Bitcoin Mining is friendly to the Environment says MIT

[348Judah]

The MIT research team has made the discovery that bitcoin mining solves the climatic and environmental emissions of gases like methane by creating an overall balance for the full utilization of this gas from the electric grid ror an effective use for bitcoin mining after being converted to a useful required energy for bitcoin mining, this comes in use against the inefficient use of natural resources emissions into the environment while maximizing it through the mining process of bitcoin.

https://twitter.com/DocumentingBTC/status/1683130025124438016?t=M2KSGXuzc4NMNM_I44V9SQ&s=19

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[SeriouslyGiveaway]

The full report is available for reading Climate Impacts of Bitcoin Mining in the U.S.. It's 17 pages.

The report supports other information sources that Bitcoin mining is green, greener than many industries and many nations.

Bitcoincleanup.com
End the Energy fud

[kryptqnick]

MIT is one of the best universities in the world, with obviously high research standards and great researchers.
I'm really happy that they decided to conduct research and assess Bitcoin mining's actual impact instead of just assuming that it's bad. But the tweet is clearly oversimplifying things.
Reading the full report, I want to circle out a few things:
- the report covers 1/4 of the global hash rate, so unfortunately not the majority of mining;
- based on their findings, the majority of mining is unlikely to be fuelled by sustainable energy (although, again, the report only accounts for 25%);
- the report supports the evidence that Bitcoin mining can help with the power grid sustainability and to use up otherwise wasted energy (and use the money to work on solutions to ecological problems);
- "Bitcoin mining may serve as a catalyst for investment in renewable infrastructure";
- proper assessment of potential climate benefits of Bitcoin mining requires more research;
- the authors support the requirement of more transparency from Bitcoin miners to evaluate various claims regarding the impact of Bitcoin on the climate.

[Fundamentals Of]

This is another reliable study which backups the previous argument in favor of Bitcoin. It seems the FUD against Bitcoin being anti-environment and is a big contributor to climate change is now largely dead. It's been a while already.

Even Elon Musk was convinced of this FUD years ago and removed Bitcoin as a payment option in Tesla. There are many studies proving what he used to believe as wrong since then. The Bitcoin Mining Council has found out that more than half of the energy used in mining Bitcoin is clean. And then there followed a whole lot of news about Bitcoin mining not only deriving energy from renewable sources but even from what could have been simply thrown away as environmentally-damaging waste.

[acroman08]

not really surprised by this. I remember there was a user here in the forum who posted an article where it talked about how Bitcoin miners actively look for alternative power sources to use like solar, wind, hydro, etc... to power their mining rigs in order to help at least lessen the carbon footprint they cause.

[Dr.Bitcoin_Strange]

I know that some years ago, it was also noted that Bitcoin mining was not really safe for the environment, which was a reason why mining was stopped in some countries and was really a disruption of business for miners living in those countries. I hope that now that this new discovery has also been published, those countries that saw Bitcoin mining as contributing to environmental challenges will now allow miners to freely do their business.

[PX-Z]

And yet we will still hear some government anywhere in the globe that "bitcoin mining is killing our earth so we need to stop it", or any "green movement" who are against bitcoin mining despite of how MIT research result is.

[ImThour]

I am sure the biggest transformation on cleaning energy is done by Bitcoin miners after governments of the nations. They are really looking forward to implement Solar panels and other natural energy resources to generate electricity which is great for the environment. Also, this will make big news and finally change the perspective of many who were against Bitcoin Mining and it's affects in the nature. Great research!

[aysg76]

And yet we will still hear some government anywhere in the globe that "bitcoin mining is killing our earth so we need to stop it", or any "green movement" who are against bitcoin mining despite of how MIT research result is.

Most of the miners are moving to green energy mining resources which will reduce the carbon emissions to efficient levels but do you think governments would be willing to showcase such things to the general public? They will come up anti mining bills with all the environmental problems but didn't have idea about how local minings and infrastructure developments are distrubing the environment so they will keep the same words but bitcoin can't be stopped with it.

[ZAINmalik75]

not really surprised by this. I remember there was a user here in the forum who posted an article where it talked about how Bitcoin miners actively look for alternative power sources to use like solar, wind, hydro, etc... to power their mining rigs in order to help at least lessen the carbon footprint they cause.

Yeah i have also read some topic, many miners were left no choice other than the usage of carbon free energy resources because electricity, fuel usage etc are also costing them a lot. And many bans on usage of such unnatural resources had also forced them.

