Incentivizing Blockchain’s Regenerative Behavior
Bitcoin and Ethereum mining consumes approximately 130 TWh of energy annually, equivalent to the energy consumption of Sweden and Argentina — higher than that of over 170 of the world’s 195 countries.
To measure these impacts, Regen Network Development has developed custom emissions accounting calculators for Proof of Stake and Proof of Work networks, capable of analyzing everything from home offices, virtual meetings, travel, data centers, cloud consumption, and location-based emission factors.
As the world’s leading Bitcoin mining pool, F2Pool recognizes that it has a role to play in incentivizing blockchain’s commitment to sustainability. This is why they have been investigating and designing systems for the Blockchain Infrastructure Carbon Offset Working Group, to reward good behavior of emission reduction by the cryptocurrency industry or reliance on renewable energy sources.
Regen Network’s custom accounting allows F2Pool and Stakefish to accurately measure their emissions and carbon footprint. F2Pool and Stakefish set an example for the PoW and PoS communities to proactively address the climate impacts of blockchain operations and redefine responsible mining by working together to reduce their blockchain emissions. Our hope is that this framework can be easily adopted by other cryptocurrency miners or blockchain projects, allowing for greater industry impact and transparency.
As blockchain technology realizes its potential in becoming the backbone of a more equitable and open economy of the future, so befalls the responsibility to care for the planet we seek to change with it. Climate stewardship tech is all about accountability. — F2Pool
Regen Network’s credits are unique in that they live on the Regen Registry, Regen Network’s global, open-source platform for decentralized buying and selling of ecosystem service credits, and are represented by immutable records on the Regen Ledger blockchain. The emissions reductions represent ecological outcomes from the Kasigua Corridor REDD+ project, a wildlife conservation pioneer that protects 200,000 ha of dryland forests and 11,000 wild elephants. The project provides social programs that impact over 116,000 local community members with long-term jobs that incentivize the stop of poaching and illegal tree harvesting in Kenya.
Climate change demands that every industry and every company be at the table. When industry leaders like F2Pool and Stakefish step forward, others follow. We are grateful for their leadership and investment in stopping climate change through ecological regeneration.