For years, Bitcoin has been unfairly criticised in the mainstream media. It’s often portrayed as an environmental disaster, a social threat, or a speculative gamble. But many of these narratives are either outdated, misleading, or influenced by vested interests.
Take the Change the Code campaign, for example. It was later revealed that Greenpeace received funding from Chris Larsen, co-founder of Ripple (an altcoin competitor), to launch an anti-Bitcoin initiative painting it as environmentally irresponsible. The reality, however, tells a very different story — one that aligns more closely with sustainability and ethical governance than most realise.
Environmental Sustainability
Yes, Bitcoin consumes energy — just like every other essential system in society. But far from being a liability, Bitcoin is actually proving to be a driver of clean energy innovation and environmental efficiency:
- Incentivises Renewable Energy: The largest cost in Bitcoin mining is electricity. This creates a powerful incentive to seek out the cheapest energy available — which increasingly comes from renewable sources. From hydroelectric sites in Canada to solar farms in Africa, Bitcoin miners are helping to fund and expand green energy infrastructure.
- Stabilises Energy Grids: Bitcoin miners are uniquely flexible. They can shut down instantly when demand on the grid spikes, and ramp up when there’s excess supply. This makes them valuable grid partners, particularly in regions that rely heavily on renewables like wind or solar.
- Improves Energy Access in the Global South: Before Bitcoin mining, many parts of the world — especially in the Global South — had untapped or stranded energy resources. Now, miners are creating incentives to build infrastructure around those resources. In countries across Africa, mining operations are enabling electrification, economic activity, and infrastructure development in places that were previously left behind.
- Captures and Reuses Wasted Energy: Bitcoin can monetise energy that would otherwise be wasted — whether from flared gas, surplus hydropower, or remote, unconnected grids. Some mining setups are even recycling heat output to warm homes, dry food (like beef jerky), or heat swimming pools. This is not just energy use — it’s energy optimisation.
Social and Ethical Impact
What could be more ethical than a financial system that is open, fair, and immune to corruption?
- Accessible to All: Bitcoin is permissionless — no government or financial institution can stop anyone from using it. That’s a lifeline for people living under authoritarian regimes or in areas with no access to reliable banking.
- Protects Against Inflation: Inflation erodes purchasing power, especially for lower-income households. While we’re often told inflation is caused by corporate greed, the deeper cause is monetary expansion — printing more money. Bitcoin’s supply is capped at 21 million, making it the only truly scarce, deflationary form of money. Over time, as technology improves, this leads to lower prices — not higher ones.
- Limits War and Corruption: Without the ability to print money at will, governments are forced to live within their means. This makes it harder to fund endless wars or shower public money on favoured corporations. The Cantillon Effect explains how those closest to new money (banks, politicians) benefit first — often at the expense of ordinary people. Just look at how many politicians become multimillionaires on modest public salaries.
- Encourages Long-Term Thinking: Today’s fiat system encourages debt, spending, and short-term gain. Bitcoin flips this incentive structure. With sound money, saving is rewarded. People begin to think generationally, invest in innovation, and give more freely — because they can afford to. As Saifedean Ammous puts it in The Bitcoin Standard, this shift promotes prudence, creativity, and altruism.
- Reduces Wasteful Consumerism: Consumerism — one of the major contributors to environmental destruction — is partly fuelled by inflation. When saving is futile, we spend. When money constantly loses value, we buy things to feel secure. Bitcoin helps reverse this, fostering a mindset of sustainability and thoughtful consumption.
Conclusion
Bitcoin isn’t a threat to ESG goals — it’s a tool to help achieve them. By aligning environmental sustainability, social equity, and ethical governance into a single, decentralised protocol, Bitcoin offers a path to a more just and resilient future.
It’s time we rethink what sustainability really means — and realise that sound money might just be the foundation we’ve been missing.
