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Wall Street developers such as Greenpeace, BlackRock and Vanguard have allegedly suffered negative effects from Bitcoin mining.
A new report from Greenpeace USA states that massive financial growth is funding the high-emission Bitcoin mining industry. The report, titled “Financing Bitcoin Pollution,” targets Wall Street and the banking industry.
The report states that Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard and MassMutual are listed as the five largest financiers of decarbonizing Bitcoin mining. These combinations were responsible for a total of 1.7 million metric tons of CO2 emissions in 2022; This is the equivalent of the annual electricity use of 335,000 American homes.
Greenpeace stated that mining companies need large capital and support from their assets and managers. This support ensures the portfolio and continuity of the mining industry.
Greenpeace is criticizing financial companies for examining how their investments enable carbon-intensive Bitcoin mining operations. He also notes the lack of transparency the crypto mining industry offers.
The report argues that mining industry backers like BlackRock should not be held accountable. “Major financiers like BlackRock, Vanguard and MassMutual are enabling this carbon nightmare and are avoiding disclosure or accountability for how they fit into the climate,” said Johanna Fornberg, senior research scientist at Greenpeace USA.
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