So many miner shifted to wind power but that was not cost efficient as it was not generating enough energy. So most of the miners shifted to solar panels. And few days back i heard a news that now china has able to made solar panel that looks like big flash light like the ones used in stadiums. Means, they have increased the capacity and decreased the size. Which is way Efficient then before. Such innovation will decrease the carbon omission more and one day it will be near to zero.

[Die_empty]

The full report is available for reading Climate Impacts of Bitcoin Mining in the U.S.. It's 17 pages.

The report supports other information sources that Bitcoin mining is green, greener than many industries and many nations.

Bitcoincleanup.com
End the Energy fud

This report of this empirical study gives me joy and hope. Since it is empirical there are proofs to back up their claims, so it is based on facts and not mere assumption. Although the research didn't cover a wider coverage it is a step in the right direction. For a world class university like Massachusetts Institute of Technology to come up with certain benefits of bitcoin mining to the environment and the energy sector, it means that gradually the lies of some anti-bitcoin forces are been debunked. I am aware that bitcoin miners are striving to switch to green energy in most parts of the world.

The misconception that Bitcoin mining is just destroying the environment that has been promoted around the globe will finally lose its potency because more benefits and contributions of bitcoin mining will be continually unveiled. It also gives me hope that very soon bitcoin mining will be an acceptable business in many parts of the world.

[coupable]

I am also not surprised by the conclusions reached by this report, because even if we consider that bitcoin mining is harmful to the environment, it will certainly be less harmful than many sectors that do not occupy any importance and can be dispensed with or compensated for. The climate issue has been used as an excuse to attack Bitcoin as a useful technology, due to the absence of official statistics from reliable research centers or research universities.
Today, clean energies are used in the mining process, in addition to taking advantage of the low cost of electricity in some parts of the world.
Mining companies themselves have become more concerned with the climatic effects of the mining process, and they have realized the importance of consuming clean energy, and that this also helps to reduce costs and, consequently, greater returns.

[hatshepsut93]

Did anyone even read the paper? Because it actually doesn't say that Bitcoin mining is green, it says that the carbon emissions of mining are the same as average carbon emissions of the electric grid, despite the claims of miners that they use more renewable energy. And all the supposed benefits of mining for the environment are only theoretical.

If the Bitcoin mining industry wants to substantiate climate benefit claims, it must understand how
established carbon accounting rules function and report in line with common standards. In the past,
Bitcoin advocacy groups failed to provide evidence to substantiate renewable energy claims, making it
difficult to go beyond applying grid averages when assessing the climate costs of Bitcoin mining.
However, as the industry matures, we expect to see increased reporting quality entailing credible
renewable energy claims which would allow for even more detailed analyses.

[Wimex]

The environmental debate surrounding Bitcoin is complex and subject to ongoing research and discussion... Some efforts are underway to shift towards more sustainable energy sources, such as renewable energy, which could reduce its environmental impact. However, the overall effect on climate and environmental emissions remains a controversial issue.

I think it's wonderful what college wants to achieve the MIT, it reminds me of the SBC (sustainable Bitcoin certificates) that aim to ensure that every time a Bitcoin is mined, verified clean energy is used. This unique asset creates a market-based mechanism that incentivizes bitcoin miners to use and promote green energy and allows investors to grow their bitcoin holdings in a transparent and sustainable manner

SOURCE: https://www.sustainablebtc.org/

This is another reliable study which backups the previous argument in favor of Bitcoin. It seems the FUD against Bitcoin being anti-environment and is a big contributor to climate change is now largely dead. It's been a while already.

Even Elon Musk was convinced of this FUD years ago and removed Bitcoin as a payment option in Tesla. There are many studies proving what he used to believe as wrong since then. The Bitcoin Mining Council has found out that more than half of the energy used in mining Bitcoin is clean. And then there followed a whole lot of news about Bitcoin mining not only deriving energy from renewable sources but even from what could have been simply thrown away as environmentally-damaging waste.

The change of position of Elon Musk and Tesla regarding the use of Bitcoin as a payment option was precisely due to concerns about the use of energy and its environmental impact... as time progresses, more studies are being done on how to make Bitcoin more environmentally friendly and I just hope that with the help of these projects they stop creating hatred towards Bitcoin in this area.

[Fundamentals Of]

This is another reliable study which backups the previous argument in favor of Bitcoin. It seems the FUD against Bitcoin being anti-environment and is a big contributor to climate change is now largely dead. It's been a while already.

Even Elon Musk was convinced of this FUD years ago and removed Bitcoin as a payment option in Tesla. There are many studies proving what he used to believe as wrong since then. The Bitcoin Mining Council has found out that more than half of the energy used in mining Bitcoin is clean. And then there followed a whole lot of news about Bitcoin mining not only deriving energy from renewable sources but even from what could have been simply thrown away as environmentally-damaging waste.

