Many have criticized the effect of Bitcoin mining on the climate. The Carbon Bankroll Report shined a light on the emissions of corporate cash and how often it goes undetected.
was released on May 17 as a collaboration among the Climate Safe Lending Network, The Outdoor Policy Outfit and Bank FWD. The collaboration made it possible to calculate the emissions generated due to a company’s cash and investments, such as cash, cash equivalents and marketable securities.
“Until now, the role that corporate banking practices play in fueling the climate crisis has been murky at its best. This landmark report shines a floodlight. The research and findings contained in this report offer companies a new, massively important opportunity to help shift our financial system away from fossil fuels and deforestation toward climate solutions on a global scale.
When compared to the direct operational emissions of global financial firms, the emissions generated through investing, lending and underwriting activities are 700 times higher. In addition to the portrayed “imagery,” there have been various efforts to track the exact energy consumption of operating the Bitcoin network. One of the most widely accepted metrics for this complex variable is calculated by the Cambridge Center for Alternative Finance and is known as the Cambridge Bitcoin Electricity Consumption Index .