Bitcoin Mining Emissions Mitigated
Measures the emissions mitigated by the Bitcoin Network via carbon capture mining as a percentage of its total emissions. When this exceeds 100% the Bitcoin network becomes greenhouse negative.
Emissions are measured according to their scope. Scope 1 refers to direct emissions from sources that an organisation owns or controls. Bitcoin miners like eVs run on electricity. The Bitcoin network therefore has no direct (scope1) emissions.
Scope 2 emissions refers to emissions from consuming purchased electricity, heat and cooling. Bitcoin mining produces negative scope 2 emissions when the power source mitigates flared/vented methane. It has positive scope2 emissions when the power source was generated wholly or in part using fossil fuel power-plants.
History
Research into a complete model of Bitcoin emissions and energy sources first appeared on 1 Nov 2022 via a tweet by Daniel Batten. At the time he promised a full report on the new model he was developing, which made its first appearance in Bitcoin Magazine on 19 Feb 2023.
