Skip to content
DWT logo
People Services Insights
About Offices Careers
Search
People
Services
Insights
About
Offices
Careers
Search
Publications
Digital Assets & Blockchain

"Gannon, Richards Outline Bitcoin's Favorable Impact on Climate Change and the New Tech Behind It," Blockchain Law Center

By Stephen T. Gannon and Lisa Weingarten Richards
09.28.21
Share
Print this page

Stephen Gannon and Lisa Weingarten Richards of the firm's Banking & Financial Services Practice authored an article titled "How Bitcoin Can Favorably Impact Climate Change (Despite What You May Have Heard)" for the Virginia Bankers Association. The team describes that the depiction of Bitcoin's solely negative impact on the climate is inaccurate, and it neglects the current use of renewable energy used in the mining process. Emerging technologies are being introduced to make the process even cleaner, such as a natural gas vent capture facility in West Texas.

Digital assets are still in an exploratory phase, according to Mr. Gannon and Ms. Richards, meaning that banks are likely to consider recent headlines suggesting that "mining" digital assets, particularly Bitcoin, may cause significant harm to the environment. A more even-handed review of the data demonstrates that producing Bitcoin does not consume an excessive amount of electricity when compared to other uses. Moreover, Bitcoin "mining" can even advance renewable energy production by utilizing otherwise "stranded" energy.

The digital assets industry is planning to be 100% "green" by 2025 and carbon-neutral by 2040. This is far ahead of other industries and demonstrates the ability to support even more renewable energy. There is nothing that makes Bitcoin "mining" a material environmental threat. To the contrary, it will subsidize renewables and hasten the development of abundant carbon-free energy.

DISCLAIMER: This article was originally published by McGonigle PC prior to their combination with Davis Wright Tremaine LLP.  The article is published here with permission.

Related Articles

2025
Feature
Financial Services
New Administration Outlook: Helping You Navigate Post-Election Uncertainty in 2025 and Beyond Read More External Link
05.22.25
Insights
White Collar, Investigations & Government Controversies
DOJ Criminal Division Reveals New White-Collar Crime Enforcement Priorities and Corporate Enforcement Policies Read More
04.10.25
Insights
Corporate & Business Transactions
Protect Yourself: U.S. Exporters Advised To Obtain End-Use and End-User Statements for All Exports, Including EAR99 Items Read More
DWT logo
©1996-2025 Davis Wright Tremaine LLP. ALL RIGHTS RESERVED. Attorney Advertising. Not intended as legal advice. Prior results do not guarantee a similar outcome.
Media Kit Affiliations Legal notices
Privacy policy Employees DWT Collaborate EEO
SUBSCRIBE
©1996-2025 Davis Wright Tremaine LLP. ALL RIGHTS RESERVED. Attorney Advertising. Not intended as legal advice. Prior results do not guarantee a similar outcome.