Comment
Author: Admin | 2025-04-28
Once off-grid mining is factored in)Emissions intensity may be increasing (for the same reason as the above)The major energy used by the Bitcoin network is coal (in light of off-grid data, it is unclear if there is sufficient evidence for this conclusion)Initial calculations suggest that all four findings may be incorrect. This will need further analysis before we can say this with confidence. I’ll do that in separate pieces of work.3. To the best of my knowledge, all other major industries are significantly behind Bitcoin in their use of sustainable energy. Bitcoin can legitimately claim to be leading all other industries in its adoption of sustainable energy sources. This is a very strong ESG case, because it shows an industry taking leadership in the renewable transition, which has the potential to inspire other industries by example.Also noteworthy is that Bitcoin has achieved this feat in the remarkably quick time of just 14 years.In summary: One of the three hurdles to institutional adoption of Bitcoin on ESG grounds effectively no longer exists. Both Bitcoin advocates and ESG investors can now feel confident that Bitcoin is predominantly sustainable.FINAL WORDSThroughout the process, I was in contact with both Alexander Neumueller, the digital assets project lead at CCAF, and Michael Saylor, the founder of BMC. Each was both encouraging and supportive of the approach I was taking.To my knowledge, CCAF was the first to create energy and emission data for the Bitcoin network using a valid methodology and high-integrity data. I use both its energy consumption index (CBECI) and its mining map extensively in my own research and have found both the methodology and the data of these two tools to be sound. It is only the sustainable energy percentages where I found that an underestimation was occurring.When CCAF first started calculating the sustainable energy use of the Bitcoin network in late 2019, it was highly accurate. It is the subsequent proliferation of largely renewable-based, off-grid mining, flare-gas mining and rapid miner movement from Kazakhstan and to Texas that saw its model start to lose tune. As any quant trader can tell you, “even a great algorithm will lose tune over time.”By Daniel Batten via Zerohedge.comMore Top Reads From Oilprice.com:Demographic Challenges Weigh On Russia’s Military AmbitionsSemiconductors Have An Emissions ProblemNorway’s Oil Production Dropped In January
Add Comment