Introduction
On 22 April 2022, Google released a doodle showing the time-lapse image of Earth in four different regions. Each of them has changed a lot due to climate change across the globe. This shows the Earth’s critical condition. Among the various aspects that damage the environment, global warming seems to be the most common cause of climate change.
Cryptocurrency – Contributor to Carbon Emission
The Crypto industry is also one of the contributors to global warming. Crypto mining consumes so much electricity and releases CO2 into the atmosphere.
What might be the reason for massive CO2 emissions?
Well, it is due to the Proof-Of-Work (POW) consensus mechanism of most of the cryptocurrencies. In POW, nodes have to solve complex puzzles to mine each crypto. Solving them will consume high energy and a powerful computer processor.
The higher the competition between the nodes to mine the cryptocurrency, the more will be the emission of CO2 and consumption of energy.
Time to Go Green!
By keeping the environment in mind, the crypto industry has taken a step by introducing ‘green cryptocurrency.’ This will help reduce the carbon footprint. The main goal is to decarbonize the crypto industry and reach net-zero emissions from electricity.
Recently, the New York Government has passed a bill stating that a 2-year ban will be implemented for the new BTC mines that don’t use green power. Again, this is also a good step to reducing power consumption as well as carbon emissions in the environment.
Presenting The Sustainable Blockchain Technology
The crypto industry is shifting towards the Proof-Of-Stake (POS) mechanism to reduce the high power consumption.
There are a few impactful blockchains that are developed for preserving the environment like blockchain for improving air quality and forest restoration. Also, blockchain helps to keep track of data like carbon footprint, greenhouse gas emissions, an enterprise’s environmental standard, and more.
On the other hand, the green smart contract is also getting attention in recent times. Using these smart contracts, we can cope with climate change and fight the various environmental issues. With such environmentally conscious blockchain solutions, we can surely restore a healthy atmosphere.
Conclusion
In this fight against global warming and climate change, we have to adopt various eco-friendly technologies similar to blockchain technology. Considering the different steps taken by the crypto industry, we can believe that the earth’s health condition can be restored soon!
Blockchain Firm’s ultimate goal is to help industries adopt sustainable blockchain solutions. Keeping the welfare of the ecosystem in mind, our suite of blockchain development services is completely environment-friendly.
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