WEF Mining Promo Video Sparks Controversy in the Crypto Market – Cryptopolitan

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According to recent market developments, the World Economic Forum (WEF) highlighted the facilities and technology used by a crypto mining company, implying that its operations were the biggest winners for the environment. However, it is important to note that the WEF has moved away from recognizing BTC mining.

Recent reports indicate that the WEF has indirectly become an advocate for Bitcoin mining, recognizing its economic and environmental benefits. After years of criticizing cryptocurrencies for being power-intensive, the WEF has begun supporting certain aspects of the crypto market and mining.

The WEF has recognized the economic and environmental benefits of BTC mining

In a recent video, the WEF explained how crypto miners like Crusoe Energy could help oil and gas companies mitigate environmental waste and emissions.

Chase Lochmiller, CEO of Crusoe Energy, explains in the video how the company uses excess natural gas from energy operations to power data centers and crypto-mining operations. Crusoe uses Digital Flare Mitigation to eliminate natural gas flaring from oil fields and landfills.

By doing this, not only are we creating a massive reduction in emissions of this previously wasted energy source, but we can also produce very low cost computing infrastructure by harnessing this otherwise stranded form of energy.

Chase Lochmiller

In the video, Chase Lochmiller explains that the company builds and operates modular data centers that are co-located with waste energy sources to use waste methane streams to generate electricity. It has been noted that this allows the production of very low cost computing infrastructure using stranded power sources that would otherwise sit unused.

The April 20 WEF video promoted efforts to reduce flaring, the waste of large amounts of gas resulting from the production or breakdown of crude. The video displays prominent images of what appear to be cryptocurrency processing facilities. However, the video never explicitly addresses what is going on.

Source: screenshot from WEF video

In October 2022, Crusoe expanded its Bitcoin mining assets by acquiring the operating assets of portable BTC mining operator Great American Mining (GAM). The acquisition increased Crusoes’ mining output by more than 10 megawatts (MW) and added approximately 4,000 application-specific integrated circuit (ASIC) crypto-mining devices.

Crusoe Energy partnered with the Government of Oman in June 2022. Oman exports 21% of its gas production and aims to eliminate all gas emissions by 2030.

Source: WEF screenshot

Crusoe will establish an office in Muscat, the capital of Oman, and install his gaseous waste capture equipment at well sites to be used as computing power for cryptocurrency mining.

Crypto community reacts to WEF mining booth

While the crypto community appreciates the World Economic Forums’ perspective on the economic and environmental benefits of Bitcoin mining, the video refers to cryptocurrency miners as data centers. Michael Saylor, Executive Chairman of MicroStrategy, noted that the World Economic Forum recognizes the environmental benefits of Bitcoin mining.

Notably, the WEF has previously expressed concerns about the environmental impact of Bitcoin’s current consensus mechanism and advocated for proof-of-stake to be built into its code. Some users have suggested that the WEF’s failure to explicitly mention cryptocurrency mining in the video is due to its previous stance on the matter.

Despite the lack of direct reference to cryptocurrency mining in the WEF video, Crusoe Energy Systems’ mining strategy is a great illustration of how technology can be used to reduce waste and promote sustainable practices. Their innovative use of waste energy sources to power their mining facilities is not only good for the environment.

Moreover, it is also a reminder that the crypto industry can play an important role in promoting environmentally friendly practices. Meanwhile, Kristine Cranley, director of the Texas Blockchain Council, pointed out in a tweet on April 23 that the video did not once mention the b-word: Bitcoin.

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