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

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.

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.

MicroStrategy’s executive chairman Michael Saylor noted that the World Economic Forum is 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