{"id":137878,"date":"2023-04-24T11:35:10","date_gmt":"2023-04-24T11:35:10","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=137878"},"modified":"2023-04-24T14:21:49","modified_gmt":"2023-04-24T14:21:49","slug":"world-economic-forum-recognizes-the-benefits-of-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/world-economic-forum-recognizes-the-benefits-of-bitcoin-mining\/","title":{"rendered":"World Economic Forum Recognizes the Benefits of Bitcoin Mining"},"content":{"rendered":"
The World Economic Forum<\/a> (WEF) is now vouching for Bitcoin Mining as it has recognized the benefits associated with it. Previously, the WEF was<\/strong> one of the biggest critics of Bitcoin and crypto mining due to its allegedly high energy consumption<\/strong>. But now, the authority is beginning to change its stance towards Bitcoin mining<\/a>. However, a number of industry observers have mentioned how the move is erratic as the WEF has long been cautious of crypto.<\/span><\/p>\n <\/p>\n The World Economic Forum recently shared a <\/span>video<\/a><\/strong> that talks about how a number of firms, such as Crusoe Energy, are efficiently able to mitigate waste and emissions that harm the environment<\/strong>. Crusoe Energy is a Bitcoin mining firm that resorts to the use of waste methane to power its farms.<\/span><\/p>\n 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.<\/strong> The gas is a by-product of oil production or decomposition from landfills.<\/span><\/p>\n Lochmiller talked about eliminating natural gas flaring and added,<\/span><\/p>\n \u201cBy 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.\u201d\u00a0<\/span><\/i><\/p>\n 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<\/strong>. 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\u2019s name in the video.\u00a0<\/strong><\/span><\/p>\n It was suggested that the WEF was not allowed to mention Bitcoin because of its previous stance, which also includes changing BTC\u2019s proof-of-stake. However, renowned names, like Michael Saylor <\/strong><\/span>acknowledged<\/strong> WEF\u2019s admiration of Bitcoin mining<\/strong>.\u00a0<\/span><\/p>\n Even the @WEF<\/a> is recognizing the environmental benefits of Bitcoin Mining. pic.twitter.com\/kPnMIfyJpU<\/a><\/p>\n — Michael Saylor\u26a1\ufe0f (@saylor) April 23, 2023<\/a><\/p><\/blockquote>\nThe Crypto Community\u2019s Reaction to the WEF\u2019s Positive Stance Toward Bitcoin Mining<\/span><\/h2>\n
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