According to Cointelegraph, a paper published by the Institute of Risk Management (IRM) suggests that Bitcoin has the potential to be a catalyst for a global energy transition. The report, titled “Bitcoin and the Energy Transition: From Risk to Opportunity,” was authored by IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen. They argued that despite being perceived as a risk due to its energy consumption, BTC can also catalyze energy transition and lead to new solutions for energy challenges worldwide.

The authors highlighted the important function of energy and the increasing need for reliable, clean, and more affordable energy sources. The study provided a more balanced view of Bitcoin by showing the potential benefits BTC can bring to the energy industry. According to the report, Bitcoin mining can reduce global emissions by up to 8% by 2030 by converting the world’s wasted methane emissions into less harmful emissions. The report cited a theoretical case stating that using captured methane to power Bitcoin mining operations can reduce the amount of methane vented into the atmosphere.

The paper also presented other opportunities for Bitcoin to contribute to the energy sector. The report suggested that Bitcoin can contribute to energy efficiency through electricity grid management by using Bitcoin miners and transferring heat from miners to greenhouses. The authors concluded, “We have shown that while Bitcoin is a consumer of electricity, this does not translate to it being a high emitter of carbon dioxide and other atmospheric pollutants. Bitcoin can be the catalyst to a cleaner, more energy-abundant future for all.”