1/17
Can Bitcoin become carbon negative?
How does that even work?
Is it realistic?
What data do I have to support POW (what Bitcoin uses) being better for the climate than POS (what Ethereum now uses)?
Lot's of genuinely curious people. I'll do my best to summarize.
Can Bitcoin become carbon negative?
How does that even work?
Is it realistic?
What data do I have to support POW (what Bitcoin uses) being better for the climate than POS (what Ethereum now uses)?
Lot's of genuinely curious people. I'll do my best to summarize.
2/17
Let's start at the top.
Whether something is good, bad or neutral to the environment is NOT determined by energy consumption alone.
Energy source also matters
In laypeople's terms:
Emissions = (energy consumption) x (carbon footprint of energy source)
Let's start at the top.
Whether something is good, bad or neutral to the environment is NOT determined by energy consumption alone.
Energy source also matters
In laypeople's terms:
Emissions = (energy consumption) x (carbon footprint of energy source)
3/17
When the energy source is coal, more consumption = worse environmental impact
When its renewable: more consumption = neutral impact (+ve 'cos it displaces ff)
When it's carbon negative, more consumption = good for the environment
Source:batcoinz.com/how-carbon-neg…
When the energy source is coal, more consumption = worse environmental impact
When its renewable: more consumption = neutral impact (+ve 'cos it displaces ff)
When it's carbon negative, more consumption = good for the environment
Source:batcoinz.com/how-carbon-neg…
4/17
Ethereum chose to minimise their environmental impact by lowering energy consumption to near zero
That's fine. They're entitled to do that
But it's not the only green path
There's also is a cost: with a zero multiplier, you can never become a net good for the environment
Ethereum chose to minimise their environmental impact by lowering energy consumption to near zero
That's fine. They're entitled to do that
But it's not the only green path
There's also is a cost: with a zero multiplier, you can never become a net good for the environment
5/17
The other green path is to transition to carbon negative energy then increase energy consumption
Remember our formula: emissions = (energy consumption) x (carbon footprint of energy source)
When consumption is high & energy source is -ve, you have negative emissions
The other green path is to transition to carbon negative energy then increase energy consumption
Remember our formula: emissions = (energy consumption) x (carbon footprint of energy source)
When consumption is high & energy source is -ve, you have negative emissions
6/17
So how is this possible?
Well it's possible because methane is 84x more warming to our climate than CO2 over a 20-year period
What that means is, when you combust methane that would gone into the air ... it's considered carbon negative
source: trilliumenergy.com/en/news/archiv…
So how is this possible?
Well it's possible because methane is 84x more warming to our climate than CO2 over a 20-year period
What that means is, when you combust methane that would gone into the air ... it's considered carbon negative
source: trilliumenergy.com/en/news/archiv…
7/17
This is not carbon-accounting or offsets. This is carobn chemistry. It's is a recognised form of carbon capture, recognised as carbon negative by Carboncredits.com, EPA and Trillium Energy ... and more recently the Whitehouse.
Source: carboncredits.com/the-ultimate-g…
This is not carbon-accounting or offsets. This is carobn chemistry. It's is a recognised form of carbon capture, recognised as carbon negative by Carboncredits.com, EPA and Trillium Energy ... and more recently the Whitehouse.
Source: carboncredits.com/the-ultimate-g…
8/17
That's why the climate scientists behind the recent Whitehouse OTSP report wrote
"crypto-asset mining operations that capture methane to produce electricity can yield positive results for the climate."
source: whitehouse.gov/wp-content/upl…
That's why the climate scientists behind the recent Whitehouse OTSP report wrote
"crypto-asset mining operations that capture methane to produce electricity can yield positive results for the climate."
source: whitehouse.gov/wp-content/upl…
9/17
So just how negative is using carbon negative power sources such as vented methane?
The answer, its 13x more good for the environment than coal is bad.
source: batcoinz.com/how-carbon-neg…
So just how negative is using carbon negative power sources such as vented methane?
