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26 July 2021

Climate-Conscious Crypto: The Difference Between Real Change and Marketing

Climate-Conscious Crypto: The Difference Between Real Change and Marketing


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The disruption caused by the COVID-19 pandemic and the apparent environmental benefits that occurred during the lockdowns spurred thought leaders to consider how things could be done differently, especially if another global crisis should occur in the form of a climate change emergency.

Bitcoin and other cryptocurrencies have been under the spotlight because new tokens are ‘mined’ using a proof-of-work algorithm that demands a lot of computing power from miners.

Recently, New York-area residents complained that a new gas-fired power plant dedicated to mining Bitcoin was turning the local lake into a “hot tub”, although the company operating the factory has refuted these claims.

Even crypto advocate Elon Musk declared that Tesla would no longer accept Bitcoin as payment for cars due to “environmental concerns”.

Crypto exchange platforms that empower people to trade cryptocurrencies from their smartphones are becoming more popular than ever.

Modeled on the Paris Climate Accord, the CCA declares its mission to transition all blockchains to renewable energy by 2030 or sooner and eliminating greenhouse emissions by 2040 with support from the United Nations Framework Convention on Climate Change.

A recent report from the newly established Bitcoin Mining Council has declared that global Bitcoin mining is now mainly powered by “sustainable energy”.

The report notes that “the members of the BMC and participants in the survey are currently utilizing electricity with a 67% sustainable power mix” and goes on to extrapolate that global Bitcoin mining is currently running on 56% sustainable energy.

Bitcoin isn’t moving away from PoW anytime soon, but you don’t have to buy an electricity-guzzling mining rig to do it.

Innovations like this are a great way to earn crypto without using excessive energy, and we recommend it as an eco-friendly alternative to purchasing mining hardware.

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