ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045

The impact of bitcoin mining has been the topic of discussion in recent times. Climate change activists feel that proof-of-work (PoW), mining is too energy-intensive. A recent report by Daniel Batten, an ESG analyst, states that bitcoin mining could reduce the world’s carbon emission by 5.32%. Batten’s study shows that bitcoin mining could prevent 0.15% of global warming if it targets leaked methane aggressively.

ESG Analyst: Bitcoin Mining is the Only ‘Technologically Possible’ Method to Reduce Methane Emissions

Daniel Batten CEO of Geneious, and ESG analyst, published a report showing that bitcoin mining can help the environment. Batten shared his findings via Twitter, stating that “bitcoin mining can combust methane and eliminate 5.32% global CO2-eq emissions.” Batten’s study shows that bitcoin mining is the best way to reduce carbon emissions in a sustainable manner. Batten’s report explains that “Reducing methane emission is the fastest and most effective way to reduce global heating” and it complements CO2 reduction strategies. The executive summary of the study adds:

Bitcoin mining is the only technology that can reduce methane emissions. It doesn’t require any significant behavior change.

PoW mining and Bitcoin mining have been heavily criticised for their use of so much energy. Many believe that certain detractors have an agenda. Most people don’t question the need for fiat currencies to be able to survive without consuming so much carbon and using state-enforced violence. Crypto asset industry players have introduced ESG (environmental.social. governance) friendly concepts into the digital currency mining community. A mining report covering Bitcoin’s electricity usage data reveals that Bitcoin consumption has fallen 25% in the first quarter 2022.

Batten’s research also reveals that bitcoin mining is more efficient than using carbon credits or government systems. Batten’s report states that bitcoin mining is currently the only method to combust methane without the need for carbon credits, or the government of major industrialized countries to issue tax incentives and financing in unison. “Bitcoin mining is able to scale at an exponential rate,” Batten’s report states.

Report states that ‘Bitcoin Mining’s energy consumption is obvious, but its environmental benefit is not immediately apparent’

Bitcoin (BTC), or PoW mining can all be used to fight leaking methane. The report states that mining could be used in areas where flared or vented gas is being expelled by the oil-and gas industry. Bitcoin mining could be used to combat landfill gas and oil well abandonment. According to the researcher, bitcoin mining could reduce gas waste issues caused by biogas sources such as manure, agriculture, waste regions and waste from food industries. The report states that “in future papers, we’ll quantify the CO2-eq decrease possible by using Bitcoin mining with biogas and wastewater.”

“Unlike solar, which has an obvious environmental benefit but is more visible than its carbon consumption (via coal furnaces that melt silicon), bitcoin mining’s energy use is evident but not immediately obvious,” the study on quantifying the potential impacts of bitcoin mining claims. It is possible to conclude that Bitcoin’s net environmental impact can be attributed solely to energy consumption. This reasoning is flawed as net impact can only been established by weighing both environmental cost and benefits.

Batten also discusses the flawed reasoning and a few misconceptions surrounding bitcoin mining with methane as an energy source. These misconceptions include:

  • “Burning methane emits CO2, which will increase our carbon omissions.”
  • “We should focus on renewable energy and not methane burning.”
  • “When oil [and] natural gas companies flare methane it removes methane anyway.”
  • (Related to 3) “The advantages of generating power using flared gas are minimal.”
  • “We should be using the flared gas for something else” – hospitals or residential heating.
  • “Oil companies will use that money to explore more oil.”
  • The largest methane-polluter is agriculture. We should eat less meat to solve this problem.

Batten explains that each of these reasons is an error. He believes bitcoin mining can reduce methane emissions in the world even faster than the United Nations Environment Programme (UNEP) carbon reduction goals.

ESG Study Shows Bitcoin Mining’s Potential to Eliminate 0.15% of Global Warming by 2045, No Other Technology Can Do Better

“Bitcoin mining is capable of reducing global methane emissions by 0.94 + 4.38 = 5.322%. Batten’s study reveals that this represents 23% global methane emissions, more than half of the UNEP methane reduction target. The ESG analyst added:

This means that Bitcoin mining could help us achieve our half-way goal to reduce methane. This means that Bitcoin mining can help humanity prevent nearly 0.15% warming by 2045. This can be legally claimed by no other technology, according to our knowledge.