The European Commission’s Proposed Methodology for Calculating Bitcoin’s Environmental Impact is Criticized
The European Commission (EC) is facing backlash from the crypto community over its approach to measuring and mitigating the environmental impact of Bitcoin. Daniel Batten, co-founder of CH4 Capital, has expressed concerns that the EC’s methodology could potentially lead to a mining ban within the EU and have significant consequences for the global Bitcoin community. Batten argues that the proposed metrics are “unscientific” and fail to consider the positive environmental effects of Bitcoin.
Questioning the Methodology
Batten highlights that the EC’s proposed methodology involves measuring crypto-assets’ resource consumption per transaction and relying on reports funded by Central Banks and other entities to evaluate Bitcoin’s environmental impact. However, he argues that this metric was already debunked by Cambridge University in 2018 and is an incomplete and biased way of assessing the cryptocurrency’s environmental impact. Batten suggests that the EC may be motivated by protecting established interests that could be disrupted by Bitcoin.
Defending Bitcoin’s Environmental Footprint
To counter the EC’s regulations, Batten calls on the crypto community to submit a draft emphasizing the net benefits of Bitcoin to the environment. He encourages the use of high-quality references and examples showcasing how Bitcoin mining can contribute to the EU’s sustainability goals. Batten urges supporters to challenge reports, such as Greenpeace’s, which are currently relied upon by the EU for evaluating Bitcoin’s environmental impact. He advises debunking false or misleading claims within these reports with evidence.
Unite to Defend Freedom and Decentralization
Batten emphasizes that now is the time for the crypto community to unite in defense of the freedom and decentralization represented by Bitcoin. He encourages individuals to mobilize, spread awareness, and use their time, passion, and knowledge to counter the proposed regulations.
Hot Take: Bitcoin’s Market Performance
At the time of writing, Bitcoin is trading at $41,800 with a period of sideways movement following its peak at $42,400. It has seen a modest 0.8% increase and a notable 12% gain over the past seven days. It remains uncertain whether the current levels will lead to consolidation or if a correction is imminent for BTC.
Source: CryptoPotato
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