The World Economic Forum (WEF) has acknowledged the positive impact of bitcoin mining on both the economy and the environment.
According to their recent video publication, bitcoin mining has the potential to reduce greenhouse gas emissions significantly.
The WEF advocates for the shift of miners towards renewable energy sources, which not only benefits the planet but also provides people with a chance to earn digital assets without the inherent risks of trading in the volatile cryptocurrency market.
Crusoe Energy CEO Chase Lochmiller has explained in the video how his venture is utilizing excess natural gas to power data centers and mining operations.
To prevent burning natural gas in oil fields and landfills, Crusoe Energy employs Digital Flare Mitigation technology.
By moving data centers to waste energy locations, the environmental impact of methane emissions can be reduced, and computing can become more energy efficient.
This repurposes energy that would have otherwise gone to waste. Michael Saylor, the founder of MicroStrategy, has also spoken out in support of miners, highlighting how their activity is contributing to lower electricity bills for people.
The WEF’s Crypto Sustainability Coalition, formed last year, studies the impact of blockchain and Web3 projects on energy consumption, aiming to clarify how the latest technologies can be used to improve the climate.