Why I think Bitcoin could be a key to saving the environment

Written as a City A.M. column in January 2023, the piece sets out the basics of bitcoin, including its capped supply of 21 million, its halving cycle and proof-of-work mining. It argues that mining’s energy use is small compared with other industries and with the existing banking system, which it describes as nearly ten times more energy-hungry, and that the search for cheap power drives miners towards renewable and stranded energy.

The column cites a Bitcoin Mining Council figure that 59.5% of bitcoin mining’s electricity mix was sustainable in Q2 2022, and points to projects such as Gridless in Africa, Vespene Energy’s use of landfill methane and Texas miners returning power to the grid. It argues that proof of work is essential to bitcoin’s security, criticises Greenpeace’s campaign to change bitcoin’s code, which it links to Ripple, and suggests ESG budgets could support mining that backs renewable energy.