Bitcoin's emissions into the environment are declining, says ESG analyst and co-founder of CH4 Capital fund Daniel Batten.
Even though Bitcoin’s price has recovered significantly this year, its number of users is increasing, and the blockchain network’s computing power has doubled over the past 12 months, marking a new all-time high of 448 exahashes per second (EH/s), the amount of emissions from the Bitcoin network to the environment has been decreasing.
According to Daniel Batten, the emissions caused by the Bitcoin network are becoming smaller and smaller, mainly because Miners are migrating to greener, more sustainable energy gridsBatten noted that BTC miners are moving away from coal-fired power and increasingly toward clean energy sources.
In April this year, the ClimateTech investor and ESG analyst also noted that the main source of energy that Bitcoin miners are currently using is hydroelectric.
Bitcoin miners' migration has made the network less polluting
La Bitcoin miners migrate from China has been one of the factors that has contributed to the decrease in carbon emissions by the blockchain network. However, Batten he highlighted that, in the face of China's exit, the Migration of Bitcoin miners from Kazakhstan and Iran has been more important and has had a more significant impact on reducing blockchain emissions, as these countries rely primarily on coal for energy production.
Moreover, the Creating more efficient crypto mining equipments, the natural gas exploitation not used in oil wells and the use of methane from landfills as alternative energy sources They have also played an important role in reducing emissions from the Bitcoin network.
Batten, who has conducted several analyses on the environmental impact of Bitcoin mining, argues that the criticisms that organizations such as Greenpeace have recently made against Bitcoin are unfounded. According to him, the NGO's report on Bitcoin is inaccurate, uses flawed data sources, presents no real evidence to support its claims, and fails to make an objective assessment, which is why he labeled it simple “scaremongering.”
The ESG analyst also pointed out that several universities and companies have begun to take an interest in this topic, so it is only a matter of time before more reports emerge on Bitcoin mining that are properly supported to put an end to the era of “vilification” that all disruptive technologies are going through.
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