According to a research from the Institute of Risk Management (IRM), Bitcoin may serve as a catalyst for a worldwide energy shift. IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen wrote the report, “Bitcoin and the Energy Transition: From Risk to Opportunity.” They suggested that although being viewed as a danger because of its energy usage, BTC can also catalyse energy change and result in fresh approaches to the world’s energy problems.
The authors emphasised the crucial role that energy plays as well as the growing demand for dependable, inexpensive, and environmentally friendly energy sources. By highlighting the potential advantages Bitcoin might have for the energy sector, the report offered a more impartial picture of the digital currency.
The paper claims that by transforming the world’s wasted methane emissions into less harmful emissions, bitcoin mining can reduce global emissions by up to 8% by 2030. According to a speculative instance detailed in the research, using methane that has been caught to fuel Bitcoin mining activities can lessen the amount of methane released into the sky.
The study also offered additional ways that Bitcoin may support the energy industry. According to the paper, Bitcoin mining can help manage the electricity grid more efficiently by deploying Bitcoin miners and transmitting heat from the miners to greenhouses. “We have shown that although Bitcoin is a consumer of electricity, this does not equate to it being a high emitter of carbon dioxide and other atmospheric pollutants, the scientists wrote in their conclusion.