ESG Analyst Daniel Batten Unveils Dynamic Charts Showing Bitcoin’s Sustainable Energy Consumption of 52.6% –
Environmental, Social and Governance (ESG) analyst Daniel Batten said on Tuesday that the computer backbone of the Bitcoinnetwork now uses 52.6% sustainable energy. Batten and onchain analyst Willy Woo created dynamic Bitcoin ESG charts to show the progress of the protocol.
Contrasting with Cambridge University data, analyst says bitcoin mining Uses 52.6% sustainable energy
There is considerable debate these days about the environmental impact of bitcoin mining. On March 7, 2023, ESG Analyst Daniel Batten tweeted about new ESG charts he helped create Willy Woo showing Bitcoin’s progress in using 52.6% sustainable energy. They also highlight total emissions, emissions per dollar, and emissions intensity.
bar divided Previewed the charts and found that the data is dynamically updated. The analyst too called that information on the methodology and the charts will be published shortly. ESG analyst Daniel Batten’s Dynamic Bitcoin ESG Charts were released at a time when a number of US politicians, including Democratic Senator Elizabeth Warren of Massachusetts, are raising concerns about Bitcoin mining operations.
Senators Ed Markey (D-MA), Jeff Merkley (D-OR), and Jared Huffman (D-CA) have introduced legislation that would require “a multi-agency study of the environmental and energy impacts of crypto-asset mining.” . However, politicians and media publications have been accused the use of questionable methods and data to assess the environmental impact of bitcoin.
For example, the blog Digieconomist run by Alex de Vries, an employee at the Dutch central bank called a “conflict of interest” due to his affiliation with the Bank. Nonetheless, several environmental activists and politicians cite de Vries’ work. Batten’s preview of the chart isn’t just a flashy display, as the ESG analyst detailed his findings and methodology in a recent editorial published on February 19, 2023.
In the article, he discusses the Bitcoin Mining Council report and a study from the University of Cambridge. Data from the Cambridge Center for Alternative Finance (CCAF) is regularly cited by politicians and the press when discussing Bitcoin and environmental concerns. Batten’s findings in the article show that 52.6% of the energy used for bitcoin mining is sustainable. The ESG analyst also explains his methodology and discusses limitations of the CCAF model on his website.
According to Batten’s study, the researcher’s “total zero-emission energy score” is “7.2% lower than the BMC data” but “is significantly higher than the September 2022 CCAF report.” In addition, Batten was able to “replicate almost exactly” the CCAF methodology that resulted in 37% sustainable energy and then factored in the limitations of the CCAF report to get the true number.
Batten claims his model is more realistic until the CCAF accounts for off-grid mining and flare gas mining. “Between September 2022 and June 2023, we expect the Bitcoin network to be powered by +4.5% more zero-emission power sources,” the report reads. In addition, the report noted that some critics have claimed that Bitcoin relies on networks predominantly powered by coal, but data from Batten and CCAF does not support the coal hypothesis.
Do you think the use of sustainable energy sources for bitcoin mining will continue to increase in the coming years? Do share your thoughts in the comment section below.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
