More than 56% of the Bitcoin network is now powered through sustainable means and is set to rise further as Bitcoin mining brings more green energy projects online, according to tech investor and ESG expert Daniel Batten.
“Bitcoin mining could be the century’s most important sustainable innovation,” said Batten in a lengthy X post on Thursday.
He pointed out that a lot has changed since 2021 when Bitcoin mining was powered by just 34% sustainable energy.
The latest data from Batten, Willy Woo, and the Digital Assets Research Institute (DARI) shows that just a little over four years later, 56.7% of Bitcoin mining is now sustainable energy.
However, Batten argues that Bitcoin does more than just use green energy — it can also help the industry grow.
Bitcoin is removing bottlenecks to on-grid renewables
Bitcoin mining removes major bottlenecks that slow down green energy adoption by acting as an immediate buyer for renewable projects stuck in ten to 15-year interconnection queues, he said.
This can help cut renewable project payback periods from eight years to three and a half years, making clean energy investments more attractive.
Related: Nine myths about Bitcoin energy use challenged by data, ESG expert says
BTC mining operations also provide flexible demand that stabilizes grids with variable renewable sources, giving operators confidence to add more solar and wind capacity.
Bitcoin miners by power source. Source: Daniel BattenReplacing fossil fuels with clean electric heat
Around 50% of global energy goes into heating, which is mostly fossil fuel-based. Bitcoin mining’s waste heat offers a clean alternative, he argued.
Examples given included district heating by mining firm MARA, which warms 80,000 residents in Finland, around 2% of the country’s population, using Bitcoin mining heat.
Multiple companies now offer Bitcoin-powered home heaters, and there are multiple industrial applications, such as solar-powered Bitcoin mining to deliver heat for greenhouses in the Netherlands.
Funding renewable energy R&D
“Bitcoin mining has been responsible for reviving mothballed renewable energy technologies such as OTEC (Ocean Thermal Energy Technology),” said Batten.
OTEC is a renewable technology mothballed since the 1980s due to cost constraints. Miners can help to solve the problem by providing revenue without costly grid connections.
BTC mining also powers microgrids in rural Africa through “Gridless Compute,” bringing electricity to 8,000 previously unconnected homes in Kenya, Malawi, and Zambia.
Bitcoin can benefit Ocean Thermal Energy Technology. Source: Makai Ocean EngineeringEliminating harmful methane emissions
Bitcoin mining tackles three major carbon-intensive practices: gas peaker plants, landfill methane, and oil field flaring.
Several innovative companies are now utilizing this otherwise wasted primary emission to mine Bitcoins, preventing it from simply being burned off and increasing emissions.
“The combined impact of carbon-negative Bitcoin mining is that mitigation has already reached 7% of the Bitcoin network’s emissions,” Batten said, concluding:
Magazine: Big questions: Would Bitcoin survive a 10-year power outage?
Source: https://cointelegraph.com/news/4-things-bitcoin-mining-can-do-for-climate-change-esg-expert?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
