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With Layoffs Looming, ESPN Staffers ‘Looking Over Their Shoulders’

Staffers brace for another round of layoffs.
The post With Layoffs Looming, ESPN Staffers ‘Looking Over Their Shoulders’ appeared first on Front Office…



Only 12 years ago, author James Andrew Miller wrote the rollicking best-seller, “Those Guys Have All the Fun: Inside the World Of ESPN.” But there’s not much fun inside the self-proclaimed Worldwide Leader in Sports these days.

An ongoing series of layoffs has put hundreds of ESPN employees on edge as they fearfully await a second round of cuts this spring. Then the on-air talent will face the music in a separate cost-cutting exercise this summer.

ESPN’s startling decision to part ways with respected mainstays like John Dahl, executive producer on the Emmy-winning Michael Jordan documentary “The Last Dance,” and beloved communications guru Mike Soltys, a 43-year veteran, has sent a chill through the ranks. 

Besides key players like Stephen A. Smith, Kirk Herbstreit, Mike Greenberg, and Scott Van Pelt, there are few untouchables, especially talent with expiring contracts, sources told Front Office Sports.

 ”People are looking over their shoulders. People are concerned, ‘Will I be next?’” warned Howie Schwab, who was laid off after 26 years a decade ago. “People don’t approach ESPN the same way they used to, from some of the veteran people I’ve spoken to. It’s really disappointing. Because ESPN was a great place to work.”

ESPN chairman Jimmy Pitaro cited parent Walt Disney Co.’s decision to slash 7,000 jobs and $5.5 billion in costs as the reason for the layoffs.

“I do not want to minimize the enormous toll of saying goodbye to dedicated colleagues that have worked tirelessly to strengthen ESPN and deliver for sports fans,” wrote Pitaro in an internal memo. 

Five Layoffs In Last Decade

Schwab has a point. 

His former colleagues are suffering through their fifth wave of layoffs in the past decade. ESPN has added many new jobs and created multiple new businesses. But the Disney-driven cuts are sapping the morale of ESPN’s 5,000 employees, 4,000 of whom work at the main campus in Bristol, Connecticut. 

For the first three decades of its 43-year corporate history, the “Worldwide Leader in Sports” was the envy of the sports world.

The tiny startup built an empire in 1979 with a couple of satellite dishes and Australian Rules Football. It expanded to over 100 million U.S. homes, swallowed the late Roone Arledge’s legendary ABC Sports, discovered the NFL Draft as a TV property, and landed rights to virtually every pro league and college conference that mattered.

The network’s wise-cracking anchors, such as Chris Berman, Dan Patrick, Craig Kilborn, and the late great Stuart Scott, became more famous than most of the athletes they covered. 

ESPN’s “This is SportsCenter” mockumentary commercials depicted the Bristol campus as a sports fantasy world where anchors like Jay Harris and Steve Levy rubbed elbows with athletes and funny mascots. The hip campaign was the toast of Madison Avenue. 

Yes, ESPN was one big happy family. As newspapers and magazines downsized, every sports columnist worth their salt wanted to flee to the Worldwide Leader — including Rick Reilly, Sports Illustrated’s biggest star.

Joe Buck and Troy Aikman enhanced ESPN’s ‘Monday Night Football’ program. Photo by Scott Clarke / ESPN Images

Growth Amid Changes

The network still does great work and accomplishes big things business-wise.

Over the last decade, it has launched major new businesses such as the ACC Network and ESPN+ (which now boasts 25.3 million subscribers). ESPN Films’ Michael Jordan documentary, “The Last Dance,” was a ratings smash. In 2017, ESPN Films won its first Oscar for “O.J.: Made in America.”

This year, it leads all network groups with 59 Sports Emmy Nominations (NBC Sports is second with 38 nods). During its last media rights negotiation with the NFL, it scored its first two Super Bowls after the 2026 and 2030 seasons. ESPN regained NHL media rights and renewed its rights deal with Major League Baseball in 2021, took the SEC Conference’s top football package away from CBS Sports in 2020, and picked up UFC rights in 2019.