The change of position of Elon Musk and Tesla regarding the use of Bitcoin as a payment option was precisely due to concerns about the use of energy and its environmental impact... as time progresses, more studies are being done on how to make Bitcoin more environmentally friendly and I just hope that with the help of these projects they stop creating hatred towards Bitcoin in this area.

In fairness, the tirades against Bitcoin mining being energy-consuming and how it has a huge potential to contribute significantly to the worsening climate condition has also pushed the industry to choose the cleaner and more efficient way. If we look at Bitcoin mining right now, much of it is done in such a way that it is already like an evidence or a proof that the critics are wrong. So perhaps the critics somehow helped the Bitcoin mining industry to be environmentally sensitive.

[adaseb]

So I guess now maybe we will be able to buy a Tesla with Bitcoin and Elon will once again add Bitcoin to its Tesla balance sheet again?

You might not remember but he removed it because he said Bitcoin mining is not green and he would reverse his decision if it was. So maybe this article will change his mind.

[blckhawk]

So what the study says, is that there's a surplus of energy that's wasted and that bitcoin mining is the one that's helping make sure that those surplus never gets wasted? If my understanding is right, then how come this only happened when bitcoin mining became a thing, the surplus should've been known ever since and the energy regulatory commissions should've thought of a way to harness that surplus.

Now if I'm wrong and that I misunderstood it completely, can anyone do a TLDR because I don't have the drive right now to read a 17 page reading as I am doing this post in my work computer.

[Flexystar]

That’s nice and we already have one of the study stating how CO2 emission is depleting over the time even though mining operations are rising and that’s because many mining operations are getting charged with green electricity. You don’t have to worry about whether Bitcoin is impacting the nature with its emission or not since it’s already taken care of.

I am sure every big farm set up knows this already. The cost of electricity required to run the operation is also huge so many miners already making best use of green energies. It’s proud to see that we also have another paper from highly reputed university.

[Poker Player]

So I guess now maybe we will be able to buy a Tesla with Bitcoin and Elon will once again add Bitcoin to its Tesla balance sheet again?

Tesla still has some Bitcoin on its balance sheet:

Tesla held 42,902 bitcoins, but on July 20, 2022 it was announced that they sold 75% of their holdings bringing the company's total down to 10,725.

You might not remember but he removed it because he said Bitcoin mining is not green and he would reverse his decision if it was. So maybe this article will change his mind.

At this point I couldn't care less what Musk does or doesn't on this regard but MIT is a source reliable enough to change his or anyone's mind about the alleged Bitcoin environmental harm.

[Latviand]

So I guess now maybe we will be able to buy a Tesla with Bitcoin and Elon will once again add Bitcoin to its Tesla balance sheet again?

I don't think so, Elon is an erratic and unpredictable billionaire megalomaniac, there's a possibility that he won't bring it back unless he's got an ulterior motive to do so, didn't he allow bitcoin as payment for Tesla during the bull run and then a lot of people are happy because he created more hype in bitcoin back then? And then pulled off the payment option when the going got tough for the market?

You might not remember but he removed it because he said Bitcoin mining is not green and he would reverse his decision if it was. So maybe this article will change his mind.

I think people remember that, they just didn't care too much about it because being a dick rider for Elon isn't really a fun thing to be online. Right now, I don't think that he has come across this article, he's too busy posting memes about the rebranding of Twitter or other things someone like Elon do, this is probably the least thing that is on his mind right now.

[jossiel]

Wait until the anti-bitcoin mining tells that they don't believe the study and these researches. They'll lean to what they believe that Bitcoin mining has always been bad for the environment.

Again, they will only look after Bitcoin mining but they won't recognize the other industries that have been the first contributors of greenhouse gases and gives more pollutant to our environment and atmosphere.

[Blitzboy]

As a true crypto-geek, I couldnt be more thrilled by the MIT group's finding. My faith in Bitcoin mining's untapped potential has never wavered. Here we have the ability to reframe environmental problems as opportunities; pretty neat, huh?

Lets not gloss over the conclusion's massive implications for energy use, though. When you factor in other mineable coins, Bitcoin gets more than three times as much juice! Crazy talk. Moving to a system with less power is a positive development for Ethereum, but what about Bitcoin? The miners are quite attached to their method and will not give it up easily.

Of course, blockchain has much more to offer than just digital currency. Although exciting, the promise of innovative uses for smart contracts must not lead us astray. To make an accurate assessment, we need to delve deeply into the implications, not only the benefits. Agree?

