- An Arcane Research analyst says that mining BTC using excess gas is actually environment-friendly.
- BTC mining using stranded natural gas far reduces CO2 emissions than wind and solar energy farms.
- BTC mining also consumes less energy than the video gaming and gold mining sectors.
According to Jaran Mellerud, an analyst who works for Arcane Research, mining bitcoins using excess natural gas is the “most cost-effective way” to reduce greenhouse gas emissions.
According to the chart shared by Mellerud, bitcoin mining using stranded natural gas reduces Carbon Dioxide emission by up to 6.32 tons for every $1,000 invested. This exceeds wind and solar energy farms in terms of greenhouse gas reduction by a significant margin. The computation was provided by Crusoe Energy’s Digital Flare Mitigation System.
The study, if reinforced by other research, would make a dent in the argument of Bitcoin detractors, particularly climate activists. Specifically, critics believe that bitcoin mining consumes a lot of energy which would have otherwise been more useful if provided to homes and other sectors.
Arcane Research also revealed earlier in a published report that bitcoin mining actually consumes less energy than other sectors such as video gaming and gold mining. If this is indeed the case, then the report refutes critical remarks on bitcoin mining. Also, bitcoin mining firms and lobbyists may also dismiss the remarks as simply misconceptions.
On the other hand, crypto mining generally consumes a significant amount of energy. In fact, this is one of the chief reasons why Ethereum is going to execute The Merge on or after September 13. In detail, this is the long-awaited transition of Ethereum from Proof of Work (PoW) into Proof of Stake (PoS).
