💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Cathie Wood Shares How Bitcoin Miners Can Harness Harmful Methane Emissions

Published 27/07/2022, 04:12
© Reuters.  Cathie Wood Shares How Bitcoin Miners Can Harness Harmful Methane Emissions
IXIC
-
BTC/EUR
-
BTC/USD
-
BTC/EUR
-
BTC/JPY
-
BTC/USD
-
BTC/JPY
-
BTC/GBP
-
BTC/GBP
-

Ark Investment Management founder and Chief Investment Officer Cathie Wood shared new research that explains how Bitcoin (CRYPTO: BTC) can potentially transform methane emissions into Bitcoin mining that can "turbocharge" electricity generated by solar power.

What Happened: In a Monday tweet, Wood drew attention to a series of tweets from Ark research analyst Sam Korus detailing the role Bitcoin mining could play in reducing harmful emissions.

“Over 265 billion cubic meters (bcm) of natural gas are emitted each year from the oil and gas industry,” stated Korus, explaining that “only 25 bcm of natural gas would be needed to support Bitcoin's current hash rate.”

Korus explained that these methane emissions could help generate electricity at a much lower cost than Bitcoin mining companies pay today.

Energy-efficient Bitcoin mining has been of particular importance to mining companies today. Most mining firms have switched to more sustainable energy sources, evidenced by the lowered cost of producing a single Bitcoin.

Earlier this year, Intel Corporation (NASDAQ: NASDAQ:INTC) launched its own energy-efficient Bitcoin mining microchip, the first shipments of which are expected in the third quarter.

Price Action: According to data from Benzinga Pro, BTC was trading at $21,170, down 0.4% over the last 24 hours.

Bitcoin mining stocks Marathon Digital Holdings Inc (NASDAQ: MARA) and Riot Blockchain Inc (NASDAQ: RIOT) were trading 6.7% and 4.6% higher, respectively, in the after-market session.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.