[pawel7777]

Since the thread title is super misleading and most of people don't seem to care about reading the whole report. Here's the full "Conclusions" part summarising it:

Conclusions
Our Perspective provides empirical evidence that at least 38% of all Bitcoin mining activity has migrated to the U.S. and Canada as of the end of 2022. Furthermore, based on data from publicly listed mining companies, we show that the carbon intensity of electricity consumed by publicly listed Bitcoin mining companies of 397 gCO2/kWh is on par with the U.S. grid average. The total carbon emissions caused by the 13 analyzed publicly listed miners in the U.S. alone add up to 7.2 MtCO2 per annum and surpass the annual carbon emissions of the State of Vermont.

The growing transparency on locations and energy sources of large publicly listed Bitcoin miners, which account for one-fourth of the total hashrate, highlights the value of disclosure obligations and may help dismantle unsupported industry claims, improve assumption-based academic models, and point regulators to areas where Bitcoin mining may bring climate co-benefits. Financial incentives of the Bitcoin network may, for instance, subsidize the sealing of orphaned and unplugged wells, and thereby, reduce methane emissions at scale.

The data disclosed by publicly listed miners – and potential future industry-wide disclosure – may help to improve existing mining maps.37 Our results for the U.S. suggest that, for instance, the previously estimated share of total Bitcoin mining activities in Texas of slightly more than 4% (December 2021) has increased to over 15% (December 2022). Furthermore, U.S. and Canadian share has likely increased significantly beyond the 44% previously assumed.

If the Bitcoin mining industry wants to substantiate climate benefit claims, it must understand how established carbon accounting rules function and report in line with common standards. In the past, Bitcoin advocacy groups failed to provide evidence to substantiate renewable energy claims, making it difficult to go beyond applying grid averages when assessing the climate costs of Bitcoin mining.
However, as the industry matures, we expect to see increased reporting quality entailing credible renewable energy claims which would allow for even more detailed analyses.

Given the expected growth of the Bitcoin mining industry in the U.S., more transparency is crucial to quantify climate benefits and costs. Crypto miners have applied to connect to Texas's power grid up to 33 GW, equal to almost a quarter of the current total ERCOT operational capacity. EU regulators have demonstrated proactivity and are ahead in demanding increased transparency through additional ESG disclosure rules in the forthcoming Markets in Crypto-assets (MiCA) framework. Furthermore,
carbon disclosure obligations under the Corporate Sustainability Reporting Directive (CSRD) in the EU, or the upcoming SEC rules will also apply at least to publicly listed miners. We argue that transparency is the vital first step to educate Bitcoin users, and inform the public, regulators and policymakers about the climate-related benefits and costs associated with Bitcoin mining.

So no, the BTC mining is not very "green". And I could argue that it's not necessarily green even if the energy used comes from recycled gasses etc, but that's a different story.

[SeriouslyGiveaway]

So no, the BTC mining is not very "green". And I could argue that it's not necessarily green even if the energy used comes from recycled gasses etc, but that's a different story.

Is not very green is good because it is green.

It is bad if it is not green and dirty.

Bitcoin Mining Council's Q4 2022 report confirms that Bitcoin mining industry's sustainable power mix is improved to 58.9%. It is one of most sustainable industries globally.

I got more data from their video

Sustainable power mix: Bitcoin mining vs countries

BMC Member data: 63.8%
Global BTC Mining: 58.8%
Germany: 48.5%
EU: 43.5%
South Korea: 33.7%
United States: 31.4%
Canada: 22.5%
Brazil: 21.7%
World: 21.7%
Russia: 19.6%
China: 16.4%
Japan: 16.3%
Poland: 15.6%
India: 12.6%

How is it called as not green enough?

[DapanasFruit]

I am happy to see that maybe we can finally conclude the debate on the matter whether Bitcoin mining is against the environment or not. Definitely, we are now in a new era where clean energy can be sourced in many places and technological innovations can be utilized so as to make Bitcoin mining really green. Environmentalists criticizing Bitcoin mining should now reevaluate their stand as soon as possible. Bitcoin is green.

[davis196]

1.Such studies won't stop the environmentalist fanatics to keep insisting that Bitcoin/crypto mining is polluting the environment.
The environmentalists no longer believe in logic and science. They believe only in their own "religious dogma".
2.I'm becoming more and more skeptical about all this "human impact over the atmosphere" thing. It seems to me that we can't control the process of global warming and the global warming will continue, even if we stop all carbon emissions. The point of no return has been reached.

