Blockchain vs The Environment — NERA on Standby!

“Every bitcoin transaction requires enough energy to power nine (9) homes in the US for one (1) day!”

The Problem — Blockchain Tech is seen as Slowing the Effort to Move Away from Fossil Fuels

Mining for coins requires a massive amount of energy. The process itself seems simple enough — computers have to solve math problems to create more currency. The downside is that the more coins one mine, the harder the math equations become, which equate to more computing power needed to solve such problems. This has led to a huge increase, literally overnight, in fossil fuels where it’s estimated that by June 2019, mining technology could need as much power as the entire U.S., and by 2020 could need as much energy as the world requires today!

Dissenting voices have naturally fought against this industry, more so with the ever-growing popularity of cryptocurrency. On the one hand, we have those who are firmly against anything that requires renewed interest or further exploitation of fossil fuels re: increasing global carbon footprint. On the other hand, we have a group of realists who acknowledge certain industries need to change their methods of development and manufacturing by incorporating greener avenues; these companies provide innovative techniques and strategies that help the human race progress towards a more efficient lifestyle but require fine tuning when it comes to their research and development phase.

The Debate

The year is 2018 — We know 3 things:

● Blockchain is here to stay

● Everyone wants to get involved in some manner

● Mining for coins utilizes staggering amounts of energy.

There are multiple benefits to incorporating Blockchain tech utilizing the technology, including:

● Healthcare — Reduce fraud in healthcare, regulate and maintain health care records

● Legal — Cutting out the middleman via self-enforcing smart contracts, no single party is in control

● Government — Linking information using blockchain ensures transparency and keeps corruption in check.

The downside — the energy required by blockchain technology could drastically increase global warming if certain measures are not implemented. The issue of catastrophic climate change is no longer an if but a when…

The Solution

Rather than cry foul, NERA was created to find solutions that tackle these specific issues using alternative and renewable-energy sources. The world currently has multiple sustainable energy sources that could power mining operations WITHOUT costing the environment.

We have read numerous articles and studies about mining operations moving their base of operations to countries that provide cooler temperatures and lower electricity costs. Mining operations for large companies like Bitcoin have been crafty in relocating their operations to Iceland for 2 main reasons:

● Perma-cool temperatures mean less stress (heat) on the hardware required for mining

● Iceland uses 100% renewable energy

This looks like a win-win situation for all, doesn’t it? Iceland is a perfect example of how technology and the environment not only work together but succeeded admirably.

NERA believes that companies heavily invested in blockchain technology, and cryptocurrency need to pull their weight toward a global effort in finding solutions that create a greener pathway for all.

Right now, the fight for a sustainable future can be regarded as an underdog, but what does human history show us? Mankind always roots for the smaller champion because, like Rocky Balboa, they inevitably have the heart and staying power to achieve their goals.

Find out how you can help build a sustainable future with NERA

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