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- The scientific consensus, 10 or the last 11 Peer reviewed academic publications on Bitcoin & Energy show Bitcoin has strong environmental benefits. Here they are.
- 1. How Bitcoin Can Support Renewable Energy Development and Climate Action
- (Cornell University)
- source: pubs.acs.org/doi/10.1021/ac…
- Key Findings:
- Bitcoin mining helps renewable developers generate more profits that is typically re-invested, accelerating the renewable transition
- 2. Bitcoin’s Carbon Footprint Revisited: Proof of Work Mining for Renewable Energy Expansion
- source: mdpi.com/2078-1547/14/3…
- Key Findings:
- [our research finding support] "a possible role for Bitcoin mining in promoting grid decarbonization" through effective demand response
- 3. Promoting rigor in blockchain energy and environmental footprint research: A systematic literature review
- source: sciencedirect.com/science/articl…
- Key Findings:
- Reveals fundamental flaws in the work of Alex de Vries/Digiconomist (heavily quoted by mainstream media)
- 4. Bitcoin and Its Energy, Environmental, and Social Impacts
- source: lnkd.in/gKjMcMJe
- Key Findings:
- "There is "transformative potential in the Bitcoin mining sector, especially regarding demand response, grid flexibility, and methane mitigation"
- 5. Drivers of Bitcoin Energy Use and Emissions
- Hass McCook (Oxford, Conference Paper)
- source: mdpi.com/2078-1547/14/4…
- Key Findings:
- With greater machine efficiency & more sustainable energy sources, Bitcoin mining's emissions has likely already peaked and is now trending downwards
- 6. Pairing crypto mining with green hydrogen offers clean energy boost
- source: sciencedaily.com/releases/2024/…
- Key Finding:
- Bitcoin mining with green hydrogen makes wind farms 73% more profitable
- 7. Can bitcoin mining increase renewable capacity?
- source: sciencedirect.com/science/articl…
- Key Findings:
- Bitcoin mining
- * can increase renewable energy penetration
- * increases emissions, but combined with demand response adds net zero additional emissions
- * obviates need for gas peaker plants
- "When Bitcoin miners provide ... demand response, their emissions impact is largely mitigated."
- 8. Cryptocurrency mining as a novel virtual energy storage system in islanded and grid-connected microgrids
- source: sciencedirect.com/science/articl…
- Key Findings:
- Microgrids (MGs) which are not using Bitcoin Mining waste significant amounts of renewable energy. However using Bitcoin mining
- * stops almost all renewable energy waste
- * reduces MG costs by 46%
- * accelerates MG development
- * decarbonizes power production
- 9. High resolution modeling and analysis of cryptocurrency mining’s impact on power grids: Carbon footprint, reliability, and electricity price
- source: sciencedirect.com/science/articl…
- Key findings:
- 1. Mining loads participation in demand response mitigates market disruptions.
- 2. Mining loads’ flexibility increases grid reliability and stability
- 10. An integrated landfill gas-to-energy and Bitcoin mining framework
- source: sciencedirect.com/science/articl…
- Key Findings:
- Bitcoin mining can profitably reduce landfill methane, where other technologies cannot
- In summary: 10 out of the last 11 papers on Bitcoin mining show clear environmental benefits.
- If you want to keep maintaining that Bitcoin is bad for the environment despite overwhelming evidence to the contrary, you should know that the scientific consensus does not support your position.
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