The cryptocurrency market has witnessed exponential growth and diversification in recent years, with numerous digital assets entering the scene. One such intriguing project is GMT, which has gained considerable attention among crypto enthusiasts and investors. 

This comprehensive article aims to shed light on GMT and its underlying technology and provide insights into how you can acquire GMT Coins. 

## Understanding GMT crypto 

[GMT](https://cointelegraph.com/learn/what-is-stepn-gmt-a-beginners-guide-on-the-web3-lifestyle-app#:~:text=A%20governance%20token%2C%20GMT%2C%20can,to%20swap%20GMT%20with%20USDC.) is a company that offers a device for mining Bitcoin and other cryptocurrencies. The company also has its [utility token](https://morioh.com/p/c6a576f134b5), GMT, which is backed by the computing power of the device fleet, meaning each token represents a share of the network's total hash rate. The token holders can use the token to access various benefits and services, such as discounts, rewards, voting rights, and exclusive offers. 

GMT claims that its device, the GMT Miner, is the world's first plug-and-play crypto mining device that anyone can use anywhere. The device is designed to be easy to set up, low-maintenance, and energy-efficient. 

The GMT Miner can [mine Bitcoin](/news/article/bitcoin-miners-sustainable) and other cryptocurrencies using a proprietary algorithm that optimizes the mining performance and profitability based on the market conditions and the device's capabilities. The device can also switch between different cryptocurrencies automatically to maximize returns. 

Cryptocurrencies have revolutionized the financial landscape by offering decentralized, secure, and efficient means of conducting transactions. GMT crypto is an innovative digital currency that harnesses blockchain technology to enable secure peer-to-peer transactions and financial sovereignty. 

## How does GMT compare to other crypto mining companies? 

Comparing GMT to other crypto-mining companies requires a comprehensive analysis based on various factors. As GMT crypto is a digital currency rather than a traditional mining company, it is vital to consider its unique characteristics. 

Here are some points of comparison 
- Market Capitalization: GMT crypto's market capitalization can be compared to other cryptocurrencies or digital assets. It represents the total value of the GMT coin in circulation and can provide insights into its perceived value in the market. 

- Price-to-Sales Ratio: Since GMT is not a publicly traded company, there is no stock price or revenue per share. 

- Growth Rate: While GMT's growth rate cannot be directly compared to traditional mining companies, its adoption and user base expansion can be evaluated. Factors such as the number of active users, transaction volume, and community engagement can provide insights into GMT's growth trajectory. 

- Technology and Innovation: Comparing GMT to other mining companies involves considering the underlying technology and innovation behind the project. GMT's utilization of blockchain technology, privacy features, and smart contracts can be compared to similar features other mining companies offer. 

- Ecosystem and Partnerships: Evaluating the ecosystem and partnerships surrounding GMT can provide a basis for comparison. This includes assessing the availability of decentralized applications (DApps), collaborations with other companies or organizations, and community initiatives. 

## The technology behind GMT 

[GMT crypto](lhttps://stealthoptional.com/crypto/what-is-gmt-crypto/) is built on a blockchain, a decentralized ledger that records all transactions conducted on the platform. Blockchain technology provides transparency, immutability, and security to the network, making it a reliable system for users. 

The GMT blockchain operates on a consensus mechanism known as Proof-of-Stake (PoS). Unlike the energy-intensive Proof-of-Work (PoW) used by Bitcoin, PoS allows users to mine or validate block transactions based on the amount of tokens they hold. This energy-efficient approach ensures a sustainable and eco-friendly cryptocurrency network. 

GMT employs smart contracts to enhance the platform's scalability and functionality. These self-executing contracts facilitate and automate transactions without intermediaries, reducing costs and increasing efficiency. Smart contracts on the GMT network enable various applications, from decentralized finance (DeFi) to non-fungible tokens (NFTs), creating a vibrant ecosystem. 

