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The World Economic Forum has touted flaring and waste methane mitigation for Bitcoin mining. But it is a little behind the curve as BTC miners are already doing it.
The World Economic Forum (WEF) recently shared a video touting the technology behind gas flare-powered Bitcoin mining.
Industry observers commented that this is unexpected from the international non-governmental lobbying organization that has traditionally been cautious of crypto. The video was very vague, describing the mining farms as data centers and not directly referencing Bitcoin.
The publication highlights Bitcoin mining startup Crusoe Energy which uses waste methane to power its farms.
In it, Crusoe CEO and co-founder Chase Lochmiller explained how flaring works and how it can be used.
More Sustainable Bitcoin Mining
He explained that flaring happens in oil fields or landfills where you have a waste stream of gas. The gas is a byproduct of oil production or decomposition from landfills.
However, some firms burn the gas onsite, leading to unwanted carbon emissions.
Crusoe builds and manages mobile, modular data centers. Furthermore, these can be relocated to the sources of the waste gas and energy which is used to power them. Lochmiller highlighted the benefits in the WEF video, stating:
“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.”
The WEF reported that methane is one of the more potent greenhouse gases. Additionally, it traps 80 times more heat than carbon dioxide over a 20-year period.
It added that data centers are consuming more and more energy. It’s estimated that they will consume 8% of global electricity by 2030, up from 1-1.5% today.
Crusoe is part of the World Economic Forum’s ‘Innovator Communities.’
Gas Flaring Usage Increasing
The United States has touted flaring as a reusable energy source for years. In 2021, Republican Senator Ted Cruz touted flaring to solve energy-related issues in Texas, a Bitcoin mining mecca.
At the time, Cruz said:
“I think that is an enormous opportunity for Bitcoin because that’s right now energy that is just being wasted.”
It is difficult to ascertain how much energy used for Bitcoin mining is renewable. However, recent research suggests it is now more than half.
In March, BeInCrypto reported that Bitcoin mining now uses 52.6% sustainable or renewable energy globally. Then, earlier this month, BTC mining energy emissions intensity had fallen to a new low.