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climate tech VC claims Bitcoin's ESG benefits outweigh its downsides.

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Climate tech VC claims Bitcoin's ESG benefits outweigh its downsides.



An investor in climate technology has created a favourable picture of the Bitcoin (BTC) network, claiming that BTC's environmental benefits vastly exceed its drawbacks by a staggering 31:1 ratio. 

The self-described environmentalist and philanthropist Daniel Batten asserted on January 12 on Twitter that "Bitcoin is perhaps the most important ESG technology of our time." 

Batten claims that the 31:1 ratio of positive impacts was determined through study and interviews with grid engineers, climate scientists, BTC mining engineers, methane abatement specialists, and solar and wind energy installers. 

According to the research, there are 21 potential environmental benefits of Bitcoin, compared to just 5 potential environmental drawbacks.

The results, according to Batten, were "uncannily comparable" to those for the solar sector. 

Numerous advantages of mining and renewable energy grids included being the best technology for meeting grid power demand in the face of excess and shortage. Depending on the limitations of the power consumption, bitcoin mining operations can be turned on or off. 

Additionally, geographic curtailment may be addressed through BTC mining. Power curtailment refers to a planned decrease in output below what could be produced to balance the supply and demand of energy or because of transmission problems. 

According to Batten's research, there are advantages in creativity and methane reduction as well.

By employing this otherwise squandered energy to power rigs, BTC mining can lower emissions from vented landfill gas and flare gas.

Network pollution levels, e-waste creation, and the opening up of former fossil fuel sites were among the few drawbacks. However, in Batten's opinion, the advantages for the environment much outweigh these drawbacks: 

The quick adoption of renewable energy in bitcoin mining may serve as an example for other business sectors. 

He said, "We observe that Bitcoin mining can actually contribute to the reduction of global methane."

The SCMP refuted the idea that Bitcoin was eco-friendly on January 13 by stating that in 2022, BTC would be responsible for 86.3 million tons of carbon dioxide emissions. 

It did agree, however, that according to data from Forex Suggest, Ethereum saw its CO2 emissions fall from 21,95 million tons in 2021 to 8,824 tons last year. The network power usage was reduced by 99.98% as a result of the Ethereum Merge and proof-of-stake conversion last year.

Article credit: Cryptonews.net

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