With Troy Aikman and Joe Buck entering their second season, ESPN now boasts its best “Monday Football” announcing team ever. During 2022, ESPN’s overall viewership rose 14% from the year before. Hiring Omar Raja away from Bleacher Report has helped fueled growth across social platforms such as Instagram.

In short, ESPN is much more than a linear operation. It’s a sprawling multi-media giant that straddles sports.

Changing Reality

But cord-cutting has slashed ESPN’s footprint to 73 million U.S. homes from a high of over 100 million two decades ago. Rather than just out-spending everybody else, a more frugal ESPN has passed on expensive deals for the Big Ten Conference, Major League Soccer, and NFL Sunday Ticket.

With parent Disney wrestling with its own business challenges, ESPN had layoffs in 2013, 2015, 2017, 2020, and 2023. 

Those mass cutbacks shed hundreds of on-air talents, producers, directors, editors, and executives. Among them were big names like Schwab, former host of “Stump the Schwab” who was laid off in 2013, and NFL analysts Ron Jaworski and Trent Dilfer, who lost their jobs in 2017.

The layoffs don’t even include those talents who were pushed out the door by proposed pay cuts (Kenny Mayne), not offered new contracts (Mike Golic Sr.), bought out (Jemele Hill and Michelle Beadle), or asked out early (Dan Le Batard).

The Last Dance ESPN

ESPN Lets Go ‘Last Dance’ Producer In Layoffs

A producer of the documentary, ‘The Last Dance,’ is among ESPN layoffs.
May 5, 2023

Even after five rounds, the Disney-driven layoffs still shock the true believers at ESPN. 

New employees thought they had it made, that they’d won the sports media lottery by working for the four letters. 

They believed ESPN’s lucrative dual revenue stream of cable subscriber fees and advertising made them virtually immune to the threats roiling the media business. 

But like print journalists, they’ve learned the hard way that employee cutbacks are not a bug but a regular feature in today’s cratering sports media industry. A decade of layoffs has taken its cumulative toll.

“From what I can gather, the culture there is at an all-time low. Everyone, even senior vice presidents, don’t feel like they have any job security anymore,” said one former executive who’s getting frantic phone calls from ex-colleagues. 

So Much For Family

There’s an old saying: You don’t join ESPN; you marry it. 

Some, like Soltys (the second-longest tenured employee), joined the network straight out of college. For many, it’s the only gig they’ve ever had. 

Many staffers have worked at ESPN for decades, met their future spouses/partners there, and raised families in towns all over central Connecticut. In some ways, the area is like a company town, where most people work for the same employer.

To these folks, getting thrown off what Patrick calls “The Mothership” feels like a death in the family. Some unfairly blame themselves. They struggle with a sense of failure and shame.

Front Office Sports interviewed several employees who’ve been pink-slipped. Others posted about their experiences on LinkedIn. They describe an emotional rollercoaster akin to the five stages of grief.  

Ashley Fox was an NFL columnist.
Ashley Fox was an NFL reporter until her layoff in 2017. Photo by Joe Faraoni / ESPN Images

Denial In Bristol

The sports media empire has been the destination job in sports for decades.

For many employees, the four letters define their career and their lives. They can’t picture working anywhere else. 

A former NFL reporter, Ashley Fox recalled her April 2017 layoff on LinkedIn. 

“I was gutted that day six years ago, naively blindsided and quite literally left in a heap on my kitchen floor, fearful for my future and afraid my life and career were over,” she wrote. “A lot has changed since that day. So the fact that the anniversary didn’t register this year on my personal calendar of horrible, dark days was a very, very positive sign.”


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Many of today’s 40-something employees wonder if they’re more likely to be carried out on their shield than get the gold watch and a retirement party.  

