Report: Bitcoin Mining Sustainable Energy Usage Reaches 54.5%
Daniel Batten, co-founder of CH4 Capital, reported that bitcoin mining has reached all-time high levels of sustainable energy usage and emissions mitigation. According to Batten, 54.5% of the energy used for this activity is sustainable, and the industry is mitigating 7.3% of all its emissions directly, which constitutes a new record for any industry without offsets.
CH4 Capital Co-Founder Daniel Batten: Bitcoin Mining Is Getting Greener
Bitcoin mining is getting greener, according to a recent article issued by Daniel Batten, co-founder of CH4 Capital, a methane mitigation solutions provider. He estimates that, according to his calculations, the Bitcoin mining grid is now using 54.5% sustainable energy, being the only global industry that is majorly powered by this kind of energy.
In his Bitcoin ESG Forecast #003, Batten disputes the idea that Bitcoin mining is a fossil fuel-powered industry. He acknowledges that until Q3 2022, it was. However, after the Chinese mining ban was enacted, miners moved their operations to greener on-grid sites or sustainable off-grid locations.
Criticizing Cambridge’s model on bitcoin emissions as outdated, Batten stated:
There are no longer any independent models or studies using contemporary data that support the thesis Bitcoin is mainly powered by fossil fuels.
In addition, Batten’s research revealed that more Bitcoin miners were using methane emissions than previously accounting for, with undisclosed companies using vented gas to power their mining operations. The process, that uses methane to provide electricity for these operations, still leaves a carbon dioxide byproduct; nonetheless, Batten explained that methane is 84x more warming than CO2 over 20 years, and using it is better than letting it vent straight into the atmosphere.
22 mining companies are mitigating methane emissions, providing a direct offset of 7.3% of network emissions without relying on carbon instruments. While Bitcoin still produces more emissions than what the network mitigates, Batten stressed that it “can become the fastest industry to go greenhouse negative without offsets.”
What do you think about Daniel Batten’s revelations about Bitcoin’s environmental impact? Tell us in the comments section below.