Dan Tolhurst Publishes Op-Ed Discussing How Bitcoin is Greener Than You Think
The Co-Founder of Gryphon Digital Mining notes that Bitcoin proportionally uses more renewables than the U.S. energy grid
LOS ANGELES, CA - Dan Tolhurst, Co-Founder of Gryphon Digital Mining, has published an op-ed via CoinTelegraph, where he shares the ways in which bitcoin is already ahead of the curve in renewable initiatives. His article, titled Ignore the headlines — Bitcoin mining is already greener than you think, provides data and required context to understand how other industries compare to bitcoin in terms of energy usage, and what they provide to the global economy. In short, he examines how statements of Bitcoin’s energy usage are overstated, but also details how cryptocurrency can continue working toward a green future.
Data from the U.S. Energy Information Administration shows that just 20% of the U.S.’s energy generation for 2020 was done with renewable sources, as opposed to Bitcoin’s energy consumption comprising of 40% renewables. This means that, per capita, Bitcoin is greener than the entirety of the United States. In addition, Galaxy Digital published an examination of the energy consumption of Bitcoin as compared to the world’s top 100 banks, by evaluating their energy usage for data centers, branches, ATMs, and card network data centers. They found that these banks used approximately 260 TWh every year, which is more than double the energy consumed by Bitcoin. They also note that the data they were able to access was lacking in information about central banks and clearing houses, so this figure could be much higher. In addition, it is noted that since 2015 the world’s 60 largest commercial and investment banks have provided 3.8 trillion U.S. dollars in financing for fossil fuels since the signing of the Paris Climate Accord in 2015.
Despite that, Tolhurst still suggests that Bitcoin industry leaders should continue to work toward utilizing renewable energy sources and aim to be fully carbon-neutral. This can be achieved with collaboration from regulators, who can propose regulations that are both clear and encouraging, enabling the burgeoning space to continue growing. The co-founder of Gryphon Digital Mining notes that blunt and overly-broad legislation, like the anti-mining law proposed in the New York State Senate, endanger fully killing the Bitcoin industry. This would be unfortunate, as the industry is quickly working to self-regulate through initiatives like the Crypto Climate Accord, through which Gryphon has pledged to achieve net-zero emissions by 2030.
Crucially, there is a strong need for ESG drive crypto mining operations like Gryphon, as these organizations are the most versatile and focused in their ethics and the execution of those beliefs. With a ‘from the top down’ approach, these miners can provide sustainable practices that come from an understanding of both industry and environment, and work for those things to collaborate at their roots. Bitcoin operations need to appreciate the potential of the green future, and by building an organization with ESG at its heart, they can create something truly innovative.
Gryphon Digital Mining is an innovative new venture in the cryptocurrency space dedicated to helping bring digital assets onto the clean energy grid. With a talented leadership team coming from brands like Disney, Facebook, Google, Nasdaq, Riot, Cantor Fitzgerald, and Netflix, it is working to pull in experts from across the globe to improve virtual currencies. More information is available on https://gryphondigitalmining.com/.