Jul 1, 2021
The Aergo Cryptocurrency Climate Consensus: Clean Energy Consumption
Introduction: The Cryptocurrency Mining Carbon Emissions Political Discussion
Cryptocurrency and blockchain technology have been making headlines over the past year, garnering mainstream adoption and attention for a variety of reasons. One specific issue has garnered massive political attention from some of the most influential and powerful people in the world and that issue is “how does cryptocurrency mining and creation affect the environment? Elon Musk, the wealthiest man in the world and founder of SpaceX, Tesla and Neuralink, has publicly stated his stance on cryptocurrency; Musk believes that cryptocurrency possesses a bright future, but believes it yields a massive carbon footprint. Elon Musk hasn’t been the only individual touting this rallying cry, but political commentators such as Bill Maher and Former Democratic Presidential Nominee Elizabeth Warren have consistently urged Congress to crack down on cryptocurrencies because of their impact on the environment and lack of regulatory oversight.
It is evident that cryptocurrency mining requires energy inputs and outputs, and the question of its impact on the environment has raised regulatory questions, specifically associated with massive centralized mining farms. According to The Cambridge Bitcoin Electricity Consumption Index at the University of Cambridge “The most reputable such estimate comes from the University of Cambridge Bitcoin Electricity Consumption Index, according to which the global bitcoin network currently consumes about 80 terawatt-hours of electricity annually, roughly equal to the annual output of 23 coal-fired power plants, or close to what is consumed by the nation of Finland.” Fathom this for a minute, are these politicians and economic titans wrong on their perspective that Bitcoin is harmful for the environment based on the above quote, or are they just unaware that projects like Aergo have joined an entity known as the “Crypto Climate Accord” who’s aim is to immensely decrease the amount of carbon emissions cryptocurrency mining farms create. If mainstream adoption is to occur, it is incumbent that it doesn’t come at the cost of our planet, our home.
The Crypto Climate Accord: Combatting Climate Change Through Decreasing Blockchain Carbon Emissions
The Crypto Climate Accord, inspired by the Paris Climate Accord, is fighting back against climate change and the detrimental affects fossil fuels have on our environment. The Crypto Climate Accord’s main vision and goal is a planet where cryptocurrency thrives while our environment survives; how is this achieved, through net zero carbon emission blockchain platforms that transition to 100% renewables. The Crypto Climate Accord was created by three specific entities “Energy Web, The Alliance For Innovative Regulation and RMI Energy Transformed” and the Accord envisions a blockchain paradigm that decarbonizes the cryptocurrency industry at a record rate. The signatories of this Accord pledge to reduce their emissions to net zero emissions from electricity consumption by the year 2030. As of July 2021, over thirty companies have become ardent supporters of this Accord: some companies to name are Aergo, Enjin, Ripple, Polygon (Matic) and Terra Pool.” Industries from all over the globe that utilize electricity consumption have perpetuated the ideals and actions that facilitate decarbonization, and it is about time cryptocurrency does the same, and Aergo emphasizes such an ethos.
Aergo, is one of the projects that intends on fighting back against carbon emissions through their induction into The Crypto Climate Accord. Aergo is a hybrid-blockchain platform based out of South Korea that has joined “The Crypto Climate Accord” in an attempt to facilitate discussions and actions that lead to net-zero carbon emissions, not just through their platform, but through the entirety of the cryptocurrency sphere. Aergo intends on giving preference to companies, partners and projects who aim for zero net carbon emissions. Aergo is also aiming to lower its own carbon footprint to net-zero by the end of the decade. The primary focus for Aergo to preserve and expand the continuity of our environment is to require all block producers within the Aergo ecosystem to go carbon net zero by the year 2030. Aergo also has many unannounced partnerships with service and cloud providers that have ESG initiatives who aim to achieve net zero carbon emissions by 2030.
ESG “Environmental, Social, Governance” initiatives are set standards for a company’s operation that socially conscious investors use to screen potential investment prospects. Environmental criteria consider how a company performs as a steward and a protector of nature and Earth. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates, including local, national or global entities. Governance deals with a company’s leadership, executive pay, and shareholder rights. Aergo aims to embody the principles of the Crypto Climate Accord through three core principles.
The Guiding Principles Of Aergo: A Healthier Planet Leads To Mainstream Adoption
The first principle is to build upon our existing progress; it is evident that carbon emissions are reducing in electrical sectors and Aergo aims to utilize tactics and strategies that have been proven successful surrounding lowering carbon emissions. The second principle is to move quickly; Aergo aims to have a completely carbon net zero blockchain by the year 2030 and it is necessary to comprehend how blockchain can benefit such an idea. The same decentralized technology underpinning the global crypto industry — blockchain — can bring transformational levels of data transparency and trust to decarbonization efforts; Aergo desires to facilitate such a notion ubiquitously throughout the blockchain sphere. The third principle is to be community driven. It is evident that the success of a project can be determined by the ethos of the community that backs it; Aergo aims to encourage its community to ensure that blockchain doesn’t further exacerbate climate change, but coordinates with Aergo and other projects to fight against this harmful paradigm. Aergo will be one of the stewards that will stand the test of time in the blockchain space for fighting back against carbon emissions.
Conclusion: Climate Consciousness: A Blockchain Necessity
Blockchain technology has become a dominant force to be reckoned with since the inception of Bitcoin in 2008, but like all new technological innovations, they’re accompanied by a host of dilemmas that must be rectified to transcend into its natural next step of technological evolution. Cryptocurrency and blockchain technologies, in order to garner mainstream attraction and utilization, must lower their carbon emissions and not facilitate the further decimation of our planet. Banking the unbanked can not come at the cost of unbanking the planet of its atmosphere and clean energy. The time to change is now, and Aergo will perpetuate such an environmentally conscious zeitgeist.
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Disclaimer: Cryptocurrency investing and gambling requires substantial risk, do not invest or gamble more than you can afford to lose! I am not a financial adviser and I am not responsible for any of your trades. I am an investor of Icon Coin and the information within this article represent my own thoughts and opinions. It is incumbent that you always do your own research before investing in anything!
