Bitcoin mining requires more and more energy to power computers that verify and record secure transactions on the time chain. In some cases, this energy may come from the combustion of coal or fossil fuels, which is a source of carbon emissions, has a negative impact and has become a social problem. The term green energy is just a label, while Bitcoin miners are capturing the burning gas, which is now considered "green". So when is Bitcoin mining green or sustainable? This is the content to be discussed in this article today.

To understand whether Bitcoin mining is green or sustainable, we must first understand how Bitcoin mining companies protect their energy.

As I mentioned, "green" is a mobile goal. Some ways to communicate sustainable development include claiming that Bitcoin mining is "zero carbon" or "carbon neutral", but this is not the same thing. For example:

Zero carbon means that there is no carbon emission in the process of creating products or services.

Carbon neutralization involves removing as much carbon as possible from the atmosphere.

This neutrality can be achieved through an accounting trick called carbon credit or offset market, in which payments support activities to remove carbon from the atmosphere, such as protecting or planting forests or financing "green" enterprises.

The idea that carbon neutrality is a sustainable approach has been criticized because carbon credit/offset activities may not permanently reduce carbon. However, it is now a trillion dollar derivatives market. As long as rent-seeking traders can profit from its existence, it will not have any development.

Carbon credit is just evidence of environmentalism, and it does not help to promote the goals advocated by climate activists. Although the debate on zero and neutrality continues, the main reason for calling himself a Bitcoin miner is to tie himself to an unreliable energy source or a stranded energy source.

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Green cleaning bitcurrency

According to the Bitcoin Mining Commission, the network continues to derive most of its electricity from so-called renewable energy sources, of which 59.4 per cent is a sustainable energy portfolio. However, critics of Bitcoin believe that this is still not good enough, and refute the efficiency of grid management brought by Bitcoin's energy demand and the capital that Bitcoin promotes any production and exploration.

In the view of climate activists, there is no way to win; Even if Bitcoin is considered to use 100% renewable energy and is 100% verifiable, the criticism will also turn to that energy can be used in "other industries", but if so, other industries will beat Bitcoin in terms of energy use by purchasing more energy and generating value at a lower cost. It is worth noting that although many people believe that such a carbon offset plan is a useful marketing tool that can eliminate the political pressure on Bitcoin in the medium term, it will not last forever.

It is estimated that the annual e-waste output of the Bitcoin network is equivalent to that of the Netherlands. Today, the e-waste generated by each major industry is much higher than that generated by Bitcoin network, and the value generated is little or negative. However, compared with those who burn through chips and motherboards to play video games or create TikToks, bitcoin burning through chips and motherboards seems to be a net negative impact.

This shows that as environmentalists continue to move the benchmark, the conflict between them and environmentalists will not be resolved, and the goal of green cleaning Bitcoin will always be a failed proposition.

summary

To sum up, what is the "green" Bitcoin mining? The whole content of this problem analysis. The miners' mission is to constantly find the cheapest and most reliable energy to keep their mining machines running 24 hours a day. In fact, there is no such thing as "green energy". Net zero or carbon neutralization are marketing terms, but if you want to play a role in the energy field, deal with political pressure, and obtain conditional "ESG capital", follow these rules and cater to these labels.

When is Bitcoin mining "green" or sustainable?