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Major financial institutions on Wall Street should be held responsible for bankrolling the emissions-heavy Bitcoin mining industry, according to a new report by Greenpeace USA.
The report, titled “Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat,” diverges from previous Greenpeace papers on the Bitcoin mining industry. Instead of focusing on BTC miners, the report targets Wall Street and the banking sector.
Greenpeace claims that big finance supports Bitcoin mining by creating economic incentives, thereby perpetuating the ecological threat the industry represents.
The report names Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual as the top five financiers of carbon pollution from Bitcoin mining companies.
Together, they accounted for over 1.7 million metric tons of CO2 in 2022, equivalent to the emissions of over 335,000 American homes using electricity for a year.
Greenpeace stated that <a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining has grown into a large commercial industry, where companies need significant capital to build facilities and purchase computing equipment.
Miners rely on support from banks and asset managers, eager for their share of the spoils.
The report says companies such as BlackRock should be accountable for fostering the mining industry: “Banks and asset managers have a duty to disclose risks to their shareholders and clients who are currently missing vital information on the climate risks from Bitcoin.”
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Greenpeace criticizes the lack of scrutiny regarding how investments from traditional finance companies enable carbon-intensive Bitcoin mining operations.
Greenpeace also states that the crypto mining industry lacks disclosure and transparency, which “enables Bitcoin mining companies to avoid accountability and obscures the scale of Bitcoin’s climate problem.”
This “lack of reputable electricity and emissions reporting” makes it difficult for investors, stakeholders, and regulators to make informed decisions if they wish to follow green policies.
In the United States, Texas has become a global hub for Bitcoin miners, absorbing many who abandoned China after its mining ban.
Greenpeace accuses Wall Street companies of financing this new gold rush, highlighting Riot Platforms’ facility near Rockdale as an example.
Citing data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), Greenpeace said that the Riot facility alone accounted for 526,000 metric tons of CO2, equivalent to the carbon emitted from 100,000 U.S. homes a year.
Greenpeace highlighted the paradox of BlackRock, which is a supposed leader in sustainable investment, yet had the third-highest carbon emissions from its investments in Bitcoin mining among the 540 financial institutions in Greenpeace’s study.
The NGO emphasized that financial companies involved in Bitcoin mining should report the emissions associated with their investments and underwriting services for Bitcoin mining companies.
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Greenpeace Report: Wall Street Financiers Must Be Held Accountable for Bitcoin Mining’s Carbon Emissions

Crypto Intelligence

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