Time to tackle the misinformation. Three big names in the crypto space have joined Crypto Climate Accord, an initiative designed to make the industry run entirely on renewable energy as early as 2025.
These are Ripple, CoinShares, and ConsenSys.
The initiative is led by Energy Web and the Alliance for Innovative Regulation (AIR), and draws inspiration from the world renowned Paris Climate Agreement.
The Accord aims to achieve net-zero emissions for the entire industry within the next four years. Furthermore, the end goal is to eliminate all historical emissions by 2040.
Along with that, the Crypto Climate Accord will seek to develop an open-source accounting standard for measuring emissions for players in the industry so that they can adopt and evolve their organizations according to the finest environmental standards.
In the words of Meltem Demirors, chief strategy officer of CoinShares:
“It’s vital we correct misinformation that has persisted about Bitcoin’s energy use and sources.”
Prior research by CoinShares in 2019 revealed that as much as 74.1% of the Bitcoin network is powered by renewable energy. This is thanks largely to the high prevalence of hydroelectric power in regions like Southwest China.
However, concerns remain that several mining farms in the country are powered by coal, which is naturally injurious to the environment. In fact, the freshest of studies claims that China’s bitcoin mining carbon footprint is equivalent to the entire emissions of one of its 10 largest cities.
To that end, these accords could not have come sooner.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
