christwists t1_izdn2m8 wrote
Reply to comment by 0mniiii in Ethereum’s energy switch saves as much electricity as entire Ireland uses | The success of The Merge concept may now serve as a roadmap to enable a switch from Proof of Work to Proof of Stake in Bitcoin. by chrisdh79
Can you explain more on how Bitcoin is going carbon-negative?
0mniiii t1_izf4e76 wrote
Surface level: Mining operations are the energy consumer of last resort. To remain solvent and profitable during the vast majority of it's operation (see: not during hyper-parabolic moves upward), they need to consume energy using the cheapest solutions possible, to keep costs down. This includes:
- Utilizing stranded Methane as energy
- Utilizing stranded oil and gas as energy
As is well documented, both of the above are terrible for the atmosphere, and rapidly accelerate the compounding negative affects on our planet's climate stability. In this way, Bitcoin acts as a Methane and Carbon capture mechanism - it quite literally prevents these gases from entering our atmosphere.
If that wasn't valuable enough, as is, it also then takes that captured Methane (or Carbon), and turns it into an open source value transfer protocol for humanity to access.
Combine all of this, with the previously stated fact that mining operations - MUST - operate at the cheapest margins possible to remain in business during any other period of time aside from hyper-parabolic, upward moves in price (where simply having a machine plugged in "prints" money), the are required to seek out solutions that provide the cheapest energy possible. This means that not only are they incentivized (and during sideways price chop or down moves - REQUIRED) to seek out methane and carbon capturing operations, but also to implement large scale renewable operating mechanisms, such as Solar, Wind, Hydro Electric, Ocean/Wave energy, etc.
This keeps margins low over time and allows the operation costs to utilize "free" energy. It also incentivizes Bitcoin mining operations to invest heavily into renewable energy solutions - making renewables profitable on a large scale for the first time in human existence, while also furthering the development and expanse of energy solutions we so desperately need.
Here are other resources I highly recommend, as it comes to Bitcoin becoming carbon negative, and utilizing renewable energy at large scale:
Bitcoin projected to become first monetary to hit net-zero emissions by 2024 - https://finbold.com/bitcoin-projected-to-become-first-monetary-system-to-hit-net-zero-emissions-by-2024/#:~:text=According%20to%20the%20study%2C%20the,newly%20announced%20carbon%2Dnegative%20projects.
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A conversation with environmental scientist Nate Harmon, on utilizing our oceans as giant solar panels to produce value via Bitcoin's network - https://www.whatbitcoindid.com/podcast/bitcoin-unleashing-an-ocean-of-energy
A conversation with Troy Cross, on Bitcoin's positive environmental significance for humanity - https://www.whatbitcoindid.com/podcast/fighting-the-bitcoin-mining-fud
ESG Analyst Daniel Batten on twitter, with impressive data (I recommend anyone interested in the environment follow him) - https://twitter.com/DSBatten/status/1600643653466492929
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Good luck in your research.
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