The most accomplished veterans are at risk during the current downsizing due to their high salaries. That’s the inverse of how business should work, according to Schwab.

“Back in the ’80s and ’90s, we were family — and family took care of each other. Now it’s not just a business; it’s a cutthroat business,” he said. “You should be rewarded for doing a good job. Instead, you could lose your job… There’s something wrong with that. 

“You reward people for doing a good job. You don’t say F-U.”

Anger on Campus

Some laid-off employees get furious. How could they do this to me? After all, they sacrificed countless weekends, weddings, vacations, birthday parties, baptisms, and bar mitzvahs to devote themselves, heart and soul, to ESPN. 

“I’m mad that no one thought my job was worth saving. That I wasn’t worth saving,” wrote Keri Willis, a director of management operations, who was dropped on April 24 after 22 years. “I know everyone says it’s not personal, and it’s not performance-based, so then what? They put everyone’s personnel numbers in a hat and picked randomly? (that last part is a joke, but could you imagine?!?).”

She’s also mad at herself for being “blindsided” when she should not have been. 

“That was mainly on me because I let myself think I was ‘safe’ even after all these layoffs over the years,” she wrote. 

Others resent the “institutional arrogance” that’s making ESPN employees pay for corporate mistakes made by Disney, especially since ESPN generated $22 billion in profits for the Mouse House from 2012-2018, according to Miller. 

Bargaining for New Opportunity

The ESPN layoffs are not as bad for accountants, lawyers, and others. They can get a job in Hartford, the world’s insurance capital, only 25 minutes away. 

But layoffs are life-changing for production/programming staffers producing live sports and studio shows. Getting cut in Bristol is different from losing a job in New York, Los Angeles, or Chicago. They can’t walk across the street to other T.V. networks. 

Some land at NESN, the regional sports network in Boston. But Beantown’s a two-hour commute. Others try for jobs at NBC Sports, YES Network, or the WWE, all located in Stamford, Conn. But that’s still 90 minutes away. 

Some live near Fairfield, an hour’s drive from Bristol. There they can catch a Metro-North train into Manhattan. That’s a long commute — but it gives them job options.

Sadly, losing your job at ESPN often necessitates a “total life change,” said Schwab.

ESPN World Wide of Sports Complex at Disney World

Report: ESPN Layoffs Coming Down Next Week

Layoffs could hit The Walt Disney Co.’s ESPN next week, said CNBC.
April 19, 2023

On the positive side, the COVID-19 pandemic enabled some laid-off workers to consult from home in Connecticut, said one former staffer dumped after 20 years. Or only commute to New York or Boston a few days a week. 

He said that if they hustle, ex-ESPNers can use their experience as “jumper cables” to restart stalled careers. 

“To be honest, leaving there was probably the best thing that ever happened to me. It opened a lot of doors — and I don’t have to deal with the corporate bullshit that I did at ESPN. A lot of the skills I built there have become transferable to a bunch of different clients.” 

Depression After Departure

Still, the reality of life after ESPN is depressing. 

Laid-off employees describe the humiliating experience of bumping into former colleagues at the supermarket, Little League games, and backyard barbecues. 

“It’s definitely awkward, especially at first,” noted the former executive, whose kids still play with those of former colleagues. 

Sometimes they’re greeted warmly by their old comrades. Others treat them with a mix of fear and pity — as if they’re contagious.

Willie McGinest

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Three-time Super Bowl winner Willie McGinest is facing two felony charges.
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Then there’s their own personal status. They can no longer brag about working at ESPN to friends and family. That leads to soul searching. 

How do I address my layoff publicly? What do I tell my kids? Do we have to sell the house and relocate? Who am I without the four letters next to my name?

Weirdly, being ejected from her ESPN cocoon was a “relief,” wrote Willis.

“I graduated college and started at ESPN two weeks later, so it’s the only professional job I’ve ever known. I grew up there. I honed my leadership skills there. I met my husband there, for crying out loud! Now I am being forced to find something else. So instead of floating down the lazy river, I have to summon up the guts to head down the waterslide and determine what I want to do next!”

