Greener cryptocurrency

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Mining bitcoin and ethereum, the most popular cryptocurrencies, consumes colossal amounts of energy. Producing that energy emits carbon dioxide, which is a greenhouse gas. This business is harming the environment, and dirtying the very image of the cryptocurrency industry. Given the success of bitcoin, this currency in particular contributes mightily to pollution levels. Meanwhile, global emissions must be cut in half during this decade to avoid the worst effects of climate change. This is where a new agreement between the market’s key players comes in, called the “Crypto Climate Accord.” Its aim is to ensure that the industry uses renewable energies exclusively by 2030, and that it is carbon neutral by 2040. If achieved, these goals would solve a very real problem. Bitcoin has roughly the same annual carbon footprint as Hong Kong (7.5 million people), while ethereum’s annual carbon emissions rival those of a country like Lithuania, with 2.8 million inhabitants. The detailed objectives of the agreement should be fleshed out and finalized at the UN climate conference in November.

⇨ The Verge, Justine Calma, “Could a ‘Crypto Climate Accord’ erase cryptocurrencies’ carbon footprint?”

2021-04-08