May 28, 2023

WEF Recognizes Environmental Benefits of Cryptocurrency Mining

Article reading time:
2 minutes.

WEF Recognizes Environmental Benefits of Cryptocurrency Mining

Organizers of the World Economic Forum(WEF) recognized the economic and environmental benefits of bitcoin mining, stating that this activity can significantly reduce greenhouse gas emissions into the atmosphere.

Recently, the organizers of the WEF published a video aboutthat bitcoin mining can benefit the environment. The WEF argues that the transition of miners to renewable energy sources will not only be beneficial for the planet, but will give people the opportunity to earn digital assets without the risks inherent in trading in the volatile cryptocurrency market.

In the video, the CEO of a mining companyCrusoe Energy Chase Lochmiller explains how his venture uses excess natural gas to power data centers and cryptocurrency mining operations. Crusoe Energy uses Digital Flare Mitigation technology to prevent the burning of natural gas in oil fields and landfills.

“If we move data centers to placeslocation of waste energy sources, this will reduce the environmental impact of methane emissions and make computing more energy efficient. By doing this, we put energy to good use that would otherwise be wasted,” says Lockmiller.

Recently, MicroStrategy founder Michael Saylor spoke out in defense of miners, tweeting that their activity is driving down people's electricity bills.

WEF created the Crypto organization last yearSustainability Coalition, which studies the impact of blockchain and Web3 projects on energy consumption, clarifying how the latest technologies can be used to improve the climate.