Acceptance of New Reality

Eventually, life moves on. So do former ESPN workers who’ve left the Mothership. 

The famed sports researcher Schwab jumped to rival Fox Sports for several years. He still works directly with Dick Vitale, one of ESPN’s most popular and enduring personalities. 

Getting laid off in 2013 allowed Schwab to stay by his dying wife’s side for the last year of her life. He’s since remarried and is living in Florida.

“I’m very happy with my life. ESPN is in my rearview mirror,” Schwab said. 

Fox has become a consultant and motivational speaker. 

“As I learned, those four letters didn’t define me,” she wrote on LinkedIn. “Great success can come after great adversity as long you stay true to your core beliefs and never, ever give up.”

Like long-lost family members, they still come together, such as in the wake of the late legendary producer Barry Sacks

There’s Life After ESPN

Those ESPNers who’ve been laid off are part of their own fraternity. They employ gallows humor, mockingly describing themselves as the “Class of 2023” or the “Class of 2017.”

Federal law requires employers with 100 or more employees to give 60 days’ notice of a mass layoff. 

Like Willis, Soltys’ last day is June 27 after getting pink-slipped on April 24. 

The PR maven is experiencing the Tom Sawyer-like feeling of attending his wake. And learning how much he’s respected.

“I’ve gotten such an overwhelmingly warm greeting from everybody I’ve seen. And that makes the period of limbo, not awkward but really very positive,” Soltys said.

ESPN becomes a key pillar in Disney re-organization.

ESPN Becomes Separate Unit in Disney Reorganization

ESPN will be a key pillar in Disney’s reorganization plan.
February 9, 2023

Former anchor Jay Crawford wants his old colleagues to know there’s life beyond ESPN.

The ex-“First Take” host is one of the lucky ones. ESPN bought out his contract in 2017 – effectively paying him not to work for two years. 

Now Crawford’s happy as a nightly news anchor in his beloved Cleveland.

“My overarching message to them would be: You’re all very talented. There is a market for what you do. This is not the end of the world,” Crawford said.

For more on how sports impacts business and culture, subscribe to the Front Office Sports Today podcast.

The post With Layoffs Looming, ESPN Staffers ‘Looking Over Their Shoulders’ appeared first on Front Office Sports.

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Generative AI’s growing impact on businesses

Over recent years, artificial intelligence (AI) has gained considerable traction. And on the back of the resultant excitement, price-earnings (P/E) ratios…



Over recent years, artificial intelligence (AI) has gained considerable traction. And on the back of the resultant excitement, price-earnings (P/E) ratios for stocks even remotely related have soared. Is the excitement premature?

McKinsey recently  published an article titled The State of AI in 2023: Generative AI’s Breakout year, draws on the results of six years of consistent surveying and reveals some compelling findings. My takeaway is that service providers are buying the chips and working furiously to offer AI-enhanced solutions, but corporate customers are still some way off embedding those solutions in their own workflows. There exists a lack of understanding, necessitating more education.

The highest-performing organisations however, as showcased in the research, are already adopting a comprehensive approach to AI, emphasising not just its potential but also the requisite strategies to harness its full value.

Irrespective of the industry, and of whether they are service organisations or manufacturers, the most successful industry leaders strategically chart significant AI opportunities across their operational domains. McKinsey’s findings suggest that despite the buzz surrounding the innovations in generative AI (gen AI), a substantial portion of potential business value originates from AI solutions that don’t even involve gen AI. This reflects a disciplined and value-focused (cost) perspective adopted by even top-tier companies.

One of the critical takeaways from McKinsey’s research is the integration of AI in strategic planning and capability building. For instance, in areas like technology and data management, leading firms emphasise the functionalities essential for capturing the value AI promises. They are capitalising on large language models’ (LLM) prowess to analyse company and industry-specific data. Moreover, these companies are diligently assessing the merits of using prevailing AI services, termed by McKinsey as the “taker” approach. In parallel, many are working on refining their AI models, a strategy McKinsey labels the “shaper” approach, where firms train these models using proprietary data to build a competitive edge.

