• About Us
  • Privacy Policy
  • Contact Us
Coinpress
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
coinpress
No Result
View All Result
Home Bitcoin

Greenpeace Ramps Up Smear Campaign Against Bitcoin

by Press Release
October 18, 2022
in Bitcoin
0
Greenpeace Ramps Up Smear Campaign Against Bitcoin
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


With a new tweet, Greenpeace USA continues its smear campaign against Bitcoin and Proof of Work. Just this March, the environmental organisation caused a stir in the Bitcoin space when it teamed up with other climate groups to launch the “Change the Code, Not The Climate” campaign. Remarkably, Ripple co-founder Larsen also provided $5 million in funding.

In today’s tweet, Greenpeace claims Bitcoin mining is causing millions of tons of new global warming in the United States. At the same time, it says, it’s a myth that using methane gas that would otherwise leak out can make Bitcoin mining green.

In reality, Greenpeace said, burning off gas does nothing to reduce fossil fuel consumption, but ensures that old gas wells remain open. In this vein, Paasha Mahdavi, associate professor with the Department of Political Science at UCSB and director of EGAPE Lab, is quoted as saying:

It’s like if you had a leaky gasoline pipeline and, instead of fixing the problem, you plugged in a Humvee next to the leak and left the engine on in perpetuity with the A/C on full blast.

Greenpeace: The Allegations Against Bitcoin’s Proof of Work

To support the statements, Greenpeace USA is promoting a recent report by Earth Justice and Sierra Club that outlines the climate impact of Bitcoin.

The report promoted by Greenpeace is called “The Energy Bomb: How Proof-of-Work Cryptocurrency Mining Worsens the Climate Crisis and Harms Communities Now,” and purports to document the explosive growth of Bitcoin mining in the United States. Specifically, the report aims to illustrate how Bitcoin mining is increasing “dependence on climate-warming fossil fuels.”

According to the study authors, the past two years have shown that the Bitcoin mining industry is seeking readily available energy with minimal regulation by bringing idled coal and gas-fired power plants back online. Miners usually have “little interest in investing in new clean energy.” As a result, PoW miners are responsible for higher electricity prices for residential customers and increase overall CO2 emissions and local air pollution.

Image: Bitcoin.com

Likewise, the mining industry is flooding the unstructured electricity market in Texas and tapping into power grids with little oversight from regulators. Further, the study accuses the industry of “greenwashing” and “fiction.”

For example, most miners purchase electricity from the grid. In addition, it says, there are few mining facilities that actually build new renewable energy for their operations.

Ultimately, the study calls on regulators and policymakers worldwide to implement steps in the form of bans to reduce the harm of mining.

The Flip Side Of The Story About BTC Mining

One of the leading voices in Bitcoin space when it comes to debunking myths surrounding Bitcoin mining, Daniel Batten, set out to refute these theories. As Batten outlined, Bitcoin’s emissions are lower than those of stocks like Apple or Microsoft, which have not been actively criticized by Greenpeace.

Also false is the claim that Proof of Work mining prioritizes the short-term need for large amounts of electricity over longer-term investments in renewable energy. On the contrary, Bitcoin is recognized by grid operators to increase investment in renewable energy.

Claim: “proof-of-work cryptocurrency mining prioritizes the short-term need for large amounts of electricity over longer-term investments in renewable energy.”

False: Bitcoin is acknowledged by grid operators as increasing investment into renewables https://t.co/Hpyui6JwUT

— Daniel Batten (@DSBatten) October 18, 2022

Research by Batten also shows that mining Bitcoin using methane can remove 13x more emissions from the environment than coal puts into it. Through this, Bitcoin mining can reduce 0.15°C of climate change.

In this context, mining is carbon negative because it uses methane gas that flares into the air to generate electricity. The use of flared gas for bitcoin mining is growing by ~8.3 MW/month since May ’21. In this respect, Batten estimates:

Use of flared gas to power Bitcoin mining is growing at ~8.3 MW/month since May ’21.  If use of vented gas to power Bitcoin mining grows at just 6.9 MW/month – the Bitcoin network will become Carbon Negative in Dec ’24.

187.1 MW of power is all it takes. That’s around 50 landfills. That’s a tiny portion of what exists. In the US alone, there are 1400 landfills that are venting directly into the atmosphere.

The BTC price is still showing little volatility and is trading below $20,000.

Im

Bitcoin USD chart
Bitcoin’s price is trending sideways. Featured image: Variety. Chart: BTCUSD Tradingview





Source link

READ ALSO

Could Bitcoin Be on the Verge of New ATH Rally? Analyst Identifies These Conditions

Bitcoin Miners On The Defensive: Market Uncertainty Spurs Revenue Diversification

Tags: BitcoinCampaignGreenpeaceRampsSmear

Related Posts

Could Bitcoin Be on the Verge of New ATH Rally? Analyst Identifies These Conditions
Bitcoin

Could Bitcoin Be on the Verge of New ATH Rally? Analyst Identifies These Conditions

September 26, 2023
Bitcoin Miners On The Defensive: Market Uncertainty Spurs Revenue Diversification
Bitcoin

Bitcoin Miners On The Defensive: Market Uncertainty Spurs Revenue Diversification

September 26, 2023
Analyst Identifies ‘Enemy’ Faced By The Top Crypto
Bitcoin

Analyst Identifies ‘Enemy’ Faced By The Top Crypto

September 25, 2023
Bitcoin Is The Ultimate ESG Asset, Expert Validates
Bitcoin

Bitcoin Is The Ultimate ESG Asset, Expert Validates

September 25, 2023
Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

September 23, 2023
How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In
Bitcoin

How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In

September 22, 2023

POPULAR NEWS

MonoDX Discloses the Future of Crypto Trading Automation

MonoDX Discloses the Future of Crypto Trading Automation

September 1, 2022
ChatCrypto develops AI-Powered Blockchain Solution to Reform the Cryptocurrency Market

ChatCrypto develops AI-Powered Blockchain Solution to Reform the Cryptocurrency Market

April 4, 2023
Crypto Funds’ Bitcoin Holdings Rise as Investor Demand Rebounds

Crypto Funds’ Bitcoin Holdings Rise as Investor Demand Rebounds

April 4, 2023
Be The First To Know About Ecoto

Be The First To Know About Ecoto

April 28, 2021
Avalon-WM Review  – Where Every Online Trader Should Trade

Avalon-WM Review – Where Every Online Trader Should Trade

February 19, 2021

EDITOR'S PICK

Tron’s Justin Sun Was Secret Top Client of Crypto Asset Manager Valkyrie

Tron Blockchain Commits $100M in Grants to Artificial Intelligence-Focused Projects

February 9, 2023
This Bitcoin Holder Mined 150 BTC In 2009, Here’s How Much It Was Sold For

This Bitcoin Holder Mined 150 BTC In 2009, Here’s How Much It Was Sold For

August 10, 2023
South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report

South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report

May 25, 2023
AI-Related Tokens Rise After Nvidia’s (NVDA) Big Beat Solidifies Bullish AI Outlook

AI-Related Tokens Rise After Nvidia’s (NVDA) Big Beat Solidifies Bullish AI Outlook

August 23, 2023

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • SEC Begins Consideration of Franklin, Hashdex Crypto ETFs, Delays Decision on VanEck, ARK Ether ETFs
  • U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release'
  • Sam Bankman-Fried’s Biggest Grift? His ‘Best In Class’ Exchange
  • FTX Founder Sam Bankman-Fried Can Use an ‘Air-Gapped’ Laptop in Court, Judge Rules
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 coinpress.media

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 coinpress.media