In a recent report, Greenpeace USA has called for greater accountability from major financial institutions on Wall Street for their role in bankrolling the carbon-intensive Bitcoin mining industry.

The report, titled "Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat," shifts the focus from the Bitcoin miners themselves to the financial backers that enable their operations. Greenpeace argues that these big finance players, such as Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual, are creating economic incentives that perpetuate the ecological threat posed by the Bitcoin mining industry.

According to the report, these top five financiers were responsible for over 1.7 million metric tons of CO2 emissions from Bitcoin mining companies in 2022 – the equivalent of the emissions from over 335,000 American homes using electricity for a year.

Greenpeace emphasizes that the Bitcoin mining industry has evolved into a large commercial enterprise, where companies require significant capital to build facilities and purchase computing equipment. This reliance on support from banks and asset managers has allowed the industry to thrive, with little scrutiny regarding the environmental impact of these investments.

The report criticizes the lack of transparency and disclosure within the crypto mining industry, which "enables Bitcoin mining companies to avoid accountability and obscures the scale of Bitcoin's climate problem." This lack of reliable data on electricity usage and emissions makes it challenging for investors, stakeholders, and regulators to make informed decisions that align with green policies.

Greenpeace highlights the paradox of financial institutions like BlackRock, which are touted as leaders in sustainable investment, yet have the third-highest carbon emissions from their investments in Bitcoin mining among the 540 financial institutions studied.

The NGO calls for financial companies involved in Bitcoin mining to report the emissions associated with their investments and underwriting services for Bitcoin mining companies, ensuring greater accountability and transparency in the industry.

By shining a light on the role of Wall Street in fueling the carbon-intensive Bitcoin mining industry, Greenpeace aims to hold these major financial institutions responsible for their contribution to the growing climate threat.