{"id":319907,"date":"2023-04-24T18:10:27","date_gmt":"2023-04-24T17:10:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=319907"},"modified":"2023-04-24T23:51:32","modified_gmt":"2023-04-24T22:51:32","slug":"world-economic-forum-highlights-flare-emissions-for-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/world-economic-forum-highlights-flare-emissions-for-bitcoin-mining\/","title":{"rendered":"World Economic Forum highlights flare emissions for Bitcoin mining"},"content":{"rendered":"<p>The World Economic Forum (WEF) indirectly endorsed using flare emissions for mining Bitcoin.<\/p>\n<p>In an unexpected turn of events, the lobbying group released a <a href=\"https:\/\/twitter.com\/DocumentingBTC\/status\/1650230631379394564\">video<\/a> featuring Chase Lochmiller, the CEO and co-founder of Crusoe Energy, talking about turning waste methane emissions into energy.<\/p>\n<p>Crusoe Energy takes mobile and modular infrastructure to oil and gas sites to harvest waste emissions into energy for <a href=\"https:\/\/www.crusoeenergy.com\/blog\/69bV5OWklv0xLHcWTDkMVl\/crusoe-energy-is-tackling-energy-use-for-cryptocurrencies-and-data-centers-and-greenhouse-gas-emissions\">powering<\/a> data centers and cryptocurrency mining &#8211; thus reducing the environmental impact of fossil fuel production and tapping into an alternative energy source.<\/p>\n<blockquote><p>&#8220;This helps energy producers clean up the least efficient parts of their operations to meet rising environmental standards around flaring and emissions.&#8221;<\/p><\/blockquote>\n<h2>Lochmiller does not mention Bitcoin directly<\/h2>\n<p>According to the WEF, the work carried out by Crusoe Energy aligns the future of computing &#8220;with the future of the climate.&#8221;<\/p>\n<p>During the short video, Lochmiller explained that it is not always economically viable or logistically feasible to collect flare gas &#8211; leading to energy producers burning the waste gas on site.<\/p>\n<p>Co-locating mobile data centers with the sources of fossil fuel production, Crusoe Energy uses waste methane streams to cost-effectively power computing equipment at the location.<\/p>\n<blockquote><p>&#8220;By doing that, not only do we create a massive emission reduction from this previously wasted source of energy, but we can also produce ultra-low-cost computing infrastructure by harnessing this otherwise stranded form of energy.&#8221;<\/p><\/blockquote>\n<p>The video claimed that methane is &#8220;one of the most potent greenhouse gases,&#8221; having trapped 80 times more heat than carbon dioxide over a 20-year period.<\/p>\n<p>According to the WEF, computing currently uses 1.5% of the world's total electricity output. However, by 2030, it could consume up to 8% of global electricity production.<\/p>\n<p>While mentioning usage for data centers and computing, there were no direct references to Bitcoin mining. Crusoe Energy's <a href=\"https:\/\/www.crusoeenergy.com\/\">website<\/a> indicates that their computing systems are used for AI and deep learning, blockchain and cryptocurrency, and &#8220;intensive research&#8221; applications.<\/p>\n<h2>The WEF wants to change is public image<\/h2>\n<p>WEF initiatives, such as advocating for the <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/02\/how-insects-positively-impact-climate-change\/\">consumption of insects<\/a> to fight climate change and managing the health crisis through &#8220;<a href=\"https:\/\/www.weforum.org\/great-reset\/\">the Great Reset<\/a>,&#8221; have been met with pushback from some who view these moves as conspiratorial in nature.<\/p>\n<p>During last year's Davos, WEF Managing Director <a href=\"https:\/\/www.cnbc.com\/2022\/05\/23\/davos-the-world-economic-forum-is-grappling-with-an-image-problem.html\">Saadia Zahidi<\/a> addressed these concerns, dismissing ties to a nefarious global elite or the deep state. She said the organization has been subject to &#8220;misinformation campaigns&#8221; and is working toward improving its public image.<\/p>\n<blockquote><p>&#8220;We, like many other organizations have been the target of misinformation campaigns. And that is something that we\u2019re very proactively trying to work towards combating.&#8221;<\/p><\/blockquote>\n<p>Nonetheless, comments on the WEF-Crusoe Energy video were filled with skepticism, particularly on why Bitcoin was not mentioned and why the organization is now seemingly endorsing Proof-of-Work mining.<\/p>\n<p>In a recent <a href=\"https:\/\/www.weforum.org\/agenda\/2023\/04\/2022-was-a-hard-year-for-cryptocurrencies-but-it-may-have-been-just-what-the-industry-needed\/\">article<\/a>, the WEF advocates for sensible and coordinated global policy under the guidance of Financial Action Task Force (FATF) rules, particularly regarding &#8220;know your customer&#8221; compliance.<\/p>\n<p>The article also supported the <a href=\"https:\/\/www.weforum.org\/communities\/digital-currency-governance-consortium#:~:text=The%20Digital%20Currency%20Governance%20Consortium,%2C%20and%20Latin%20America%2FCaribbean.\">Digital Currency Governance Consortium<\/a> &#8211; a body comprised of over 80 organizations tasked with shaping the direction of digital currency development.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Economic Forum (WEF) indirectly endorsed using flare emissions for mining Bitcoin. In an unexpected turn of events, the lobbying group released a video featuring Chase Lochmiller, the CEO and co-founder of Crusoe Energy, talking about turning waste methane emissions into energy. Crusoe Energy takes mobile and modular infrastructure to oil and gas sites [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":319938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>World Economic Forum highlights flare emissions for Bitcoin mining<\/title>\n<meta name=\"description\" content=\"The WEF&#039;s endorsement of eco-friendly crypto mining sparks skepticism among Bitcoin enthusiasts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/world-economic-forum-highlights-flare-emissions-for-bitcoin-mining\/\" \/>\n<meta property=\"og:locale\" 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