Bitcoin Mining is friendly to the Environment says MIT - page 2.

Die_empty

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Quote from: SeriouslyGiveaway on July 27, 2023, 06:36:27 AM

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.

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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.

ZAINmalik75

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Quote from: acroman08 on July 27, 2023, 11:19:14 AM

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.

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Quote from: PX-Z on July 27, 2023, 01:27:19 PM

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.

ImThour

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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!

PX-Z

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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.

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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.

acroman08

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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.

Fundamentals Of

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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.

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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.

SeriouslyGiveaway

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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.

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348Judah

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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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