100 Important Questions about Bitcoin’s Energy Use and ESG Impacts

Abstract

Bitcoin critics have argued that energy-intensive Bitcoin production and adoption will exacerbate global warming. Conversely, Bitcoin advocates have been dismayed by critics’ apparent lack of willingness to scrutinize Bitcoin’s potential role in helping to improve the economics of renewable energy investments, reduce net emissions from methane venting and flaring, increase electricity grid efficiency, and provide higher-order environmental, social, and governance (ESG) benefits. Given the disparate views, there is a pressing need to identify key knowledge needs regarding Bitcoin’s net energy use, carbon emissions, and direct and indirect ESG impacts. I used a variation on the ‘key questions’ horizon scanning approach to identify 100 questions that, if answered, could help provide credible evidence to support policymakers’, investors’, and research funders’ decision-making on issues relating to the impact of Bitcoin production and adoption. The questions are distributed across 13 themes (ranging from energy use to social impacts). The breadth of knowledge required to answer key questions highlights the need to build research capacity, encourage collaborative cross-sectoral and -disciplinary research, and develop a prioritized research agenda. Defensible evidence for investors, regulators, and policymakers needs to consider Bitcoin’s complex net impacts on energy use and environmental, social, and governance benefits.

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