What is this buzz about massive greenhouse gas emission and CCA?
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
For more information about our tax services, feel free to reach out to our experts at Watterson Financial Solutions Inc To connect with us, you can either call us at 647-403-5381 or email us at robert@wattersonfinancial.com. We are a team of dedicated accounting and finance professionals, and we cater to the needs of individuals and business owners. We specialize in all areas of tax, accounting, assurance, succession planning, risk management, and business consulting. That way, we can give you full control over your finances. We also provide business advice to companies in different industries so you can become tax-efficient and transition your business into the new economy.
For more information about our services, please click here or get in touch with us by clicking here.
Valuable blog posts: Our blog is updated regularly with accounting advice, valuable tools, product/service information, and accounting trends.
Unmissable promotions: From time to time, we’ll share our most exclusive promotions with our newsletter subscribers. Don’t miss out!
We promise we won’t overload your inbox! Watterson Financial Solutions Inc’ email newsletter is sent out bi-monthly with only the most relevant content for you.
With several years of experience, Watterson Financial Solutions Inc is a leading accounting firm in Mississauga, Ontario. Our services include personal tax planning, business registration, business setup and consulting, bookkeeping and accounting, payroll, WSIB, HST, corporate tax, assurance, disability tax credit program, budgeting and forecasting services, insurance, mortgages, investments, real estate and legal services, business valuation services, estate planning services, litigation support and damage quantification services.
To learn more about what we do, please click here, or get in touch with us by clicking here.
Sign up for our newsletter now to stay in touch with us. Register here!
Personal Tax Planning | Business Registration | Business Setup & Consulting | Bookkeeping & Accounting | Payroll, WSIB, HST | Corporate Tax | Assurance | Disability Tax Credit Program | Budgeting and Forecasting Services | Insurance, Mortgages, Investments, Real Estate & Legal Services | Business Valuation Services | Estate Planning Services | Litigation Support and Damage Quantification Services | Staunch IT Consultants |
Share This News