In a recent report, GreenpeaceUSA asserted that mining Bitcoin contributes significantly to environmental pollution as well as societal problems. They issued a call to action to Bitcoin-supporting financial institutions such as BlackRock, Fidelity, JPMorgan, and others, urging them to denounce Bitcoin’s impact on the environment and advocate for a more environmentally friendly protocol to replace the existing mining industry.
How it is perceived:
GreenpeaceUSA accused these companies, despite their commitments to climate change and sustainable practices, of not taking meaningful actions to address the problem. But Daniel Batten, who helped found CH4 Capital with his partners, disagrees with this assessment. He contends that Bitcoin is in fact beneficial to the environment and is not a contributor to the environmental damage that is being caused.
In a formal response to GreenpeaceUSA, Daniel Batten emphasized that credible experts support the notion that Bitcoin mining contributes to the development of renewable energy sources. Brad Jones, the former interim CEO of ERCOT, emphasized Bitcoin’s ability to increase the profitability, funding, and stability of renewable energy operators.
Batten stated that many of the facts and figures that GreenpeaceUSA used to demonstrate Bitcoin’s negative impact on the environment were either misleading or false, and that he disagreed with the arguments that were presented by GreenpeaceUSA. He criticized GreenpeaceUSA for using arguments based on fear in the absence of solid evidence, and he pointed out that their report contained language that was emotionally charged.
GreenpeaceUSA has been spreading misinformation by claiming that the majority of the mining industry is powered by coal. However, Batten made it clear that there are in fact 41 mining operations that make use of renewable energy sources, with only one still relying on products related to coal.
In contrast to the assertion made by GreenpeaceUSA that Bitcoin’s “climate destruction” would become even more severe if it were allowed to continue unchecked, Batten presented data indicating that Bitcoin’s emissions are actually decreasing over time.