The World Economic Forum (WEF) has recognized that Bitcoin mining is increasingly using clean, environmentally friendly energy.
Bitcoin mining companies are creating new initiatives to sustain their productive activity while minimizing potential damage to the environment. This has been recognized by the WEF, an international organization that brings together political, business, academic and social leaders to discuss the main global challenges and seek joint solutions, through a publication on their web portal.
The WEF published a video about the company Crusoe Energy Systems, located in the state of Colorado. In it, the organization shows how the company is making use of waste methane to power its data center operations and extract bitcoins from the network with the least environmental impact.
According to the organization, the Bitcoin mining company Take advantage of surplus methane gas to generate electricity and power a farm with crypto mining equipmentWith this action, Crusoe Energy Systems directly contributes to avoiding the emission of methane, a greenhouse gas that is about 80 times more harmful than carbon dioxide, said the WEF.
Methane gas and Bitcoin mining
Bitcoin miners have found a way to harness methane gas as a valuable resource to generate clean and profitable energy for crypto mining.
Last year, investor and environmental activist Daniel Batten said that BTC miners could help reduce greenhouse gases by more than 20% by using this gas as fuel for their crypto mining operations.
Batten argued that Bitcoin mining encourages the use of renewable energy and the development of new green projects.
Also on his Twitter account, Batten highlighted that Bitcoin mining has become a catalyst for using residual methane and producing energy, generating a change in the use of energy and providing alternatives for the use of this energy source that is usually wasted.
According to the WEF, the initiative being promoted by Crusoe Energy Systems is a clear example of how the future of technology can be aligned with the future of the global climate.
The WEF has changed its stance on Bitcoin mining since 2017, when it criticised the high energy consumption of this activity. However, in September of last year, the organisation announced the creation of a working group tasked with investigating the energy use in crypto mining and its environmental impact.
What are the benefits of methane capture in crypto mining?
One of the main advantages of using methane gas for energy production in Bitcoin mining is profitability. In addition to minimizing the environmental impact, Crypto farms that use methane as an energy source can set up operations much more economically, the WEF said.
Today, companies have set up BTC mining farms that operate off of methane gas produced in oil wells and landfills. These farms, located in different parts of the world, such as the United States and Argentina, use mobile generators that convert methane gas into electricity, which then feeds mining equipment, which is responsible for solving the complex algorithms that validate transactions on the Bitcoin network.
This is an alternative that avoids the burning or release of methane gas into the atmosphere, allowing for a reduction in greenhouse gas emissions and improving the environmental performance of the oil industry in general. Additionally, the use of this gas in bitcoin mining It represents an additional source of income for companies that participate in this business model.
In addition to Crusoe Energy Systems, one of the pioneering companies in this field is Vespene Energy, which captures methane gas generated in the oil industry to transform it into clean energy that can power microgrids.
Another alternative energy source being used in Bitcoin mining comes from organic waste. Vespene Energy is also using waste to generate electricity and mine cryptocurrencies.
Specifically, the company transforms methane gas released from the decomposition of agricultural and industrial materials into clean, renewable energy that is used to power cryptocurrency mining facilities, as reported by the newspaper in December.
Continue reading: Bitcoin advances in the ecological transition: The network is using 52% of renewable energy
Main image from BBC
