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.
Read CRYPTONEWSLAND onAccording 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).
Among the contenders for explosive growth are a handful of meme coins. These cheeky tokens…
🚀 Post-Bitcoin Halving Update! Explore top altcoins poised for massive growth in 2024. #Cryptocurrency #Bitcoin…
FBI arrests Dalpour, accused of $43M Ponzi scheme, using fabricated docs and fake promises of…
Investors are eyeing these familiar names and wondering if now is the time to invest…
With the bull run of 2024 picking up speed, industry specialists are making strategic purchases…
May brings fresh developments in the cryptocurrency market, with several key players poised to make…