If the supremacy of bitcoin on the cryptocurrency market does not suffer any dispute, its impact on the environment remains questionable. In fact, bitcoin mining is regularly criticized for its high energy consumption and the resulting gas emissions. However, using alternative energy sources could make the network carbon neutral. More details later.
Flaring gas and methane to power BTC miners
Several alternative energy sources are used so far to reduce the carbon footprint of the Bitcoin network. These include flare gas available on oil extraction platforms and methane released with organic waste. This type of valuation can also be donepreventing these gases from being emitted directly into the atmosphere. Ecologist and bitcoin supporter, Daniel Batten was interested in the contribution of BTC miners using the energy sources mentioned above.
Based on data from the Bitcoin Mining Council, he claims that the Bitcoin network could become carbon neutral thanks to them. Indeed, Mr. Batten revealed that their efforts have already reduced web emissions by 63%. ” This means that the 1.57% of the Bitcoin network that uses negative carbon sources has a -4.2% impact on the carbon emissions of the Bitcoin network. “, he concluded in his study report. This is a strong argument to convince all the minors of the network to resort to this practice.
The massive use of these alternative energy sources for mining on the Bitcoin network could therefore provide the latter with a neutral carbon footprint. At the same time, it will significantly reduce greenhouse gas emissions worldwide. This contribution to environmental conservation will allow BTC miners to improve the image of bitcoin with regulators.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss any of the essential Cointribune!
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.
