WEF's Video Sparks Debate on Environmental Benefits of Bitcoin Mining
The World Economic Forum (WEF) recently showcased the facilities and technology used by a Colorado-based Bitcoin miner, Crusoe Energy Systems, in a video promoting efforts towards reducing flaring.
The video featured several scenes of what appear to be cryptocurrency mining facilities, but the cryptocurrency was never directly mentioned.Instead, the video highlighted Crusoe's modular data centers that use wasted methane streams from oil production or decomposition to generate power. By utilizing stranded energy sources that would otherwise go unused, Crusoe is able to produce ultra-low-cost computing infrastructure.Although the video didn't mention Bitcoin, it caught the attention of several crypto industry figures.
MicroStrategy co-founder Michael Saylor shared the video with his 3 million Twitter followers, stating that even the WEF recognizes the environmental benefits of Bitcoin mining.
Meanwhile, others pointed out that the WEF may not have been allowed to mention Bitcoin due to their previous advocacy for changing its code to proof-of-stake, citing the environmental impact of its current consensus mechanism.
Crusoe has been expanding its Bitcoin mining assets, acquiring the operating assets of portable BTC mining operator Great American Mining in October 2022, which added over 10 MW to Crusoe’s mining output, along with approximately 4,000 application-specific integrated circuit (ASIC) crypto-mining rigs.
In June 2022, Crusoe Energy also partnered with the government of Oman to install its equipment for capturing gas waste at well sites to use as computing power for crypto mining.
Overall, the WEF's video showcased Crusoe's efforts to reduce flaring and utilize stranded energy sources for ultra-low-cost computing infrastructure. While the video didn't explicitly mention Bitcoin, it raised awareness of the potential environmental benefits of crypto mining.