2024-9-10 15:17 |
Swathes of young, environmentally conscious gamers have probably had to deal with a fair degree of cognitive dissonance while funding their accounts with Bitcoin, or using it for in-game transactions. The same could be said of eager music fans using it to top up their iTunes subs. The numbers also include iGamers who’ve come to prefer its ability to enable faster payouts and more secure transactions at crypto casinos when playing niche games like Lucky Spins, Keno, or Sic Bo online.
No matter what you use it for, despite all the negative environmental connotations associated with Bitcoin mining, now there could be a panacea for that. A Bitcoin Policy Institute study aims to show that by using renewable energy sources, moving locations, and continuing to innovate, Bitcoin mining is actually contributing to a reduction in carbon emissions. It argues that rather than being as harmful to the environment as most people have been led to believe, it can actually help combat global warming.
Could Bitcoin Really Be Environmentally-Friendly?The study would suggest that beyond using fewer non-renewable resources than was previously thought, Bitcoin mining can make a positive environmental contribution in other ways too. Boldly titled “How Bitcoin Mining Reduces Carbon Emissions“, it clearly makes no bones about this.
It points to the fact that many mining operations run at their own peaks during off-peak grid times. Not only does this mean that a lot of the power being used is in the form of excess capacity; this usage also helps to stabilize the grid. This is further reinforced by many Bitcoin mining companies specifically locating themselves in areas that produce excess energy in the form of renewables rather than fossil fuels.
Rather than being a rapacious power consumer, the report makes the case that, in reality, Bitcoin miners are last-resort buyers. According to the report, this is particularly true when it comes to using up solar or wind energy stores that would otherwise be wasted.
Swimming Against the TideBy being so upfront in the way the study presents its findings, it’s directly challenging almost a decade of public information that portrays cryptocurrencies and blockchain technologies as being unsustainable. However, there are corroborating reports for this.
One such report, published in August 2024 by the Digital Assets Research Institute (DARI), provides an exhaustive review of seven years’ worth of research into the environmental impact of crypto mining. It concludes that a large proportion of previous conclusions have been based either on non-empirical data or had faulty assumptions at their foundation. And that this has led to an inaccurate assessment entering the global public perception around the environmental footprint of Bitcoin mining.
This is a compounding phenomenon. As the media have disseminated this information, it has spawned more and more research that inadvertently suffered from confirmation bias. The effect was that flawed data and theoretical models became the dominant paradigm. Sentiment thus informed and influenced research, and vice versa. This isn’t uncommon in the world of research, particularly when dealing with current real-life scenarios.
The DARI paper also highlights the fact that the bulk of the research, at least insofar as it has been reported, has overlooked that Bitcoin mining has increasingly moved onto renewable energy as its power source. This was partly in recognition of its environmental impact once operators realized how vastly it would scale. This is very welcome news for a crypto market that is only getting larger and more diverse, particularly with the booming popularity of meme coins.
Bitcoin Mining Could Be an Eco-Friendly AllyThe surprising suggestion is that rather than being damaging to the environment, Bitcoin mining could actually already be making a contribution in the other direction. This looks set to increase, as new technologies emerge that allow for more innovation. That’s welcome news for crypto fans, with renewable energy use and increasing scale now able to create an ever-growing legion of new offerings like zero-gas tokens and sustainability-focused tokens.
An example of this positive contribution is the harnessing of methane emissions to power Bitcoin mining operations. This has the knock-on effect of financially motivating methane producers to capture the gas and sell it on to crypto mining companies. Other advances, like more sophisticated and energy-efficient mining hardware, will further streamline energy usage in Bitcoin production.
The hope among cryptocurrency miners, traders, and consumers alike is that the information contained in these studies will filter into future policy-making. DARI strongly recommends that policymakers start changing their perspective on Bitcoin mining, and begin seeing it as part of the efforts to reduce carbon emissions. This can only further stimulate innovation to help solve the problem of global warming.
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