But the number of organisations doing so are relatively few (Figure 1.)

Figure 1. Gen AI is mostly used in marketing, sales, product and service development

Figure 1 Gen AI is mostly used in marketing, sales, product and service development

Nevertheless, the latest McKinsey global survey reveals the burgeoning influence of gen AI tools is unmistakably evident. A mere year after their debut, a striking one-third of respondents disclosed that their companies consistently integrate gen AI in specific business functions. The implications of AI stretch far beyond its technological aspects, capturing the strategic focus of top-tier leadership. McKinsey quotes, “Nearly one-quarter of surveyed C-suite executives say they are personally using gen AI tools for work,” signalling the mainstreaming of AI in executive deliberations.

In other words, however, a common finding is individuals are using gen AI personally, but their organisation have yet to formally incorporate it into daily processes and workflows. This, despite the “three-quarters of all respondents expect[ing] gen AI to cause significant or disruptive change in the nature of their industry’s competition in the next three years.”

As an aside, AI’s disruptive impact is expected to vary by industry.

McKinsey notes, “Industries relying most heavily on knowledge work are likely to see more disruption—and potentially reap more value. While our estimates suggest that tech companies, unsurprisingly, are poised to see the highest impact from gen AI—adding value equivalent to as much as 9 per cent of global industry revenue—knowledge-based industries such as banking (up to 5 per cent), pharmaceuticals and medical products (also up to 5 per cent), and education (up to 4 per cent) could experience significant effects as well. By contrast, manufacturing-based industries, such as aerospace, automotive, and advanced electronics, could experience less disruptive effects. This stands in contrast to the impact of previous technology waves that affected manufacturing the most and is due to gen AI’s strengths in language-based activities, as opposed to those requiring physical labour.”

Moreover, the journey with AI isn’t devoid of challenges. McKinsey’s findings highlight a significant area of concern: risk management related to gen AI. Many organisations appear unprepared to address gen AI-associated risks, with under half of the respondents indicating measures to mitigate what they perceive as the most pressing risk – inaccuracy.

Drawing from McKinsey’s comprehensive survey, it’s evident that while the realm of AI, particularly gen AI, presents immense potential, it’s a domain still in its very early stages. Many organisations are on the brink of leveraging its power, but there’s still a considerable journey ahead in terms of risk management, strategic adoption, and capability building. As the landscape continues to evolve, McKinsey’s research offers a crucial ‘Give Way’ sign in the roadmap for businesses to navigate the AI frontier.

And that means there is every possibility the boom in AI-related stocks is a bubble. Stock market investors are notoriously impatient and if the benefits (measured in dollars) aren’t coming through investors will recalibrate their expectations. There is every possibility AI is as transformative for the world as promised, but the stock market’s journey is likely to be rocky, inevitably rewinding premature expectations ahead of more sober assessments.  Think, ‘fits and starts’.

As a result, investors should have ample opportunity to invest in the transformative impact of AI at reasonable prices again and shouldn’t feel compelled to pay bubble-like prices amid a fear of missing out.

The full McKinsey article can be read here

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Lights Out for Stocks and Bonds? Not So Fast.

The stock market suddenly has the look of a wounded prize fighter. And the bond market is bordering on being dysfunctional.  In a word, the market is…



The stock market suddenly has the look of a wounded prize fighter. And the bond market is bordering on being dysfunctional.  In a word, the market is disoriented. Disorientation leads to mistakes.

Don't be fooled. From an investment standpoint, this is one of those periods where those who stay vigilant and pay attention to developments will be in better shape than those who remain confused by circumstances.

