world earth day: Carbon Emission a serious crypto problem, warrants more sensitivity: Experts

Synopsis

According to a sustainability think tank called Thinkthrough Consulting, the Bitcoin network consumed 131.80 TWh (terawatt-hours) of power in 2020 in order to execute the algorithms that power its mining operations. For context, that is the equivalent to the power consumed by the entire country of Argentina.

New Delhi: On the occasion of World Earth Day, carbon emission in the globe due to crypto missing and transactions is a much discussed issue. Carbon footprint left behind by mining crypto assets.

According to a sustainability think tank called Thinkthrough Consulting, the Bitcoin network consumed 131.80 TWh (terawatt-hours) of power in 2020 in order to execute the algorithms that power its mining operations. For context, that is the equivalent to the power consumed by the entire country of Argentina.

Bitcoin production is estimated to generate between 22-22.9 million metric tons of carbon dioxide emissions a year, equivalent to emissions by countries like Jordan and Sri Lanka, or about 1 per cent global electricity consumption.
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However, crypto firms are making or atleast pledging to make some serious attempts to conserve the environment, by reducing the carbon footprints in the mining and other other activities.

Many crypto firms are either seeking electrical energy for their businesses from firms that exclusively generate power from sustainable means like solar and wind energy or improve their operational efficiency and then use carbon offset credits to maintain net-zero carbon emissions, said Pratik Gauri, Founder and CEO, 5ire.

Carbon zero or Carbon Neutral operation means that your firm’s operations create no new carbon dioxide gas or purchase enough carbon offset credits to ensure it maintains net-zero carbon emissions.

“Crypto companies have since pivoted ways to reduce their carbon impact to not just appeal to climate-conscious users but also to ensure that they are compliant to achieve net-zero carbon emissions by 2070,” said Arijit Mukherjee, Founder and CEO, Yunometa.

Market experts said that old crypto tokens such as Bitcoin uses more energy as most of them run on ‘proof of work’ mechanism. Ethereum too has been criticized for the same, but now it’s building a more energy-efficient and sustainable version.

“A bunch of new cryptos have taken on the mantle of going green and utilise a new mechanism called proof of stake that is much more power efficient and scalable compared to some older coins,” Mukherjee said.

One of the most well-known names is Cardano whose later launch of smart contracts capability to address real-world problems, according to some crypto watchers. Experts are highly hopeful from Ripple (XRP), another eco-friendly token.

Market players suggest that crypto players and all other stakeholders should be more sensitive towards the environment, while crypto mining as climate change and global warming are the harsh reality of the current century.

“We will keep seeing new technologies and updates to address the issue of crypto mining while the industry meaningfully achieves its target of being carbon neutral, complying with the Paris Climate Accord,” said Mukherjee from Yunometa.

Addressing the need of the hour, the crypto industry has already made significant impact to reduce its carbon footprint, said the experts. It is a collective goal to protect the environment by introducing new tech and solutions at earliest.

“This is an area where we have stressed adopting and utilizing the blockchain and crypto to reverse the effects of climate change,” said Gauri. Technology should be used to solve the problem, not making things worse, he added.
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Updated: 04/22/2022 — 13:00