Bhutan: Mining Bitcoin to Avoid an IMF Bailout

Spoiler alert: Bitcoin is not boiling the oceans.

$ BTC 109,080

Block Height 920,405

Today's guest on the show is Daniel Batten who joins me to discuss his work concerning Bitcoin mining.

How did Daniel find himself on a mission to start fighting the fudsters, such as Greenpeace and many other paid shills who are hell bent on trying to label Bitcoin as bad for the environment?

What was the response to his first-ever post about his research and how did that make him feel?

Why has he moved to Costa Rica and what does he hope to do with vast piles of rotting garbage?

A huge thank you to Daniel for all his work in the Bitcoin space and for fighting the endless stream of complete nonsense!

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In this podcast episode, Daniel Batten discusses the environmental impacts of Bitcoin mining, his journey into Bitcoin, the IMF's influence on Bitcoin adoption, and his current projects in Latin America.

Key Topics:

• Bitcoin and the environment
• The role of Bitcoin in stabilizing grids and accelerating renewable energy transition
• IMF and its influence on Bitcoin adoption
• Bitcoin as a solution to landfills
• CH4 Capital

Summary:

Daniel Batten debunks the common misconception that Bitcoin is bad for the environment by comparing it to the early days of solar technology, which also faced similar criticisms. He explains that Bitcoin mining, when powered by renewable energy sources, can be emission-reducing. He emphasizes that negative headlines about Bitcoin's environmental impact often overshadow positive stories, such as its role in mitigating methane emissions, stabilizing the grid, and accelerating the renewable energy transition. Daniel criticizes the media for disproportionately reporting negative aspects of Bitcoin mining while ignoring positive externalities. He uses the example of wasted wind energy in the UK, where wind farms are often built in remote locations without adequate infrastructure to transport the electricity to consumers. He explains that Bitcoin mining can utilize this wasted energy, turning a problem into an economic opportunity.

Daniel shares his journey into Bitcoin, which began with his work in impact investing. He invested in climate tech companies focused on reducing CO2 emissions, but he wanted to have a more immediate and significant impact, particularly on methane emissions. His research led him to landfills, a major source of methane emissions, and he realized that Bitcoin mining could provide an economic incentive to capture and utilize landfill gas for energy. Daniel explains the concept of modern sanitary landfills that are lined to prevent leakage into the soil. However, these landfills create a compacted environment that causes the waste to rot without air, producing methane. Most of the landfills in the world release methane into the air, which is harmful to the environment.

Daniel talks about the cost to build landfills, which can be hundreds of millions of dollars. He said waste management will always be one of the biggest single line items on your local government bill. He discusses the potential for Bitcoin mining to utilize wasted energy from hydro dams, as demonstrated by Bhutan. Bhutan used wasted energy from the hydro dams to mine Bitcoin, which helped them avoid an IMF bailout. Now Bitcoin mining is 40% of their entire GDP. There are now 10 nation states that are mining bitcoin. According to Daniel, the predominant method has been to mine bitcoin as a nation state and to acquire Bitcoin that way.

Daniel discusses the IMF's concerns about Bitcoin adoption in countries like El Salvador, Argentina, Pakistan, and the Central African Republic. He suggests that the IMF's concerns are not genuine but are driven by the fear of losing customers and geopolitical influence. He discusses John Perkins's work on economic hitmen and how the IMF and World Bank can trap countries in debt cycles, extracting resources and influencing their economies.

Daniel shares that he is currently located in Costa Rica, where he is working on projects to capture landfill gas and use it for Bitcoin mining. He's working on establishing the infrastructure needed to capture and utilize landfill gas for Bitcoin mining. He highlights the challenges of finding suitable sites for Bitcoin mining, regardless of the energy source. He discusses CH4 Capital, a company he operates where people can get a non-exceptional return. CH4 capital is a vehicle where people can get a combination of money coming in through the loan repayments, but also through the carbon credits without the conditions that the IMF have attached.

Finally, Daniel shares who he would give his last orange pill to: the head of the United Nations, because the story of Bitcoin's social utility is so untold. He says that if the head of the UN knew that 300,000 refugees have used Bitcoin to flee their homeland and set up from scratch, then those sorts of stories would just find their way through into popular consciousness much more.