The World Economic Forum (WEF) featured Crusoe Energy Systems’ eco-friendly Bitcoin mining methods in a video, without mentioning “Bitcoin.”
A recent World Economic Forum (WEF) promotional video has captured attention by focusing on Crusoe Energy Systems’ green approach to Bitcoin mining, without explicitly mentioning the cryptocurrency. The video, published on April 20, presents various scenes displaying rows of equipment resembling Bitcoin mining rigs. Although the environmentally friendly operations of the Colorado-based Bitcoin mining firm were emphasized, the video did not directly address the fact that it was mining the digital currency.
Various personalities from the crypto industry took note of the WEF’s video and its intriguing omission of the term “Bitcoin.”
Crusoe’s Environmentally Friendly Mining Approach
The video elaborates on Crusoe’s unique approach to addressing environmental concerns associated with Bitcoin mining. Crusoe Energy Systems, led by CEO and co-founder Chase Lochmiller, develops and maintains “modular data centers,” strategically placed alongside waste energy sources. By harnessing wasted methane streams to produce power, the company can create “ultra-low-cost computing infrastructure” using energy sources that would typically remain untapped.
Despite showcasing Crusoe’s eco-friendly mining techniques, the WEF video leaves viewers guessing about the exact nature of the operations and the specific cryptocurrency involved.
In October 2022, Crusoe Energy Systems expanded its Bitcoin mining assets by acquiring the operating assets of portable BTC mining operator Great American Mining (GAM). This acquisition contributed an additional 10 megawatts (MW) to Crusoe’s mining output and roughly 4,000 application-specific integrated circuit (ASIC) crypto-mining rigs.
Crusoe Energy has forged international partnerships to further promote sustainable mining practices. In June 2022, the company teamed up with the government of Oman, a nation that exports 21% of its gas production and aims for zero gas flaring by 2030. As part of this collaboration, Crusoe will establish an office in Oman’s capital, Muscat, and deploy its equipment to capture gas waste at well sites. This captured waste will then be repurposed as computing power for cryptocurrency mining, demonstrating the potential for environmentally conscious Bitcoin mining on a global scale.
Community Reacts on the Video
Following the release of the WEF video, prominent figures in the crypto world expressed their opinions on the matter. Michael Saylor, the co-founder of Microstrategy, shared the video with his three million Twitter followers on April 23, acknowledging that “even the WEF is recognizing the environmental benefits of Bitcoin Mining.”
In contrast, Kristine Cranley, a director at the Texas Blockchain Council, drew attention to the fact that the video refrained from mentioning “the b word”: Bitcoin.
Speculation arose as to why the WEF chose not to mention Bitcoin in their promotional video. Some Twitter users suggested that the organization’s previous stance on advocating for a change in Bitcoin’s code to proof-of-stake, due to environmental concerns surrounding its current consensus mechanism, could be the reason behind the omission.