## Acquiring GMT coins 

If you are interested in acquiring GMT coins, the following steps will guide you through the process: 

- Set up a cryptocurrency wallet: To store GMT coins securely, you need a digital wallet. Choose a reputable wallet provider that supports GMT crypto and offers robust security features. 

- Choose a cryptocurrency exchange: Select a trustworthy cryptocurrency exchange where you can buy GMT coins. Look for exchanges that provide GMT crypto and have a user-friendly interface. 

-Place  an order: On the exchange platform, navigate to the GMT crypto trading pair and enter the desired amount of GMT coins you wish to purchase. Review the transaction details and confirm the order. 

Fund your account: Deposit funds into your exchange account using a payment method the platform supports, such as credit or debit card 

Place an order: On the exchange platform, navigate to the GMT crypto trading pair and enter the desired amount of GMT coins you wish to purchase. Review the transaction details and confirm the order. 

- Store your GMT coins securely: Transfer the acquired GMT coins to your cryptocurrency wallet once your purchase is complete. This step ensures you have full control and ownership of your digital assets. 

## Conclusion 

GMT crypto presents an exciting opportunity for users seeking a reliable and secure digital currency with an emphasis on privacy. The platform's blockchain technology, powered by PoS consensus and intelligent contracts, offers scalability and versatility. 

GMT represents a significant step towards the global adoption of cryptocurrencies and decentralized finance. By understanding the underlying technology and following the steps needed to acquire GMT Coins, you can participate in this emerging digital economy and explore its numerous possibilities. 

Green filter on photo of runners running with gmt stepn logo

What is GMT crypto, and how do I get a GMT coin? 

Despite the crypto market's downturn, new platforms are still making big moves and adding value to the Web3 scene. STEPN adds value with its innovative app that tracks a user's physical activity and helps users earn rewards. The [STEPN app](https://stepn.com/) and community are powered by the Green Metaverse token, which serves as its governance token.

The platform launched in late 2021, and its user base skyrocketed in the first few months of 2022. As a result, its governance token, GMT, grew in value and became a coin worth purchasing for crypto traders looking for promising projects. Let's review the STEPN ecosystem and how to get the Green Metaverse token.

## The lifestyle app

STEPN aims to connect millions to a healthier lifestyle, aid in the fight against climate change, and connect the public to Web 3.0 via built-in [Game-Fi ](/news/article/what-is-gamefi) and Social-Fi elements. The platform was developed on the Solana blockchain by Jerry Huang and Yawn Rong, who designed it as a "[move-to-earn](/news/article/blockchain-use-cases)" app and finished fourth out of more than 500 applications at the [Solana Ignition Hackathon](https://solana.com/news/solana-ignition-hackathon-winners).

The app's distinct value is "incentivisation", which distinguishes it from other fitness platforms. Users are motivated to exercise and participate in physical activities because they will be rewarded for doing so.

The first step to using the platform is purchasing NFT sneakers from its marketplace. Users are expected to buy a sneaker appropriate for one of four types of activity. It's also worth noting that STEPN tokens are earned when a user's speed falls within the range of the activity they choose. That is, the NFT sneaker for running will not earn STEPN tokens if used to walk.

Users will first receive the game's utility token, the Green Satoshi token (GST). Once their sneakers reach level 30, they will be able to earn the GMT governance token.

## What is the Green Metaverse token?

The Green Metaverse token powers the STEPN ecosystem as the governance token. Users begin by earning GST, which can be used to level up sneakers, open mystery boxes, and upgrade rewards.

GMT will allow users to advance to new levels, increase GST earnings, and vote on business decisions that directly affect STEPN's future. GMT has a fixed supply of 6 billion coins, with only 10% in circulation. It should be noted that approximately one-third of Green Metaverse tokens can be obtained through "move-to-earn" rewards.

If you want to buy GMT, you can do so on OKX, Bybit, CoinTiger, and Binance. Green Metaverse tokens can also be purchased with Bitcoin or Ethereum. Users can also trade GMT by signing up for STEPN and reaching the app's set milestone.

