In a groundbreaking revelation, Daniel Batten, co-founder of CH4 Capital, highlights that Bitcoin mining has reached an unprecedented level of sustainability. Recent data shows that 54.5% of the energy powering Bitcoin mining is now derived from sustainable sources. Batten dismisses the notion that Bitcoin mining heavily relies on fossil fuels, emphasizing a significant shift since the Chinese mining ban in Q3 2022.
Batten challenges outdated models, including Cambridge’s, asserting that Bitcoin is no longer predominantly fueled by fossil fuels. His research underscores undisclosed mining companies utilizing methane emissions to power operations, mitigating 7.3% of network emissions directly, a remarkable feat without carbon offsets. Despite some carbon dioxide byproduct, Batten notes the efficiency of using methane, being 84 times more warming than CO2 over 20 years. Bitcoin, with its evolving green practices, stands poised to become a leading industry in achieving a greenhouse-negative status without relying on offsets.