The WEF or the World Economic Forum recently showcased the facilities, as well as the tech that was employed by a crypto mining firm.
It was further implied that the operations were the biggest winner for the environment- but it was never really mentioned that this was a mining crypto. The video was published on 20th April and was used in a promotional effort towards reducing flaring.
For those who are wondering- flaring is when large amounts of gas from oil production or decomposition are left to waste. This was aimed at the Colorado-based Bitcoin miner Crusoe Energy Systems. The video presents prominent imagery of what can be considered to be cryptocurrency mining facilities. Yet, the video not for once- directly addresses what was actually happening.
WEF Promo Video Featured Crypto Mining Subtly
The CEO and co-founder of Crusoe, Chase Lochmiller, went on to explain in the WEF video that it was built and operated on modular data centers that were co-located with waste energy sources to be in use for wasted methane streams that would be generating power.
It was also noted that this enabled the production of computing infrastructure that was ultra-low-cost, by utilizing stranded sources of energy- that could get unused. The video was then noticed by several figures in the crypto industry. Michael Saylor, the co-founder of MicroStrategy, also shared the video with his followers on Twitter on 23rd April- stating that even the World Economic Forum was recognizing the benefits of Bitcoin Mining on the environment.
On the other hand, Kristine Cranley, one of the directors at the advocacy group ‘The Texas Blockchain Council’, pointed out in a tweet on the 23rd of April that the video didn’t once mention Bitcoin. One of the users who noticed the tweet suggested that the WEF wasn’t allowed to mention Bitcoin due to their earlier standpoint.