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

[1714688962]

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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.