[Cryptomultiplier]

The MIT research team has made the discovery that bitcoin mining solves the climatic and environmental emissions of gases like methane by creating an overall balance for the full utilization of this gas from the electric grid ror an effective use for bitcoin mining after being converted to a useful required energy for bitcoin mining, this comes in use against the inefficient use of natural resources emissions into the environment while maximizing it through the mining process of bitcoin.

https://twitter.com/DocumentingBTC/status/1683130025124438016?t=M2KSGXuzc4NMNM_I44V9SQ&s=19

It is great for MIT to have expressed their candid opinion concerning the tech process of mining. It presents mining in a new broad light for those who have considered the possibility of opening a mining farm because they have the resources and because they can of course.

What had always been a concern to the public is the issue of the emissions from the mining farm. Some say it is not eco friendly but I saw a documentary on how a group of students routed these mining tubes to provide heating solution to the hotel apartment that they managed along side their mining farm.
 The  heat from the mining tubes was used to heat the pool in cold winter and when one feels the need for hot shower too. They so innovated on their mining farm by practicing energy conversion thus, they efficiently reduced waste and harm to the environment.

[serjent05]

Wait until the anti-bitcoin mining tells that they don't believe the study and these researches. They'll lean to what they believe that Bitcoin mining has always been bad for the environment.

This kind of argument about whether Bitcoin is green or not has become propaganda for both parties.  If a party wanted to push the trend to bullish media will release news that will support bullish sentiment of Bitcoin and then when someone wanted to bring FUD to the market they will use different methods to refute those positive news.  At the end of the day, it is up to who to evaluate which one really make sense.

Again, they will only look after Bitcoin mining but they won't recognize the other industries that have been the first contributors of greenhouse gases and gives more pollutant to our environment and atmosphere.

That is one kind of tactic of anti-BTC.  The selective argument, just giving facts to support their idea without comparing it to other industry or if ever they pick an industry, they make sure that it produce way lesser carbon emission and establish the thought of Bitcoin is not environmentally friendly.  Wicked people...  only knows how to twist things in their favor.

[Hamza2424]

So this topic is still Undead haha looks like anything which is related to Bitcoin will be always undead at least in the current era, Becasue I thought this topic will never be discussed again after the last time's clash. Seems like MIT will take a U-turn in the coming months on this statement because it's quite impossible for the government to pass over the issue of the hah war and its consequences.

The cost of electricity to keep the Bitcoin network running will increase from time to time and its pretty obvious because in the near future Buy Bitcoin from the open market will be so costly and everyone will try to mine it without realizing so facts.

[thecodebear]

Seems like a bit more fair analysis of bitcoin mining than the hit jobs we normally see.


The public perception is still very against bitcoin mining and it'll take a long time to get people educated on why mining isn't as bad as it seems when you just blindly say "it uses so and so much energy".


Both Bitcoin and Bitcoin mining are highly misunderstood by the public and governments, and we need more legitimate research like this to erase the nonsense FUD that controls the public and political narrative so far.

Mining has huge positive benefits for renewable energy, energy infrastructure, and even heating issues in various parts of the world, not to mention of course the very important prime purpose which is securing the only open global decentralized digital currency the world has ever had and very possibly will ever have. My hope is that in a decade Bitcoin mining goes from being vilified to being used for good to solve energy/heating issues in the world. Right now the use of Bitcoin mining for these extra benefits are much more sparse than they could be if governments and the public realize the good and promote mining's use for those extra benefits to society.

[jossiel]

Wait until the anti-bitcoin mining tells that they don't believe the study and these researches. They'll lean to what they believe that Bitcoin mining has always been bad for the environment.

This kind of argument about whether Bitcoin is green or not has become propaganda for both parties.  If a party wanted to push the trend to bullish media will release news that will support bullish sentiment of Bitcoin and then when someone wanted to bring FUD to the market they will use different methods to refute those positive news.  At the end of the day, it is up to who to evaluate which one really make sense.

True.

It's up to the people that sees it as a benefit or sees it as something to hate with. Well, those anti can't be changed for now and will always lean towards their principle despite there have been facts set in front of them.

Again, they will only look after Bitcoin mining but they won't recognize the other industries that have been the first contributors of greenhouse gases and gives more pollutant to our environment and atmosphere.

That is one kind of tactic of anti-BTC.  The selective argument, just giving facts to support their idea without comparing it to other industry or if ever they pick an industry, they make sure that it produce way lesser carbon emission and establish the thought of Bitcoin is not environmentally friendly.  Wicked people...  only knows how to twist things in their favor.

They'd pick arguments over Bitcoin but they don't want to look on the other side of these industries that contributes to the pollution for their business operations.

For them,  it's always like bitcoin is the bad actor.