming gasses.
BTC miners have begun experimenting with ‘stranded gas’ – vented and flared natural gas obtained from the oil industry to operate their mining machines. That is typically gas that could be burnt or go to waste. Batten stated that BTC miners might add this to energy from landfills.
The analysts explained that BTC miners using global landfills and oil fields could reduce methane emissions by 8.5% – landfills by 7%, and oil fields by 1.5%.
Batten added that the world understates the methane quantum pollution, citing NASA stats that suggest the globe underestimated gas and oil methane discharges by 40%. He stated that the world under-quantified landfill gas by 127%.
Bitcoin Energy Consumption and the Climate
Scientists criticize the production of greenhouse gasses like CO2 for leading to climate change. Meanwhile, BTC mining stood in the matrix. Meanwhile, some economists and academics have blamed the BTC mining process for climate change.
The state that mining utilized massive electricity obtained from fossil fuels such as coal, a leading carbon emissions source. For instance, Fairplanet says that each BTC transaction consumes approximately 2,100 kWh (what an average household in the US uses in 75 days).
You probably know the critics’ Bitcoin has seen due to its electricity consumption. For instance, China used the blame when suspending Bitcoin on the mainland. Also, Tesla halted $BTC payments because of electricity issues. Most experts believe BTC mining is inherently electricity-intensive.
Dr. Katrina Kelly of the University of Pittsburgh published her BTC consumption article in 2018, supporting that BTC consumes massive electricity. She also commented on the estimation that mining BTC consumed 30 TWh in 2017, equaling Ireland.
Meanwhile, Kelly stated that Banking uses approximately 100 TWh of electricity per year. She argued that if BTC technology matures by over 100 times the current market size, the crypto will use less power than the banking industry.
Methane Isn’t a BTC Rescue
Meanwhile, Batten emphasizes that methane emissions aren’t BTC’s rescue. He urged reducing both CO2 and methane. Though methane is lethal, CO2 is more prevalent. He advises reducing both emissions by 50%.
Willy Woo, a BTC analyst who evaluates data mining and its environmental impact, stated that we should revisit research that suggests cryptocurrency mining is harmful. Woo trusts crypto is the best technology to accelerate renewables adoption.
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