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Derek Andersen2 hours agoKPMG touts ESG benefits from Bitcoin, counters misperceptions in new reportThe report compares Bitcoin energy usage to that of clothes dryers (equal) and its emissions to those of manure (much less) in a slight but readable document.541 Total views28 Total sharesListen to article 0:00NewsJoin us on social networksKPMG has released a report on Bitcoin and ESG (environment, social and governance) issues. The professional services firm, one of the world’s Big Four, found that Bitcoin “appears to provide a number of benefits across an ESG framework.”


Looking at each component of ESG separately, the report noted that emissions is a more significant indicator of environmental damage than energy usage. It contextualized Bitcoin (BTC) emissions in relation to those of other sources that ranged from tobacco to tourism and found it was the second smallest contributor behind “Video (US).” It concluded:“Bitcoin’s emissions may be lower than often discussed.”


The report repeated common strategies for improving Bitcoin’s carbon footprint, such as using more renewable energy and energy produced from methane for mining.BREAKING: KPMG, one of the ‘top 4’ largest accounting firms in the world acknowledges the positive impacts #Bitcoin can have on the environment. pic.twitter.com/LjxvELm3yg— Dennis Porter (@Dennis_Porter_) August 1, 2023


Bitcoin’s contribution to money laundering is tiny compared to the total; money laundering accounts for 2-5% of world GDP, the report said, citing United Nations Office on Drugs and Crime statistics, while it accounts for just 0.24% of Bitcoin transactions, per Elliptic. It also noted that laundered money was received in Bitcoin far less than in Ether (ETH), stablecoins or alt coins, and Anti-Money Laundering (AML) and Know Your Customer (KYC) measures could be applied at the point of off-ramping the coin, even though there are no AML/KYC requirements for transacting with it.


Related: Metaverse ‘explosion’ will be driven by B2B, not retail consumers: KPMG partner


Positive use cases were provided again, such as fundraising for Ukraine and electrification in rural Africa.


Bitcoin’s governance is “robust” as its rules cannot be changed without forking:“This results in a system that cannot be abused or misused by those in power or even individuals with ulterior motives due to its decentralization.”


The 12-page report uses all secondary sources and familiar use cases. It points out, however, that Bitcoin remains misunderstood. The firm offers a number of crypto-related advisory services.


Magazine: Bitcoin in Senegal: Why is this African country using BTC?# Bitcoin# KPMG# Bitcoin Mining# ESGAdd reactionAdd reactionRelated NewsHow to send and receive payments on the Lightning NetworkThe last Bitcoin: What will happen once all BTC are mined?Crypto trader weighs in on possible Bitcoin extinction scenariosCrypto Biz: Binance slashes costs, Ripple ready for US banks and crypto VCs returnBitcoin block 800,000 mined — What’s next?Biggest mining difficulty drop of 2023? 5 things to know in Bitcoin this week

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