The World Economic Forum (WEF) is now vouching for Bitcoin Mining as it has recognized the benefits associated with it. Previously, the WEF was one of the biggest critics of Bitcoin and crypto mining due to its allegedly high energy consumption. But now, the authority is beginning to change its stance towards Bitcoin mining. However, a number of industry observers have mentioned how the move is erratic as the WEF has long been cautious of crypto.
The World Economic Forum recently shared a video that talks about how a number of firms, such as Crusoe Energy, are efficiently able to mitigate waste and emissions that harm the environment. Crusoe Energy is a Bitcoin mining firm that resorts to the use of waste methane to power its farms.
The CEO of Crusoe Energy, Chase Lochmiller talked about flaring and the ways it can be used. Flaring either happens in oil fields and landfill sites where there is an excess of waste steam or gas. The gas is a by-product of oil production or decomposition from landfills.
Lochmiller talked about eliminating natural gas flaring and added,
“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 Crypto Community’s Reaction to the WEF’s Positive Stance Toward Bitcoin Mining
It is still a matter of conjecture of how much renewable energy is used for Bitcoin (BTC) mining. Many analysts believe that Bitcoin mining uses approximately 52.6% renewable energy. Despite the crypto community openly lauding the recognition of the World Economic Forum on Bitcoin mining, it is important to know that the WEF was reluctant to use Bitcoin’s name in the video.
It was suggested that the WEF was not allowed to mention Bitcoin because of its previous stance, which also includes changing BTC’s proof-of-stake. However, renowned names, like Michael Saylor acknowledged WEF’s admiration of Bitcoin mining.
Even the @WEF is recognizing the environmental benefits of Bitcoin Mining. pic.twitter.com/kPnMIfyJpU
— Michael Saylor⚡️ (@saylor) April 23, 2023
The video from World Economic Forum comes at a time when Bitcoin (BTC) is struggling in the crypto market. The video had no real effect on the trading price of the token. At the time of writing, Bitcoin (BTC) slipped by 1.46% in the previous 24 hours, therefore pushing the trading price down to $27,291. The total market cap of Bitcoin (BTC) is currently $528 billion.