Through its move-to-earn model, the STEPN app aims to promote a healthier and more environmentally friendly way of life. Because of the incentivization concept, GMT has become a solid investment in the eyes of crypto investors.

green image of metaverse with stepn token logo in centre

Green Metaverse token: A guide to STEPN

The importance of a sustainable future cannot be overstated.

As society evolves, more conscious efforts toward sustainability are being made, with the rise of environmental, social, and governance initiatives by leading corporations worldwide. How can features of blockchain technology support this?

According to a recent statistic, the G20 countries will raise more than [$97 trillion](https://www.g20-insights.org/policy_briefs/fostering-sustainable-global-growth-green-finance-role-g20/) over the next decade and a half to accelerate sustainability efforts. Raising awareness of global social and economic inequality, as well as developing effective governance frameworks to address these issues, is critical. 

Private investments in climate-related projects are increasing, with one [hedge fund](https://www.forbes.com/sites/scottcarpenter/2020/07/04/hedge-fund-marshall-wace-will-bet-on-esg-stocks-with-new-1-billion-fund/?sh=520d75dc97de) betting $1 billion on ESG stocks in 2020.

One thing to remember is that sustainable development necessitates collaboration with the finance sector. With blockchain technology emerging as the future, decentralized finance will also play a role in constructing a sustainable future. How can features of blockchain technology support sustainability efforts? This article answers that and how the tech can solve various pain points associated with ESG initiatives.

## What is blockchain technology?

[According to Amazon](https://aws.amazon.com/what-is/blockchain/#:~:text=Blockchain%20technology%20is%20an%20advanced,linked%20together%20in%20a%20chain.), blockchain technology is an advanced database mechanism that allows for the openness and transparency of transactions within a business network. 

[Blockchain](/news/article/what-is-blockchain) technology uses a distributed ledger system, which allows a group of participants to reach an agreement without needing a third party. Blockchain technology is considered the new era of digital innovation because it is the basis of the next generation of the internet, Web3, and replaces traditional finance with decentralized finance. 

## Features include:

### Immutability

Immutability means that transactions, once registered on the blockchain, cannot be altered and is permanent. This is an essential feature of blockchain technology that enforces transparency and trust.

### Decentralization

Decentralization in blockchain involves distributing governing authority amongst different participants rather than a central entity. This promotes fairness and enhances the security of the blockchain. It is another vital feature that enables trust, openness, and transparency.

### Consensus

Blockchain technology relies on several consensus mechanisms to maintain the integrity and trustworthiness of stored data. Consensus algorithms establish rules about consent for recording transactions.

How can features of blockchain support sustainability efforts?
Blockchain technology, among other things, can be a valuable tool in mitigating environmental issues such as climate change and carbon emissions. There are various ways in which blockchain technology can play an important role in boosting sustainability initiatives, especially ESG, such as:

### Supply Chain: 

Blockchain tech can improve supply chain traceability. 

Blockchain technology is a distributed ledger technology that can protect critical company data from attack because data is stored in a decentralized manner. This has a wide range of applications in the food industry. Demand for ethically sourced products has grown, particularly in the food industry. 

Users can use blockchain technology to trace these products' supply chains and determine whether they are safe to consume. As a result, blockchain enhances the environment for suppliers, transporters, distributors, and retailers by making supply chains more efficient.

### Combating Climate Change:

With blockchain technology, renewable energy can be expanded, reducing carbon emissions. Companies can offset their carbon footprint using blockchain by investing in environmentally sustainable projects. Crypto donations are now being accepted by the Carbon Offsets to Alleviate Poverty organization.

### Renewable Energy:

Using blockchain to manage renewable energy production is an excellent way to increase efficiency and reduce costs. The blockchain system promotes collaboration between utility companies and customers, and blockchain technology improves distributed energy production. The market can allocate production and use alternative types of energy.

