Environmental, Social and Corporate Governance (ESG) analysts believe that mining bitcoin by burning methane from various sources would reduce the carbon footprint and threat of global warming.
Geneious CEO Daniel Batten posted a report stating that bitcoin mining using energy extracted from burning associated petroleum methane could reduce CO2 emissions by 5.32%.
“Reducing methane emissions is the fastest way to reduce global warming and complements CO2 reduction strategies,” the report says.
Batten is confident that by 2045, bitcoin mining can prevent global warming by 0.15%, and no other technology can achieve more. Bitcoin mining is more efficient than using carbon credits or government systems, he said.
“Bitcoin mining is now the only way to burn the associated petroleum methane that is economically and logistically feasible without carbon credits or major industrialized governments needing to simultaneously issue tax credits and financing,” Batten explains in the report.
He specifies that bitcoin mining could help in areas where the oil and gas industry uses flares, releases methane into the atmosphere, or areas where there are orphan oil wells with landfill gas. According to Batten, bitcoin mining could mitigate problems with waste from biogas sources such as manure, agriculture, food processing and landfills.
Batten concludes the report by pointing out many misconceptions, such as the harms of mining the cryptocurrency using the PoW algorithm, the mandatory switch of miners to renewable electricity, the fact that burned methane should be used for space heating and that the benefits of electricity generation from burned methane are small.
In his opinion, bitcoin mining on burnt methane through rapid scalability of cryptocurrencies could improve the environmental situation faster than the UN Environment Program’s (UNEP) carbon reduction goals.