World Economic Forum Praises Environmental Benefits of Bitcoin Mining

• Many mining operations have made the transition to using renewable energy.
• The shift can aid the oil and gas industry in reducing harmful emissions and waste.

Because of its positive effects on the economy and the environment, Bitcoin mining has gained a supporter at the World Economic Forum (WEF). After formerly criticizing cryptocurrency for its excessive energy usage, the WEF has begun to endorse some parts of the cryptocurrency market and mining in recent years.

The World Economic Forum has released a video explaining how crypto miners like Crusoe Energy can aid the oil and gas industry in reducing harmful emissions and waste.

CEO Chase Lochmiller of Crusoe Energy discusses the company’s utilization of surplus natural gas from energy operations to fuel data centers and cryptocurrency mining in this video. Natural gas flaring in oil fields and landfills is a thing of the past thanks to Crusoe and his Digital Flare Mitigation technology.

The CEO stated:

“By doing that, not only do we create a massive emission reduction from this previously wasted source of energy, but we can also product ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy.”

More Efficient and Environment Friendly

Crusoe may save money by moving their data centers to areas with abundant waste energy and powering them with methane from landfills. It makes computers more energy efficient and aids in lowering the negative effects of methane emissions on the environment.

The crypto community is grateful for the WEF’s optimistic view of the economic and environmental advantages of Bitcoin mining, but it is disappointing that the video refers to crypto miners as data centers.

Michael Saylor, executive chairman of MicroStrategy, also discussed the World Economic Forum’s acknowledgment of Bitcoin mining’s positive effects on the environment. Since many mining operations have made the transition to using renewable energy, supporters of crypto and Bitcoin mining argue that the process is now more efficient and environmentally friendly.