## Final Thoughts

How can features of blockchain technology support sustainability efforts? These examples are just a few of the many ways the tech can help. With the incorporation of blockchain technology in ESG initiatives, more sustainable infrastructure can be put in place, improving the overall social outcomes of ESG initiatives. Furthermore, blockchain tech can be used to enhance governance frameworks and sustain value by providing transparency and verification processes. 

Blockchain technology is expected to become a mainstay in ESG initiatives, spawning more creative applications due to this integration.


yellow image of eco friendly hand holding leaves

How Can Features of Blockchain Support Sustainability Efforts? 

Are emissions from the crypto industry a global issue?

The worldwide energy market has been in turmoil for many years. Several European countries, the United States, China, India, and South Korea, are among those worst hit by the ongoing energy crisis. This crisis is a culmination of several issues, the chief of which is the sharp reduction in the use of oil and electricity during the early stages of the [COVID-19 pandemic](/news/article/omicron-variant-crypto).

This led oil and gas companies to limit the production of these resources. However, these companies did not anticipate the global market to recover so quickly from the pandemic. Factor in the Russia-Ukraine War, climate change, greenflation, and geopolitics, and we are in the middle of an unprecedented energy crisis. You must be thinking, what is this to do with cryptocurrencies and crypto emissions?

## Crypto emissions from crypto mining are a problem

Today’s total crypto market cap [is nearly $800B](https://www.tradingview.com/symbols/TOTAL/). Yes, billion. The most popular cryptocurrency, Bitcoin (BTC), boasts a market cap that is almost 40% of the market's total value! BTC is one among [19k+ potential cryptocurrencies](https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/) generated on the Proof of Work (PoW) consensus mechanism.

This 'generation' takes place through crypto mining, a costly, time-consuming, energy-consuming, and rewarding (potentially) process. It involves sophisticated hardware and solving complicated computational maths problems. The 'energy-consuming' component of cryptocurrency mining is the real problem.

Crypto mining consumes an ENORMOUS amount of energy. The annualised consumption of [BTC alone is 88.87 TWh](https://ccaf.io/cbeci/index), with an upper limit of 125.93 TWh! That is around 10% of the [total energy consumption of countries](https://worldpopulationreview.com/country-rankings/energy-consumption-by-country) like South Korea, Brazil, Germany, and Canada, and much more than Austria as a whole! Now that we have established the amount of energy Bitcoin alone consumes through [Bitcoin mining](/news/article/free-bitcoin-mining), imagine the total energy consumption of all cryptocurrencies.

Also, imagine the massive carbon footprint of crypto. Now that is what is hurting the climate.

## The carbon footprint of crypto emissions

Earlier this year, Ethereum too was a PoW chain. However, the change from PoW to the consensus mechanism of Proof of Stake (PoS), [The Merge](/news/article/the-merge-ethereum-nft-impact), on 15 September, 2022, led to a reduction in energy consumption [by nearly 99.95%](https://ethereum.org/en/upgrades/merge/)!

Unfortunately, a move to the PoS model is not viable for Bitcoin. Bitcoin serves as a store of value, much like traditional assets such as gold and silver, and has fundamentals enabling the decentralisation of the chain securely. Moving to the PoS mechanism would undermine the very purpose of the crypto asset and would not be permitted by the Bitcoin mining community anyway. The six largest Bitcoin mining pools [control nearly 95% of the resources](https://definoobs.com/will-bitcoin-move-to-proof-of-stake/) on the chain–the irony!

Let us talk numbers. What impact do crypto emissions led by BTC really have on the environment? Bitcoin's carbon footprint increased a mammoth [126 times between 2016 and 2021](https://www.eco-business.com/news/bitcoin-minings-carbon-footprint-swelled-126-times-in-just-five-years-study/). During this duration, Bitcoin-led crypto emissions caused global climate damages worth an estimated $12B. According to Benjamin Jones, University of New Mexico Assistant Professor of Economics,

*“We find no evidence that Bitcoin mining is becoming more sustainable over time.”*

According to him, Bitcoin-led crypto mining is becoming “dirtier” and even more “damaging to the climate”. In 2021 alone, Bitcoin-caused crypto emissions resulted in 113 metric tonnes of carbon dioxide on average, PER COIN MINED. If we assume one metric tonne of carbon dioxide causes $100 worth of climate damage, each BTC mined led to $11.3k worth of environmental damage (researchers used similar figures). Ouch.

