Bitcoin effect on climate compared
As you can see Bitcoin's effect on climate is insignificant compared to man made Methane & other sectors, however it could be part of the solution.
When it comes to climate -
"We're going to need bigger guns".
@ed_hawkins - Data - ed-hawkins.github
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I was a member of Extinction Rebellion during the early years & I'm still actively look for solutions to the Climate Emergency but also increasingly aware despite all great efforts, as you can see -
EVERYTHING IS ACCELERATING UPWARDS !
Energy consumption ≠ Emissions. Many people when looking at Bitcoin for the first time, only see the immediate & surprisingly large energy consumption, however, few grasp the much broader consequences on Finance, Growth & Climate.
How Bitcoin fixes climate
We do not see the emissions of money when we swipe our credit cards but the emissions are huge. The electrification of money like transport can considerably drop its emissions.
Bitcoin mining with Methane is already directly reducing emissions from the following sectors -
Energy Demand/response also enables greater penetration of renewables.
Bitcoin could also influence the not so obvious but potentially much larger drivers of climate change -
Each section is discussed in more detail below.
Bitcoin mining with Methane is already directly reducing emissions from the following sectors -
- Methane from Oil & Gas
- Methane - Agriculture
- Methane - Waste
Energy Demand/response also enables greater penetration of renewables.
Bitcoin could also influence the not so obvious but potentially much larger drivers of climate change -
Each section is discussed in more detail below.
Could Bitcoin “Just stop oil” ?
The climate situation is way past a bit of tinkering, it needs a root & branch tipping of incentives of everyone on the planet. Only Bitcoin can do this.
To scale a hypothetical chart showing how Bitcoin could reduce current emissions while trebling its own.
To scale a hypothetical chart showing how Bitcoin could reduce current emissions while trebling its own.
Bitcoin = No longer forced to invest in climate destruction.
What if money it's self was the core problem ?
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What if we could simply just save for retirement & not have to invest ?
What if politicians could not simply print money to raise an army & take us all to war ? What if Airlines & Fracking companies were NOT funded with freshly printed money ? What if central banks could not print enormous amounts of money & give it to the people they dare not say no to ? |
The Big Tomali !
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Growth
Growth is absolutely required by governments that have over committed & run up ridiculous amounts of debt but have no hope of paying down other than by printing money.
Corporate capture of the governments & the money printer are syphoning your saved wealth & pensions into climate destruction. Subsidies & bailouts for the world's biggest polluters (The Military, Big oil, Airlines, Failing legacy car manufacturers, HS2)
Saving fiat money 💵 💷 💶 is effectively giving your wealth to all the above.
Pensions, stocks & shares are investing in environmental destruction just to preserve your wealth. Currently savers are forced to invest just to maintain wealth. Bitcoin = No longer forced to invest in climate destruction.
Prudent savers are fleeced. Feckless borrowers are subsidized deliberately to drive growth.
What ever you spend money on will result in environmental destruction and more emissions. Only saving, not spending your Bitcoin (AKA HODLING ) has zero emissions. You have literally removed your wealth from the wealth extracting system.
The term "Capitalism" implies fair business playing field for all, which of course is not true, whilst some have access to a never ending supply of money.
Corporate capture of the governments & the money printer are syphoning your saved wealth & pensions into climate destruction. Subsidies & bailouts for the world's biggest polluters (The Military, Big oil, Airlines, Failing legacy car manufacturers, HS2)
Saving fiat money 💵 💷 💶 is effectively giving your wealth to all the above.
Pensions, stocks & shares are investing in environmental destruction just to preserve your wealth. Currently savers are forced to invest just to maintain wealth. Bitcoin = No longer forced to invest in climate destruction.
Prudent savers are fleeced. Feckless borrowers are subsidized deliberately to drive growth.
What ever you spend money on will result in environmental destruction and more emissions. Only saving, not spending your Bitcoin (AKA HODLING ) has zero emissions. You have literally removed your wealth from the wealth extracting system.
The term "Capitalism" implies fair business playing field for all, which of course is not true, whilst some have access to a never ending supply of money.
Reduction in Military
The cosy carbon club - Military - Big Oil - Government -
A major carbon feed back loop ? The Military is responsible for 6% of all world emissions, the world's biggest polluter is generally funded by unlimited money printing. Then deployed to "defend" oil interests.
A major carbon feed back loop ? The Military is responsible for 6% of all world emissions, the world's biggest polluter is generally funded by unlimited money printing. Then deployed to "defend" oil interests.
Total world emissions
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Ending the "money printer go Brrrr" cycle seriously curtails government ability to spend vast amounts on the military. If your enemies can't afford a large military because wealth is held in Bitcoin - neither can you. Military disappears in a puff of logic.
Population
Population is the primary driver of climate change. No people = No problem.
Climate Problem = Population x emissions per head.
0 People x 7.5 tCO₂/head/year = 0 tCO₂e/year = No Problem
8,000,000,000 People x 7.5 tCO₂/head/year = 60,000,000,000 tCO₂e/year = Big Problem
Actual Mathematical proof !
8,000,000,000 People x 7.5 tCO₂/head/year = 60,000,000,000 tCO₂e/year = Big Problem
Actual Mathematical proof !
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The most prominent climate voices dare not speak its name but it's the elephant in the climate room. If you mention it you will be ostracized, de-boosted on social media & branded a racist.