As I noted last week: "The relationship between interest rates and stocks is about to be tested, perhaps in a big way. Observe the tightening of the volatility bands (Bollinger Bands) around the New York Stock Exchange Advance Decline line ($NYAD) and the major indexes. This type of technical development reliably predicts big moves. The real arbiter may be the US Treasury bond market. And the place where a lot of the action may take place once bonds decide what to do next may be the large-cap tech stocks. Think QQQ."

Yeah, buddy!

Bond Yields Trade Outside Normal Megatrend Boundaries

Big things are happening in the bond market, which could have lasting effects on stocks and the US economy.

I've been expecting a big move in bond yields, noting recently that yields on the 10-Year US Treasury Yield Index ($TNX) were "on the verge of breaking above long-term resistance," while adding that if such a move took place, it "would likely be meaningful for all markets; stocks, commodities, and currencies."

Well, it happened; after the FOMC meeting and Powell's post-mortem (uh, press conference), TNX blew out all expectations and broke above the 4.4% yield area in a big way, marking their highest point since 2007.  It was such a big move that it may be an intermediate-term top.  At one point in overnight trading on September 21, 2023, TNX hit the 4.5% level. But the current selling in bonds is way overdone, which means that at least a temporary drop in yields is on the cards.

Here's what I mean. The price chart above portrays the relationship between TNX and its 200-day moving average and its corresponding Bollinger Bands. As I noted in my recent video on Bollinger Bands, this is a crucial indicator for pointing out trends that have gone too far and are ripe for a reversal.

In this case, TNX blew out above the upper Bollinger Band, which is two standard deviations above the 200-day moving average. That move is the magnitude of a Category 5 hurricane on steroids and amphetamines. It's also unlikely to remain in place for long unless the market is completely broken.

The price chart suggests we may see a similar situation to what we saw in October 2022 when TNX made a similar move before delivering a nifty fall in yields, which also marked the bottom for stocks.

Meanwhile, as described below, the S&P 500 ($SPX) is reaching oversold levels not seen since the October 2022 and the March 2023 market bottoms.

Stay awake.

Oil Holds Up Better Than QQQ For Now

A great way to regroup after a tough trading period is to first look for areas of the market that are exhibiting relative strength. Currently, the oil sector fits the bill. Second, it pays to look for beaten-up sectors where recoveries are happening the fastest. At this point, it's still early for that part of the equation to develop, as too many traders are still shell-shocked.

Starting with a look at West Texas Intermediate Crude ($WTIC), prices are holding above $90 as the supply for diesel and fuel is well below the five-year average.  And yes, U.S. oil supplies continue to tighten while the weekly rig count falls.

The NYSE Oil Index ($XOI), home to the big oil companies such as Chevron Texaco (CVX), had a mild reaction to the heavy selling we saw in the rest of the market. XOI looks set to test its 50-day simple moving average in what looks to be a short-term pullback.

Chevron's shares barely budged earlier in the week despite an ongoing, albeit short-lived strike by natural gas workers at its Australian facilities. That's a strong showing of relative strength. You can see that short sellers are trying to knock the stock down (falling Accumulation/Distribution line), but buyers are not budging as the On Balance Volume (OBV) line is holding steady.

On the other hand, the very popular trading vehicle the Invesco QQQ Trust (QQQ) broke below the key support level offered by the $370 price point and its 20 and 50-day simple moving averages. This is an area that I highlighted here last week as being critical support. It now faces a test of the support area at $355. A break below that would likely take QQQ and the rest of the market lower.

An encouraging development is that the RSI for QQQ is nearing 30, which means it's oversold. Let's see what happens next. You can also see a similar pattern in the ADI/OBV indicators to what's evident in CVX above, which suggests that when the shorts get squeezed, it could be an impressive move up.

Join the smart money at Joe Duarte in the Money  You can have a look at my latest recommendations FREE with a two-week trial subscription.

And for frequent updates on the technicals for the big stocks in QQQ, click here.