As long as non-renewable resources like coal are used to fuel crypto mining operations, crypto emissions will be a climate problem and an ever-growing one. So is a change to PoS for all PoW chains the answer to reducing crypto emissions for other cryptocurrencies? Changing from one consensus mechanism to another is not easy. 

It is a very time-consuming and complicated procedure.

To put it into perspective, the original date for 'The Merge' was January 2020! The Ethereum community waited more than two years for the change.

Ethereum is backed by the strongest community in crypto and boasts of some of the best talents, led by the charismatic and brilliant Vitalik Bueterin. A change to PoS is not the solution. While cryptocurrencies of the future should look away from the PoW model, for current PoW chains, the solution is a move to green mining. This will help drastically reduce crypto’s carbon footprint.

## A move to green mining will help address the issue of crypto emissions

I'd be lying if I said there are no mining rigs that have turned to green energy sources for crypto mining. Texas, for example, produces the most [renewable energy](/news/article/crypto-mining-farms) in the US, powered by solar and wind farms. A crypto mining data centre in West Texas, called [HODL Ranch](https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/?sh=268943ff34ce), is taking full advantage of the ferocious gusts in the region and mining BTC at the cost of just $2,000 per coin! On today's market, that is a profit of over $14,000 per coin. Insane.

Crusoe Energy Systems has raised $250M to mine Bitcoin in states including Texas, New Mexico, and Dakota. 

This green mining gamble will be fuelled by natural gas that would have either been flared or burnt off. The Scrubgrass Generating power plant in Pennsylvania combusts gob (coal waste) to mine Bitcoin, earning significantly more from mining than selling to the power grid–nearly 15 times more. These are just a few examples from the US.

Several players all over the globe are [turning to green mining](/news/article/norway-bitcoin-mining) to reduce crypto emissions or maximising existing waste to good effect. The problem is that at the current rate of carbon emissions per BTC mined, the green mining initiative of today just is not enough. We need a more drastic change soon.

The fact is that the above-listed 'organisations' can afford to use green energy or combust waste material. Other crypto and Bitcoin miners will always choose the cheapest available fuel source. Dirty fuels like coal will remain cheap for the foreseeable future, and this will prohibit a green revolution.

Banning crypto mining will not solve the issue either. [China banned cryptocurrency mining](https://techstory.in/china-bans-crypto-mining-due-to-huge-power-consumption/) last year, leading to miners fleeing to countries such as the US and Kazakhstan, where they sourced energy for mining from coal power and gas. We have to enforce a change for the betterment of the climate.

It is no longer why but how. How do we enforce a global green mining revolution? How soon can we significantly reduce crypto emissions? We are harming the environment by the day. It is time for the cryptoverse to stand as one and work towards a common goal - a green planet.


image of emissions with cryptocurrency falling from sky

Crypto Emissions: A Growing Climate Problem?

Greetings, Whovians, and welcome to Dr Who Worlds Apart.

Have you ever thought of jumping in the TARDIS and travelling across the universe? Well, now you can.
A collaboration between [Reality Gaming Group](https://realityplus.com/) and the [BBC](https://www.bbc.co.uk/) has brought the longest-running and most successful science-fiction television show in the universe to your digital decks.

[Dr Who Worlds Apart](https://doctorwho-worldsapart.com/) is a digital card trading game where players can collect, battle, and trade in real time:

•	Assemble your decks with your favorite characters, objects, and moments from the adventures of the Timelord.

