Al Jazeera: Crypto Climate Accord–Greenwashing or Game changer | G-Trade News
Tuesday, April 27–Al Jazeera reports of a community of crypto miners working to lessen crypto mining’s footprint, as climate change fair parades around the political stage.
The Biden administration’s revival of climate awareness has sparked miners to take notice of how the energy intensive mining process is affecting the environment.
“…a coalition of crypto firms and organisations earlier this month announced the Crypto Climate Accord (CCA), an industry-driven pact in which signatories vow to switch to renewable energy sources to power operations by 2025 and go completely net-zero — eliminating greenhouse gas emissions altogether — by 2040.”
For me, this is where the sugar meets the coffee in terms of how governments will stick their giant regulative boots on the throats of the crypto community. Since crypto is its own entity, it can’t be regulated in and of itself. Thus, access and peripheral regulation is what they must resort to. In other words, regulating the access to the coin via strict exchange provider laws, and taxing and/or prohibiting methods for obtaining cryptos (i.e. mining).
Bitcoin is not causing a climate disaster. If there is any problem with energy, it has always laid in the hands of those who provide the energy, and not what the energy is being used for. If green is what you want, then offer a green infrastructure to provide the world with its energy, instead of using the default energy status quo to attack little ol’ Bitcoin.
To that effect, crypto proponents have gathered in droves in defense of cryptos:
“High-profile Bitcoin supporters have come out in force to defend their favourite cryptocurrency. A report published last week — sponsored by Tesla Inc’s Elon Musk, Square Inc’s Jack Dorsey, and ARK’s Cathie Wood, one of Wall Street’s hottest investment pros — depicts Bitcoin as an “ideal” part of renewable energy projects involving solar, wind and battery storage technology.”
To that note, there is a firm which has taken measures of their own accord to mitigate the energy strain that mining Bitcoin brings:
“The firm first set up mining facilities in Quebec with cheap hydropower, Argo CEO Peter Wall told Al Jazeera.”
The establishment is eyeing bitcoin more than ever, as it gives millennial-aged fiat a run for its money (pun intended). As of right now, bitcoin’s mining protocol is comprised of proof of work, or PoW. The bitcoin-critical establishment targets PoW as the more energy intensive method for mining the crypto coin.
“Bitcoin has such a massive carbon footprint because it relies on something known as a proof of work (PoW) consensus to validate transactions and create and distribute new coins. The most competitive “mining rigs” that race to verify transactions for the reward of new Bitcoins are often comprised of thousands of computers labouring in unison and eating up massive amounts of energy.”
The crypto community needs to keep a strong eye on the carbon footprint agenda, as it is definitely a Trojan Horse tactic to control the propagation and access of cryptos.
“To stop the climate disaster that Bitcoin is causing, governments need to ban PoW mining.”
Government regulation is not the answer, and shouldn’t be left to just come into fruition. The whole premise behind bitcoin and cryptocurrency in general is independence from regulation. The crypto community must protect the crypto network at all costs.
“‘We recognise that crypto does use a lot of energy, so let’s make it 100-percent green,’ Jesse Morris, chief commercial officer at Energy Web, told Al Jazeera.”
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