Reputable Professional Services Firm Says Bitcoin Is a Boon To ESG
KPMG has released a new report expressing a surprisingly positive view of Bitcoin and its environmental impact. According to the report, Bitcoin appears to offer several benefits from an ESG perspective, including stabilizing energy grids, reducing greenhouse gas emissions, and providing sustainable heat for both commercial and residential properties.
Despite using a significant amount of energy, the report points out that Bitcoin itself does not emit direct carbon emissions. However, its electricity consumption remains a concern for miners who are continuously seeking the lowest cost sources, often involving under-utilized hydro, wind, or solar energy.
Interestingly, even major mining companies are adopting renewable energy sources for their operations. For example, Bitfarms utilizes hydroelectric power in Paraguay, and Blockstream partnered with Square to build a solar-powered Bitcoin mine in Texas.
The report also delves into the challenges of energy grid function, particularly with solar and wind energy, which are not constant and may result in excess supply and low prices. However, Bitcoin miners can take advantage of renewable energy and adapt their power consumption to match supply and demand, thus incentivizing the development of renewable energy capacity.
Overall, the report emphasizes the potential benefits of Bitcoin from an ESG perspective, including its role in promoting renewable energy and mitigating environmental impacts like greenhouse gas emissions and methane pollution.
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