•	Trade - buy and sell cards on the Worlds Apart native marketplace with users from around the globe. Buy card packs and tokens on the online store.

•	Battle it out with friends in the online game to conquer all of time and space!

## How Dr Who Worlds Apart works

By harnessing the power of blockchain technology, Reality Gaming Groups (RGG) has transformed digital collectible cards into secure, protected, and scarce [Non-Fungible Tokens (NFTs)](/wiki#character-n). NFTs give the cards unique identities, which ensures that every gameplay detail is recorded and publicly stored. This allows you and your teammates to see a track record of wins, losses, and all other accomplishments.

## How to enter the Whoniverse 

Users can register their accounts and start collecting cards as well as adding cosmetic Alien frames straight away. These can be purchased in-store or on the secondhand marketplace using Pandaks (named after the original Lord President). $1 is worth 100 Pandaks. What's more, you earn ten free Pandaks every time you log in! The earlier you assemble your deck, the lower the price will be.

## Bringing Dr Who to younger generations

Co-founder of RGG Tony Pearce said: "In the beginning, getting Doctor Who fans to understand what an NFT is had proved difficult. Together with the BBC, we hope to educate the younger Doctor Who fans of why there is value and utility with these cards."

## Paper or digital deck - what’s more sustainable?

There has been much media coverage concerning Bitcoin's intensive energy use. It is estimated that the world's largest cryptocurrency consumes more electricity per year than the entire country of Argentina which, with a population of 45 million people, is a lot of energy!

Context is key when interpreting statistics, and carbon emissions can be difficult to measure across different industries. However, the transparent nature of blockchain's distributed ledgers makes it much easier to perform audits and approximate current and future energy use.

In industries with physical supply chains, it is a complex and often inaccessible process to calculate [scope 3 emissions](https://www.carbontrust.com/resources/briefing-what-are-scope-3-emissions). This is especially so in sectors like [metals mining](https://www.gold.org/news-and-events/press-releases/gold-and-climate-change-the-energy-transition-press-release) which create a much larger carbon footprint than crypto.

All online activity has an associated energy cost. For example, [YouTube uses 250% more energy](https://thefactsource.com/how-much-electricity-does-youtube-use/) per day than the entire Bitcoin network. The [traditional banking system](https://cointelegraph.com/news/banking-system-consumes-two-times-more-energy-than-bitcoin-research) uses twice as much energy as the Bitcoin network daily. [Research by Cambridge University](https://www.jbs.cam.ac.uk/wp-content/uploads/2020/08/2019-09-ccaf-2nd-global-cryptoasset-benchmarking.pdf) suggests that the energy that powers crypto mining is already as much as 78% renewable.

There is often a misconception that the energy cost of Bitcoin is the same for all blockchain networks. Ethereum uses about half of the energy of Bitcoin, and the network's overhaul from the Proof of Work consensus model to Proof of Stake has reduced Ethereum's energy usage by 90%.

## RGG’s approach to the climate reality

Using and developing NFTs and blockchain applications require energy, just like any game developer or other industry in the world. [Reality Gaming Group](https://realityplus.com/) understands that blockchain technology has a significant [environmental impact](https://doctorwho-worldsapart.com/sustainability/) and is committed to keeping this to a minimum. To this end, all of the Group's data servers and websites are certified as carbon-neutral.

Dr Who Worlds Apart runs on a fork of Ethereum known as a ‘sidechain’ which uses less energy than the Ethereum mainnet and is more versatile for bespoke development. RGG plans to integrate Polygon and other layer 2 companies to improve energy efficiency and speed further while retaining the security and authentication benefits of the Ethereum network.

It can be argued that the emissions involved in manufacturing and transporting physical cards may have more impact on the environment than collectible digital cards using NFT technology.

Built using blockchain for integrity and utility, Dr Who Worlds apart is the perfect platform to inspire existing and future fans. So, don’t waste any more time. Go forth, assemble your deck, and get collecting to master the universe.


