{"id":32594,"date":"2024-06-18T00:48:07","date_gmt":"2024-06-18T00:48:07","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/greenpeaceusa-continues-smear-campaign-against-bitcoin-daniel-batten-stands-up\/"},"modified":"2024-06-18T00:48:07","modified_gmt":"2024-06-18T00:48:07","slug":"greenpeaceusa-continues-smear-campaign-against-bitcoin-daniel-batten-stands-up","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/greenpeaceusa-continues-smear-campaign-against-bitcoin-daniel-batten-stands-up\/","title":{"rendered":"GreenpeaceUSA Continues Smear Campaign Against Bitcoin; Daniel Batten Stands Up"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

GreenpeaceUSA continues its smear campaign against Bitcoin mining<\/a>, calling for accountability on Wall Street. Their new report criticizes the crypto mining industry, highlighting its excessive energy usage and environmental impact. Claims made incorrectly, as you will find out later on in this article.<\/p>\n

GreenpeaceUSA\u2019s Claims<\/strong><\/h2>\n

The report claims Bitcoin mining is a major industry dominated by traditional financial companies operating large-scale, energy-intensive facilities. In 2023, Bitcoin mining consumed about 121 TWh of electricity, similar to the gold mining industry or a country like Poland. This led to significant carbon emissions, equating to the electricity use of a small city.<\/p>\n

The report states, \u201cDespite the guise of Bitcoin<\/a> being independent from the mainstream financial system, the industry is deeply connected to traditional finance for Bitcoin mining companies to access capital and to enable trading and investing in Bitcoin.\u201d<\/em><\/p>\n

GreenpeaceUSA highlights the role of financial institutions in supporting Bitcoin mining. Banks, asset managers, insurers, and venture capital firms provide the capital needed for mining operations. The top five financiers of carbon pollution from Bitcoin mining in 2022 were Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual. Together, they contributed to over 1.7 million metric tons of CO2 emissions, comparable to the annual electricity use of 335,000 American homes.<\/p>\n

Marathon Digital, Hut 8, Bitfarms, Riot Platforms, and Core Scientific, major Bitcoin mining companies, generated emissions equal to 11 gas-fired power plants. The report compares Bitcoin\u2019s environmental impact to beef production and gasoline from crude oil, noting its worsening effect as the industry grows.<\/p>\n

\n
\n
\n
\n
\n
350% or 5BTC + 150 Spins!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The report also states, \u201cEnergy-hungry miners are straining electrical grids across the U.S. and world\u2026draining electricity when more is needed to power electrification of housing, transportation, and manufacturing to meet global climate targets.\u201d<\/em><\/p>\n

Role of Financial Institutions<\/strong><\/h2>\n

According to GreenpeaceUSA, Wall Street and traditional financiers are more to blame for energy disparities than Bitcoin miners. They argue that institutions encourage miners to use more energy through tax breaks and bank benefits. The report asserts that miners rely on backing from banks and asset managers, with Wall Street seeking their share of the profits.<\/p>\n

GreenpeaceUSA suggests financial institutions should be transparent about their environmental incentives to mitigate negative impacts. They call for Bitcoin miners to disclose their energy use and carbon emissions. Financial companies should also report on the emissions associated with their investments, loans, and services for Bitcoin mining companies.<\/p>\n

The report recommends that Bitcoin miners pay a fair share for their electricity use, strain on grids, greenhouse gas emissions, water consumption, and disruption to communities. They propose changing Bitcoin\u2019s consensus mechanism to address the current energy-intensive proof-of-work model.<\/p>\n

\n
\n
\n
\n
\n
177% up to 5BTC + 77 Free Spins<\/strong>!<\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Daniel Batten\u2019s Rebuttal<\/strong><\/h2>\n

Daniel Batten, a renowned expert on Bitcoin\u2019s environmental impact and managing partner at CH4 Capital, has once again<\/a> countered GreenpeaceUSA\u2019s claims made in the report. Here<\/a> is a summary of what he has to say:<\/p>\n

Claim: \u201cBitcoin is a carbon-intensive industry that should not be financed.\u201d<\/strong><\/h3>\n

Bitcoin mining is fully electrified with no direct emissions, similar to electric vehicles (eVs), Batten states Indirect emissions come from fossil-fuel-generated electricity. Bitcoin mining replaces more fossil-fuel-intensive alternatives and supports environmental sustainability through investments in renewable energy.<\/p>\n

Claim: \u201cBitcoin mining companies are engaging in greenwash to defend themselves.\u201d<\/strong><\/h3>\n

GreenpeaceUSA alleges weakly peer-reviewed research, but this doesn\u2019t disqualify its validity. Many independent reports and scientific publications support the positive environmental impacts of Bitcoin mining. GreenpeaceUSA\u2019s opposition seems driven by confirmation bias and a strategy to shift public opinion.<\/p>\n

Claim: \u201cNeither financial companies nor Bitcoin mining companies are adequately disclosing carbon emissions.\u201d<\/strong><\/h3>\n

Bitcoin mining companies disclose hashrate, power consumption, and energy mix, enabling emissions calculations. This shows transparency in reporting emissions.<\/p>\n

\u00a0<\/p>\n

According to Batten, \u201cGreenpeaceUSA are an increasingly lone voice, even within the environmental movement, and there are increasingly few people who treat their opinions about Bitcoin as credible any more.\u201d\u00a0<\/em><\/p>\n

\n
\n
\n
\n
\n
$600 & 40 Free Spins on 1st Deposit!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of up to $600<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) GreenpeaceUSA continues its smear campaign against Bitcoin mining, calling for accountability on Wall Street. Their new report criticizes the crypto mining industry, highlighting its excessive energy usage and environmental impact. Claims made incorrectly, as you will find out later on in this article. GreenpeaceUSA\u2019s Claims The […]<\/p>\n","protected":false},"author":5,"featured_media":32595,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32594"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=32594"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/32594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/32595"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=32594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=32594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=32594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}