The Market's Breadth Breaks Down and Heads to Oversold Territory

The NYSE Advance Decline line ($NYAD) finally broke below its 20 and 50-day simple moving averages and is headed toward an oversold reading on the RSI, which is approaching the 30 area.

The Nasdaq 100 Index ($NDX) followed and is not testing the 14500–14750 support area. ADI is falling, but OBV is holding up, which means we will likely see a clash between short sellers and buyers at some point in the future.

The S&P 500 ($SPX) is in deeper trouble as it has broken below the key support at 4350 and its 20 and 50-day moving averages. On the other hand, SPX closed below its lower Bollinger Band on September 22, 2023, and is nearing an oversold level on RSI.  Still, the selling pressure was solid as ADI and OBV broke down.

VIX Remains Below 20  

The Cboe Volatility Index ($VIX) is still below the 20 area but is rising. A move above 20 would be very negative.

When VIX rises, stocks tend to fall as it signifies that traders are buying puts. Rising put volume is a sign that market makers are selling stock index futures in order to hedge their put sales to the public. A fall in VIX is bullish as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures, raising the odds of higher stock prices.

Liquidity is Tightening Some

Liquidity is tightening.  The Secured Overnight Financing Rate (SOFR) is an approximate sign of the market's liquidity. It remains near its recent high in response to the Fed's move and the rise in bond yields. A move below 5 would be bullish. A move above 5.5% would signal that monetary conditions are tightening beyond the Fed's intentions. That would be very bearish. 

To get the latest information on options trading, check out Options Trading for Dummies, now in its 4th Edition—Get Your Copy Now! Now also available in Audible audiobook format!

#1 New Release on Options Trading!

Good news! I've made my NYAD-Complexity - Chaos chart (featured on my YD5 videos) and a few other favorites public. You can find them here.

Joe Duarte

In The Money Options

Joe Duarte is a former money manager, an active trader, and a widely recognized independent stock market analyst since 1987. He is author of eight investment books, including the best-selling Trading Options for Dummies, rated a TOP Options Book for 2018 by and now in its third edition, plus The Everything Investing in Your 20s and 30s Book and six other trading books.

The Everything Investing in Your 20s and 30s Book is available at Amazon and Barnes and Noble. It has also been recommended as a Washington Post Color of Money Book of the Month.

To receive Joe's exclusive stock, option and ETF recommendations, in your mailbox every week visit

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Bitcoin Mining Can Reduce Up To 8% Of Global Emissions: Report

Bitcoin Mining Can Reduce Up To 8% Of Global Emissions: Report

Authored by Ezra Reguerra via,

A paper published by the…



Bitcoin Mining Can Reduce Up To 8% Of Global Emissions: Report

Authored by Ezra Reguerra via,

A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin has the potential to be a catalyst for a global energy transition. 

IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.”

The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide.

Within the report, the authors also highlighted the important function of energy and the increasing need for reliable, clean and more affordable energy sources.

Despite the criticisms of Bitcoin’s energy intensity, the study provided a more balanced view of Bitcoin by showing the potential benefits BTC can bring to the energy industry.

Amount of vented methane that can be used in Bitcoin mining. Source: IRM

According to the report, Bitcoin mining can reduce global emissions by up to 8% by 2030. This can be done by converting the world’s wasted methane emissions into less harmful emissions. The report cited a theoretical case saying that using captured methane to power Bitcoin mining operations can reduce the amount of methane vented into the atmosphere. 

The paper also presented other opportunities for Bitcoin to contribute to the energy sector.

“We have shown that while Bitcoin is a consumer of electricity, this does not translate to it being a high emitter of carbon dioxide and other atmospheric pollutants. Bitcoin can be the catalyst to a cleaner, more energy-abundant future for all,” the authors wrote.

According to the report, Bitcoin can contribute to energy efficiency through electricity grid management by using Bitcoin miners and transferring heat from miners to greenhouses.

Tyler Durden Sun, 09/24/2023 - 13:50

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