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How bitcoin is helping to manage climate change



Why would a professor in the education system become an advocate for bitcoin? The Bitcoin Amsterdam event had the presence of Troy Cross, a professor of Philosophy, who talked about why bitcoin is good for the global energy sector.

I heard about Bitcoin in 2011, read the Whitepaper, bought the asset the same evening, and started mining Bitcoin after a short while, Troy shared. However, I left Bitcoin after the result I got on bitcoin’s energy consumption projected that bitcoin would harm the global energy consumption rate.

Then in 2020, I returned to bitcoin; Troy explained that neither the 2017 projection by the World Economy Forum that by 2020 bitcoin will be consuming the same amount of energy the world consumed in 2017 nor my “maths” happened. The opposite was the reality, the professor added.

Bitcoin “eats” methane gas

The fellow at the Bitcoin Policy Institute explained that methane, one of the major contributors to global warming, is used as fuel for bitcoin mining operations. Since methane is dangerous, but when burnt, can be converted to carbon dioxide, which is less harmful, miners can use the same methane produced in our farms and other sources to run their activities.

Troy gave an example of a farmer in Mexico who has 10,000 pigs and mines bitcoin by using the methane gas produced from his farm to power his bitcoin mining machines. 

Bitcoin tackles the energy and climate crisis the world faces today because wasted energy in the form of methane that should harm our climate is used as fuel, he added. This also shows that bitcoin can incentivise the green energy revolution, where we switch from fossil fuel to renewables.

He also shared that there is a project he’s developing to make Bitcoin mining, carbon neutral but it will involve the cooperation of bitcoin holders as well as bitcoin miners.

Read also;

Why CBDCs are political tools not financial tools

Does DeFi need bitcoin for censorship resistance?

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