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Cryptocurrencies have been a boost for financial market growth for
years now. The trends show the interest of investors has increased. With the
new highs of many cryptocurrencies, world population has now started debating whether
cryptocurrency mining are leading us towards a big climate change or is an
ideal part of renewable energy projects.
A coalition of crypto mining organizations and companies, have signed a CCA(Crypto Climate Accord) signing a pact
where crypto companies have committed to go completely net-zero on greenhouse
gas emission altogether by 2040 and to switch to renewal sources of energy by
2025.
This opened another point of discussion on whether companies joining hands will be a game-changer in new renewable energy
project growth or are just delaying the
growing problem of the large use of energy and greater greenhouse gas emission.
CCA is led by Rocky Mountain institute, the Alliance for
Innovative Regulation and Energy Web Foundation, to accelerate the low-carbon
transition.
“Critics charge that a self-regulated accord could get in the way
of more effective government policies for reining in crypto emissions.” As mentioned
in one of the articles on AlJazeera.
Bitcoin relies on Proof of Work consensus to validate the
transaction and issue new coins and thus, needs thousands of computers working
together for mining that are consuming a large amount of energy, whereas, other
coins like ripple uses less energy-intensive consensus protocol to validate the
balance and transaction and doesn’t reward the miners with new coins, thus
consumes less energy. Similarly, there are other coins that use Proof of Stake
(PoS) and uses less energy as this depends on how many coins a miner owns
rather the total number of computers mining at one time.
With environmentalists on one side and Bitcoin supporters on the other, discussions have been massive, if (PoW) Proof of Work were to be banned or even if the companies move to more renewable resources, the countries which are dependent on cheap coal driven energy resources will have to use non-renewal resources. So, is this just a greenwash or is Bitcoin a game-changer that can lead to the massive growth of green energy projects.
For more details on cryptocurrency and how and where to invest follow CRYPTO INVESTMENT CLUB CORP
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