News - Bitcoin offers "numerous benefits" for sustainability

By Ted Maas

Bitcoin offers "numerous benefits" for sustainability

Bitcoin (BTC)
Blockchain-Technology
Mining

According to accountant KPMG, Bitcoin can help reduce greenhouse gases rather than pollute the environment. A new report with ideas has now been published.

Stabilizing the energy grid, reducing greenhouse gases and sustainable heating: these are the contributions Bitcoin can make to a more sustainable future, KPMG claims in the report. Instead of polluting the environment, the largest cryptocurrency offers "numerous advantages" for "ESG frameworks", the report continues. The ESG term stands for "environmental, social and governance" and defines sustainability criteria for governments, businesses and the public.

In the eyes of many NGOs and environmental organizations, Bitcoin is a climate polluter because of its high energy consumption and the accumulation of "polluted energy. Consequently, Greenpeace recently launched another large-scale campaign against Bitcoin and its supporters. But this stance is increasingly criticized and put down as a "political agenda. Meanwhile, even environmentalists themselves are calling for a more constructive debate about Bitcoin production.

KPMG points out that while bitcoin mining consumes a lot of electricity, this does not equate to high emissions. Many miners are found where energy is abundant and cheap. These are often underutilized renewable sources of water, wind or solar energy. Bitcoin's share of global emissions is also far when compared to other sectors such as clothing, tourism and animal husbandry.

KPMG's report is a testament to the changing public perception and opinion of Bitcoin. Since BlackRock, the founder of ESG investing, applied for a Bitcoin ETF, more and more institutions have been taking a constructive approach to the topic. Recently, business magazine Forbes published a series of articles on the environmental benefits of Bitcoin.

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