Bitcoin & climate
"We're going to need bigger guns".
I have been a member of Extinction Rebellion (⧖) for few years. Im fully aware of the dire Climate Emergency but also increasingly aware despite all the great efforts, we are not even making a dint on the exponential increase in Green House Gasses. When it comes to climate we're going to need bigger guns !
Many people when looking at Bitcoin for the first time only see the immediate & surprisingly large energy consumption, but never the much broader consequences for finance. Some recognise Growth to be the major factor but have no clue how to change this other than changing the political landscape but Turkeys will never vote for Christmas.
Many people when looking at Bitcoin for the first time only see the immediate & surprisingly large energy consumption, but never the much broader consequences for finance. Some recognise Growth to be the major factor but have no clue how to change this other than changing the political landscape but Turkeys will never vote for Christmas.
What if money its self was the problem ?
What if we could simply just save for retirement & NOT have to invest ?
₿ = No longer forced to invest !
|
THE BIG TOMALI !
What if money didn't devalue ? What if it stayed the same or you got return ? (the value increased over time). If inflation is stealing the value of your savings & pensions (quite deliberately via money printing), you are effectively forced to invest in anything that will hold its value against inflation, or ideally give a return, usually Oil & Gas. Pension are just a series of investments that you have little control over. Most people have no clue as to where their pension is even invested. It's just something deducted from their pay day. |
Refuse to invest ! Buy Bitcoin !
Let's face it ANY investment will damage the environment in some way even wind turbines (a relatively benign investment) will require concrete steal & ground clearance (I have investments in wind, it's just an example).
Few have considered the climate impact of this & I think it will be massive ! Many have slogans like "Degrowth" & "Circular economy" with not a clue how to implement them. Bitcoin will do it for us.
Few have considered the climate impact of this & I think it will be massive ! Many have slogans like "Degrowth" & "Circular economy" with not a clue how to implement them. Bitcoin will do it for us.
Fracking, a major source of Methane was funded through money printing. “The real catalyst of the shale revolution was the 2008 financial crisis - bitcoin ends money printing.
Energy consumption ≠ Emissions
While Bitcoin does have high energy consumption for now, this does necessarily = emissions. What we really need to look at is the emissions of what Bitcoin displaces. As you can see on a world scale Bitcoin emissions are insignificant.
|
|
|
Converting Methane to CO2
|
Methane is 86x more potent Green House Gas than CO₂ over 20y period !
When fully combusted 1 kg of natural gas releases 2.75 kg of CO₂ which gives an overall reduction of 31x or 3100% in Global warming Potential (AKA CO₂e). 86/2.75=31.2 Burning Methane to generate electricity isn’t always profitable because quite often you can’t connect the electricity to the grid economically. Bitcoin could self incentive much of this burning. This has big possibilities for Land Fills, Pig/Dairy & the Oil & gas industry. |
|
Flared Methane & Stranded Energy
|
According to 2022 Global Gas Flaring Tracker Report In 2021, 144 billion cubic meters of gas was needlessly burnt in flares at upstream oil and gas facilities across the globe. An estimated 1406 TWh of methane could yield ~30% roughly 422 TWh of electricity, enough to run all Bitcoin mining 6x over.
|
|
|
In the Oil and Gas industry, previously “stranded” energy in the form of Methane has been flared or worse, vented. Now the gas is being increasingly used for bitcoin mining. Burning the gas efficiently to produce electricity is a net climate positive as long as its using existing flares and Vents. This has huge potential for CO₂e Reduction of the Oil & Gas industry !
Ironic that the Oil & Gas industry could be self incentivised to clean up it own mess. |
|
Global Warming Potential of Flared Oil & Gas Methane vs Bitcoin
In this Video D S Batten describes how Methane mining can save 0.15 c of global warming
|
After Flaring methane we're left predominantly with Carbon Dioxide & un burned Methane
The warming potential of that leftover methane is shown in red.
Burning just a 3rd of this methane efficiently in a generator, would result in reduction of 1 Billion Tonnes CO₂e. |
|
Sources
How Bitcoin Mining Is Disrupting Global Energy Markets Gas-to-Bitcoin Mining Firm Crusoe Energy Systems Raises $505 Million
Crusoe Energy Systems working on a gas-to-bitcoin mining pilot with the gas giant Exxon. EXON Mobil trail mining bitcoin. |
|
Pig Methane
|
Here we see Scilling Digital Mining using anaerobic digestion from pig manure to mine Bitcoin AND doing the climate a huge favour in the process !
