World Economic Forum Recognizes Bitcoin Mining’s Economic and Environmental Benefits

The World Economic Forum (WEF) recognizes the economic and environmental benefits of Bitcoin mining in natural gas flaring.
By Varinder Singh

The World Economic Forum (WEF) turns into an advocate for Bitcoin mining, recognizing the economic and environmental benefits of Bitcoin mining. The WEF started supporting some aspects of the crypto market and mining in recent times after criticizing crypto for its high energy consumption.

In a recent video by the World Economic Forum, the organization shared how some crypto miners such as Crusoe Energy can help oil and gas companies mitigate waste and emissions that impact the environment.

In the video, Crusoe Energy CEO Chase Lochmiller explains how the company uses excess natural gas from energy operations to power data centers and crypto mining operations. Crusoe uses the Digital Flare Mitigation technology to eliminate natural gas flaring from oil fields and landfills.

“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.”

Crusoe can relocate their data centers to the location of waste sources of energy and use waste methane streams to power the centers. It helps reduce the environmental impact of methane emissions and makes computing more energy efficient.

Advertisement
Advertisement

Crypto Community Reacts to World Economic Forum Video on Bitcoin Mining

While the crypto community appreciates the WEF’s outlook on the economic and environmental benefits of Bitcoin mining, the video mentions crypto miners as data centers.

recognizing the environmental benefits of Bitcoin mining.

The community asserts crypto mining and bitcoin mining is more energy efficient now as mining companies have switched to renewable sources of energy, making the process for sustainable.

Bitcoin price is currently trading at $27,661, down 1% in the past 24 hours and 8% in a week. The decreased trading volume amid selloffs and Friday’s expiry caused a decline in interest among traders.

Also Read: Bitcoin (BTC) Price: Here’s a Key Network Stat That Shows Good Health

Advertisement
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.