The answer, its 13x more good for the environment than coal is bad.
source: batcoinz.com/how-carbon-neg…
10/17
OK, so even the Whitehouse acknowledge that Bitcoin mining can be environmentally positive provided when uses vented methane.
But right now, very little of the Bitcoin network uses vented methane as a power-source, so surely this is theory not reality?
OK, so even the Whitehouse acknowledge that Bitcoin mining can be environmentally positive provided when uses vented methane.
But right now, very little of the Bitcoin network uses vented methane as a power-source, so surely this is theory not reality?
11/17
Not so.
There was 132.5 MW of new flared gas powered Bitcoin mining in the last 16 months. That’s 8.3 MW/month.
Source: batcoinz.com/quantifying-th…
@Vespene_Energy recently won it's first contract to mine using vented methane from landfills
nasdaq.com/articles/metha…
Not so.
There was 132.5 MW of new flared gas powered Bitcoin mining in the last 16 months. That’s 8.3 MW/month.
Source: batcoinz.com/quantifying-th…
@Vespene_Energy recently won it's first contract to mine using vented methane from landfills
nasdaq.com/articles/metha…
12/17
There is enough landfill gas in the US to power the bitcoin network more than 1.5x over. There are another 4 vented methane companies capital raising right now
Of the 20 renewable mining operations I have spoken to, 6 of them are now actively considering vented methane
There is enough landfill gas in the US to power the bitcoin network more than 1.5x over. There are another 4 vented methane companies capital raising right now
Of the 20 renewable mining operations I have spoken to, 6 of them are now actively considering vented methane
13/17
The trendline analysis I've done suggests a slightly slower vented methane growth of 7 MW/month, which puts the Bitcoin network on target to be carbon negative in Q4, 2024.
So these are not big projections, in line with what's already been achieved off flared methane
The trendline analysis I've done suggests a slightly slower vented methane growth of 7 MW/month, which puts the Bitcoin network on target to be carbon negative in Q4, 2024.
So these are not big projections, in line with what's already been achieved off flared methane
14/17
The other objection I commonly here is "Well, why can't we use that power for something else?"
Simply put, its generally uneconomic, because landfills are usually too far from the grid for the buildout cost ($2m/mile) to be profitable
batcoinz.com/quantifying-th…
The other objection I commonly here is "Well, why can't we use that power for something else?"
Simply put, its generally uneconomic, because landfills are usually too far from the grid for the buildout cost ($2m/mile) to be profitable
batcoinz.com/quantifying-th…
15/ 17
As for flaring that gas,
that's expensive, only burns 92% of the methane, puts soot into the air (global warmer + pollutant), and wastes resources. That's why WEF + a host of environmental NGOs want to end flaring
weforum.org/agenda/2021/02…
source: iea.org/reports/flarin…
As for flaring that gas,
that's expensive, only burns 92% of the methane, puts soot into the air (global warmer + pollutant), and wastes resources. That's why WEF + a host of environmental NGOs want to end flaring
weforum.org/agenda/2021/02…
source: iea.org/reports/flarin…
16/17
So Bitcoin mining is the most viable way to use the world's vented methane
At 7MW/month, #BTC becomes carbon negative by Dec 2024
Ethereum can go zero-emission, but no longer carbon negative
Bitcoin powered 24% on vented methane would reduce global emissions by 2%
So Bitcoin mining is the most viable way to use the world's vented methane
At 7MW/month, #BTC becomes carbon negative by Dec 2024
Ethereum can go zero-emission, but no longer carbon negative
Bitcoin powered 24% on vented methane would reduce global emissions by 2%
17/17
If this is a different message to what you've heard in the media that's because of, in my view, some sloppy journalism which has recycled myths that can now be debunked by good data
Next step: listen to environmentalist/entrepreneur Adam Wright whatbitcoindid.com/podcast/turnin…
If this is a different message to what you've heard in the media that's because of, in my view, some sloppy journalism which has recycled myths that can now be debunked by good data
Next step: listen to environmentalist/entrepreneur Adam Wright whatbitcoindid.com/podcast/turnin…
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