The World Economic Forum has called for a reduction in the burning of methane and its waste for bitcoin mining. But it’s a little behind the curve as bitcoin miners are already doing it.
The World Economic Forum (WEF) recently shared a video touting the technology behind gas-powered bitcoin mining.
Industry observers commented that this was unexpected from the international NGO lobbying organization that has traditionally been wary of cryptocurrencies. The video was very vague, describing mining farms as data centers and making no direct reference to Bitcoin.
The post highlights bitcoin mining startup Crusoe Energy that uses waste methane to power its farms.
In it, Crusoe CEO and co-founder Chase Lochmiller to explain How does incineration work and how can it be used?
Bitcoin mining is more sustainable
He explained that flaring occurs in oil fields or landfills where there is a waste stream of gas. The gas is a byproduct of oil production or decomposition from landfills.
However, some companies burn the gas on site, which results in unwanted carbon emissions.
Crusoe builds and operates mobile modular data centers. Furthermore, they can be transferred to exhaust gas sources and the energy used to operate them. Lockmiller highlighted the benefits in a World Economic Forum video, saying:
“By doing this, we not only create a massive reduction of emissions from a previously wasted energy source, but we can also produce very low-cost computing infrastructure by harnessing this stranded form of energy.”
The World Economic Forum reports that methane is one of the most potent greenhouse gases. In addition, it traps 80 times more heat than carbon dioxide over a 20-year period.
She added that data centers consume more and more energy. It is estimated that it will consume 8% of global electricity by 2030, up from 1-1.5% today.
Crusoe is part of the World Economic Forum’s Innovative Communities.
Increased use of gas flaring
The United States has described incineration as a reusable energy source for years. In 2021, Republican Senator Ted Cruz announced the firing to solve energy-related issues in Texas, a bitcoin mining enterprise.
Cruz said at the time:
“I think this is a huge opportunity for Bitcoin because now that energy is just being wasted.”
It is difficult to ensure that the amount of energy used in bitcoin mining is renewable. However, recent research indicates that it is now more than half.
In March, BeInCrypto reported that bitcoin mining now uses 52.6% of sustainable or renewable energy globally. Then, earlier this month, the energy intensity of bitcoin mining dropped to a new low.
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