Dr Who Worlds Apart: The Time is Now

The European Union has released a set of documents relating to an EU crypto regulation action plan for implementing the European Green Deal and the REPowerEU Plan. Both are intended to save energy by digitising the energy sector. It shows that [crypto miners](/news/article/crypto-mining-farms) are on the radar of European energy planners.

## The REPowerEU plan

[The REPowerEU Plan](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52022DC0230&from=EN) was unveiled in May in response to Russia's invasion of Ukraine, which significantly impacted European energy supplies. The document outlines the EU's strategy for achieving energy independence from Russian fossil fuels by 2027.

The document was a follow-up to the first 'REPowerEU' document, released on March 8, 2022, and outlined steps to avoid Europe's fuel dependence on Russia becoming a weapon against the bloc.

### REPowerEU's primary goal is:

•	Ending Europe's reliance on Russian fossil fuels as soon as possible, ideally by 2027, with a two-thirds reduction in Russian gas consumption by the end of 2022.

•	Securing the EU energy system's long-term sustainability, cost-effectiveness, and energy supply through a controlled exit from this long-entrenched relationship with Russia.

## Commission Staff Working Document

According to the document, Europe accounts for about 10% of global crypto mining, with Germany and Ireland leading the continent and Sweden seeing a significant increase in activity after [mining was banned in China](/news/article/chinas-ban-on-crypto). The European Securities and Markets Authority is expected to draft technical standards for the crypto-mining industry.

The paper also stated that investors require more information about cryptocurrencies' energy consumption. It echoes the EUBOF document, that the EU crypto regulation should take the lead in developing international blockchain standards.

According to a communication from the Commission to bodies including the European Parliament, Council, and European Economic and Social Committee, energy consumption for cryptocurrency mining has more than doubled in the last two years. The proposed [Markets in Crypto Assets (MiCA)](/news/article/euroc) legislation would require crypto-asset market participants to make environmental disclosures.

Meanwhile, due to the tight energy situation this winter as a result of disruptions in Russian fuel supplies, the European Commission, the EU's executive branch, is urging member states "to implement targeted and proportionate measures to lower the electricity consumption of crypto-asset miners to put an end to tax breaks and other fiscal measures benefiting crypto-miners in the longer term".



EU Crypto Regulation to Save Energy

Ripple has partnered with Thallo to create a blockchain-based carbon credit marketplace.

Climate Collective and Thallo have joined forces to create a Web3-based marketplace that will use the [XRP](/news/article/ripple-price-prediction) Ledger to ensure the immutability of information and increase transparency and efficiency.

![ripplr.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/ripplr_0b21900a47.png)

## What is a carbon credit? 

The right to discharge one ton of CO2 or an equivalent amount of other greenhouse gases (tCO2e) into the atmosphere is effectively represented by the term "carbon credit."

The primary goal of establishing these credits is to reduce CO2 and other greenhouse gas emissions from industrial sectors to lessen the consequences of global warming.

Companies that release too much CO2 into the atmosphere have long been compelled to purchase these credits from other businesses that produce energy without releasing harmful carbon emissions into the atmosphere.

## Ripple-Thallo partnership

Thallo hopes to democratise the carbon credit market by enabling direct matching between buyers and sellers.
By facilitating the direct matching between high-quality buyers and sellers, it seeks to address issues with conventional markets, particularly liquidity and price data opacity.

Ripples' XRP Ledger is a decentralised public blockchain already carbon-neutral, and the company's focus is to integrate its protocol as a database tool to expand green energy projects.

In alignment with Ripple's commitment to supporting carbon neutrality in the cryptocurrency industry, Thallo is working to contribute to the market to increase liquidity, scalability, and price accessibility. 

Along with [Ripple](/news/article/xrp-court-case-update), [VenTree Innovations](https://ventreeinnovations.com/), InPlanet, BioFix, and TrendCO2e are the other founding partners of the new platform. The Carbon Business Council and Crypto Climate Accord are signed as the project's integrity partners. [Chainlink](/news/article/chainlink-news), Aklimate, and Celo Foundation are three of the 14 innovation partners of the Thallo.

