TD₿: Natural Gas Venting: How Bitcoin Solved a 160-Year-Old Problem by Steve Barbour
TL;DR Bitcoin mining can make wasted flared gas profitable while reducing greenhouse gas emissions in the process.
Hey Bitcoiners,
This week the industry expressed a sigh of relief when EU Parliament struck a provision in their Markets in Crypto Asset (MiCA) legislation that would have banned Proof of Work due to environmental concerns.
Proof of Work avoiding a ban in the EU is obviously a positive development for Bitcoin, but it also highlights the need to continue to educate lawmakers about Bitcoin’s energy usage.
I’m convinced that Bitcoin’s energy usage will be the biggest piece of FUD that bitcoiners will continue to hear about in the coming decade.
Therefore, it’s important as an industry to continue to put out educational resources that educate people on why Bitcoin’s energy usage is A.) worth it and B.) actually could be a beneficial to environmental activists’ goals.
One clear example of this is the symbiotic relationship that exists between flared gas and Bitcoin mining.
Steve Barbour wrote this overview of how Bitcoin mining solved the 160-year-old problem of natural gas venting (06/16/2019).
Bringing sound money to the world is worth every watt, but if we can also make O&G processes cleaner and more efficient in the process?
That’s what I call a win-win.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“There’s enough flared gas to power 5 bitcoin networks, all while converting CH4 to CO2. CH4 is 80x as warming as CO2 over 20 years. CH4 is responsible for 1/3 of all warming. Huge win for the climate.” - Troy Cross, Bitcoiner and Philosopher
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