With enough methane to run 4 X this , a possible 844kW. Selling the electricity back to the grid is not an option without a major grid upgrade ! 
|
|
Land Fill Methane
|
Vast amounts of methane leak out of land fills (shown left). Adam Wright form vespene.energy talks to Pete McCormack on What Bitcoin did
|
|
Methane not dissipating !?
Even more worrying new reports of Wildfires gobbling up methane scrubbers . Basically Methane persisting for much longer in the atmosphere for much longer !
https://climatecasino.net/2022/07/is-the-methane-catastrophe-happening-right-now/
https://climatecasino.net/2022/07/is-the-methane-catastrophe-happening-right-now/
Reduction gold / gold mining.
A Reduction in need for gold / gold mining. With Bitcoin being such a perfect store of value - Gold will become a relic used only for jewellery and industrial uses.
|
The Gold industry produces 126MT CO₂ Annually
Gold mining =
In 2013 it took 25.8 gallons of Diesel to produce 1 ounce of gold ! Bitcoin tends to use the cheapest electricity which is usually the greenest EG excess power from
|
|
Reduction in direct banking emissions
Bitcoin currently produces much less emissions than the Banking sectors direct emissions. The resultant emissions coming from investment is an order of magnitude greater. See breakdown page.
|
This is a guesstimate of direct day to day Banking emissions - 70 MTCO₂e / year, however we also have to add to this the less obvious but much greater emissions resulting from the Finance sector with
UK Finance sector alone responsible for 805 MTCO₂e. Financial Times - Banks feel the heat For further comparison, the emissions from Wall Street financing tracked in the report are equal to what 432 million passenger vehicles spew into the air over one year
If we're lucky the banks show us there scope 1 & 2 emissions but never like to show the detail. They will gladly tell you how much they "reduced" by & how everything is 94% renewables or "offset". So Id take everything with a massive pinch of salt.
From Barclays ESG Report below (page 45) 
|
These 38 Fossil Banks are among the biggest financiers of the fossil fuel industry. A handful have adopted policies excluding or restricting financing for some parts of the industry, but none have yet committed to stop funding fossil fuels altogether.
HSBC Bank direct (Scope 1 & 2) emissions from their ESG report. The remarkable reduction is mainly due to Covid.
|
Bitcoin demand response
|
Wind farm owners.
No demand - No problem. Overbuild of renewables could be a costly mistake, no demand = no return. Bitcoin mining will happily snap up this unused energy & turn off at a moments notice when public demand is high.
|
|
Reduction in Military
A bit too cosy relationship ?
A Reduction in need for Military (the worlds biggest polluter). The Military is generally funded by unlimited money printing. Ending money printer go Brrrr seriously curtails government ability to spend vast amounts on 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.
|
This seems to a very cosy relationship, a CO₂ feed back loop. |
|
Who's talking about Bitcoin & Climate ?
|
Margot Paez jyn_urso one of the rising stars in this area & other panelist’s discuss mining with renewable energy.
|
|
Bitcoin is Deflationary |
|
An Unexpected SuperheroDaniel Batten explains how Bitcoin could incentivise the renewable renascence in An Unexpected Superhero.
The Cantillonian Oligarchy: Why the Left Should Embrace Bitcoin
medium.com Who is financing the Climate Crisis ? reclaimfinance.org |
|
People once owned the land with out money
|
Indigenous tribes are force of their ancestral lands by Governments, Industry & teems of highly payed lawyers with endless money. Of corse the tribes had/have no money and can not compete.
|
|
Universal basic income for the rich.
2008 Bank Bailout: Its True Cost, and Who Paid It
When the final meltdown occurred in September 2008, Congress passed the Troubled Asset Relief Program (TARP), the (in)famous $700 billion bank bailout of the financial sector. The gains, it turned out, were privatized—the losses were socialized. Wall Street was pro-free market until they were in trouble.
When the final meltdown occurred in September 2008, Congress passed the Troubled Asset Relief Program (TARP), the (in)famous $700 billion bank bailout of the financial sector. The gains, it turned out, were privatized—the losses were socialized. Wall Street was pro-free market until they were in trouble.
