Bitcoin

Impact

April

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 According to MIT researchers, Bitcoin mining's claims of providing grid benefits need further examination. They suggest factoring in the infrastructure cost of connecting Bitcoin mining to the grid. This consideration will shed light on whether grid-balancing actions outweigh the environmental cost of starting backup generators, according to <a href="https://beincrypto.com/bitcoin-mining-needs-studies-avoid-greenwashing/" rel="noopener noreferrer nofollow">beincrypto.</a> 
 Also, flared methane gas projects might not be as efficient as Bitcoin miners suggest. A recent study shows that the generators, initially claimed to be 99% efficient, are only 91.1% efficient. This difference means that miners can only remove 4-10% of methane from the atmosphere. 
 Moreover, miners should adhere to global carbon accounting standards when reporting their green energy sources. These measures will prevent potential 'greenwashing', where companies overstate their environmental efforts. Current disclosures by big publicly-listed firms lack enough data, according to the researchers. 
 Finally, in April next year, the US SEC will introduce climate-related disclosure rules for crypto miners. This move, along with the Federal Reserve's development of climate risk management requirements for banks involved in crypto, highlights growing regulatory scrutiny. 
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MIT Calls for Transparency in Bitcoin Mining: Climate Impact Under Scrutiny

Ultramining_Eng

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