When the annual immigration figures for the UK shocked everyone at 768,000. Politicians secretly rub their hands together. GROWTH ! More flying, cheap labour, Tax, schools, hospitals, houses. |
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Migration
Printing Dollars - strips countries (that are unable to print dollars) of their wealth. Seeing comparatively luxurious conditions, the poor 3rd world are incentivised to migrate to wealthier countries. Migrating from a low carbon lifestyle (<2 tCO₂e) to a high carbon lifestyle (16 tCO₂e USA) can multiply your emissions by a factor of 8.
Families spread over different continents require more flying, a major component of personal footprint. Families may be tempted to have many children and send some siblings abroad to earn Dollars so they can support the core family at home.
Families spread over different continents require more flying, a major component of personal footprint. Families may be tempted to have many children and send some siblings abroad to earn Dollars so they can support the core family at home.
Fracking
Fracking, a major source of methane was funded through money printing. “The real catalyst of the shale revolution was the 2008 financial crisis". Printed money is in effect being laundered from people to Business and destroying the environment in the process.
Methane
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Global Warming Potential MTCO₂eq
The potential for Bitcoin mining with waste Methane and curtailment of other sectors to reduce over all emissions is significant. Mining with methane alone could make Bitcoin carbon negative.
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Methane emissions from oil and gas are 80-140 Million Tonnes per year & could yield roughly 400 TWh of electricity, enough wasted energy to run all Bitcoin mining 3x over.
Man made methane ≈ 50% of Green House Gasses. Methane is 84-125 x more potent GHG than CO₂ over a 20 year period ! When fully combusted 1 kg of natural gas releases 2.75 kg of CO₂ which reduces its Global Warming Potential 3.2% of its original potency [ (1x86)/(1x2.75) ]. A considerable climate win that Bitcoin mining with methane can incentivize.
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Inefficient flaring of methane results in -
The more we burn, and the more efficiently we burn methane (I.E. in a generator powering a bitcoin mine) the lower the Global Warming Potential (GWP). 
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Burning Methane to generate electricity isn’t always profitable because, you can’t always connect the electricity to the grid economically. Bitcoin, however doesn't need to be connected to the grid, so could incentivise much methane burning. This has big possibilities to reduce damaging emissions from the oil & gas industries, landfills & pig/dairy.
Choose one
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Venting
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Flaring
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Mining Bitcoin
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No Oil & Gas
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Many companies such as Nydig, Upstream data & Vespene energy mine Bitcoin with Methane greatly reducing the net emissions or previously vented or flared energy.
Bio Methane & Bitcoin
Here we see Scilling Digital Mining using anaerobic digestion from pig manure to mine Bitcoin & doing the climate a huge favour in the process ! With enough methane produce almost 1MW selling the electricity back to the grid is not an option without a major grid upgrade ! but mining Bitcoin on site can look very attractive.
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Land Fill Methane
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Vast amounts of methane leak out of land fills (shown left). Adam Wright form vespene.energy talks to Pete McCormack on What Bitcoin did about harnessing the power of methane to mine bitcoin & mitigate climate change.
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Methane not dissipating !?
Even more worrying new reports of Methane persisting in the atmosphere for much longer ! because of Wildfires gobbling up methane scrubbers ! This is why Methanes Global Warming Potential is not a fixed number, but an estimate ranging between 84 - 125 x over a 20 year period .
Gold mining.
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Bitcoin can drive a reduction in environmental destruction & emissions from gold mining. With Bitcoin being such a good store of value, gold will become a relic used only for jewellery and industrial uses.
The Gold industry produces 100MT CO₂ Annually
Gold mining =
In 2013 it took 25.8 gallons of Diesel to produce 1 ounce of gold ! |
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Who's talking about Bitcoin & Climate ?
Margot Paez One of the rising stars in this area, & other panellist's discuss mining with renewable energy & methane. Twitter @jyn_urso
“Climate activists need bitcoin as one of their tools for system change. This is so not easy to understand, but how will you achieve system change, not climate change, if you don’t change the fundamental economics of society? Climate change is a symptom of a more fundamental crisis. If we only achieve decarbonization, the core problem will remain and new symptoms will arise.” A Financial Hail Mary for the Climate: An Argument for Bitcoin Financialization: A backdrop for understanding inaction on climate change and Bitcoin’s role |
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Troy CrossTroy Cross - Philosopher. Environmentalist. Bitcoiner.
Prior to coming to Reed in 2010, he held positions at Yale and Merton College, Oxford. btcpolicy.org/authors/troy-cross |
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Daniel Batten Daniel Batten does a deep dive into Bitcoin mining with otherwise flared methane. In the Video he describes how Methane mining can save 0.15 c of global warming.
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Jeff Booth the author of The Price Of Tomorrow" discuses Bitcoin as a deflationary force.
Even @maxkeiser a name not usually synonymous with climate change talks about the market repercussions.
Even @maxkeiser a name not usually synonymous with climate change talks about the market repercussions.
Further Sources
The Cantillonian Oligarchy: Why the Left Should Embrace Bitcoin medium.com
Who is financing the Climate Crisis ? reclaimfinance.org
Bitcoin – Transformer to an Ecological Society bitcoinsozial.de
Who is financing the Climate Crisis ? reclaimfinance.org
Bitcoin – Transformer to an Ecological Society bitcoinsozial.de
Further reading on this subject from the Bitcoin Policy Institute
Bitcoiners for future website x.com/BTCersforfuture
Bitcoiners for future website x.com/BTCersforfuture