Climate change issues have been a top concern for leading nations. For the first time in 2021, voluntary carbon credit markets had a total market capitalisation of almost $2 billion and are forecast to rise to $150 billion in the following eight years. Many private businesses and organisations, both large and small, have committed to achieving several notably ambitious climate goals. Carbon credits will be in high demand to support these goals.
 

 
 



Ripple’s partnerships to revolutionise carbon markets

The climate crisis is, without a doubt, one of the most significant challenges for humanity. And if we are to tackle it, we need actionable strategies. [Blockchain](/news/article/blockchain-energy-fud) is one solution that can substantially help in combating climate change. Several initiatives have deployed this tech to track institutions' [carbon footprints](/articles/our-news/sustainable-future).

One such initiative is the Cardano Samsung partnership for a massive planting drive. The tech giant [Samsung](https://www.samsung.com/uk/) has launched a new project with Cardano's [Veritree](https://www.veritree.com/) for reforestation, aiming to provide nature-preserving solutions.

Let's learn how this smartphone enterprise is leveraging a crypto-based platform to tackle climate change!

## Cardano Samsung partnership

At the beginning of this year, one of the world's most renowned smartphone manufacturing companies, Samsung, launched a [project](https://news.samsung.com/us/samsung-veritree-plant-millions-trees-fight-climate-change/) to confront climate change. The company joined forces with a plantation management firm, Veritree. The plan of this project is the conservation of forests in Madagascar.

The Veritree platform assists in environmental solutions by leveraging blockchain tech. The Cardano Network powers this platform. That's why Samsung would collaborate with the [ADA token](/news/article/ada-coin-price-prediction) blockchain for its eco-friendly initiative. Together these firms will be working on the reforestation of Madagascar forests with Mangroves.

## Cardano Samsung tree planting drive via Veritree

Veritree is an innovative firm that offers reforestation as a service. Its plantation management system has a verifiable mechanism to bring transparency. The firm aims to plant over 1 billion trees in a decade by assisting different companies in their eco-friendly projects. 

This project is taking place in different regions of the Republic of Madagascar. These regions include Mahabana, Kandrany, and Mariano Mangrove. For this purpose, Mangroves are selected as they can quickly grow in these coastal regions. Veritree set the target of planting 2,000,000 trees in the first quarter of 2022 and has successfully achieved it.

![cardano samsung 1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/cardano_samsung_1_18ad489ffc.png)
 
Since a verifiable system is used, anyone can track the stats for this plantation drive. Besides the tree count, it shows the area covered, and the tonnes of CO2 absorbed from the environment due to reforesting. According to their stats, reforestation has covered 200 hectares and reduced approximately 431,225 tonnes of CO2 from the environment.  

## What lies ahead for Cardano and Samsung?

Samsung is a tech giant that primarily deals in smartphones and other electronics. On the other hand, Cardano is a famous blockchain ecosystem that includes various DeFi projects. Both of them are quite distinct from each other. Yet, they share one common goal: to thrive in the crypto space and reduce atmospheric carbon emissions. 

The smartphone behemoth has already announced plans to enter the space. Samsung plans to build a [crypto exchange](/news/article/samsung-south-korea-exchange) in South Korea by 2023. It also aims to develop a unique NFT marketplace which consumers can explore through their smart TV. It will be an in-built feature in the company's smart TVs that will supposedly make trading NFT easier; a few reports suggest that the brand might leverage the ADA's blockchain for its marketplace. 

Cardano's network is one of the most popular blockchains. However, it has not yet reached the level of its competitors because of its low price. That's why its plans also involve experimenting with novel ideas like Veritree. 

The protocol recently went through a [hard fork upgrade](/news/article/cardano-hard-fork) to upscale its performance. The network might also seek expansion in African countries. So, it may create an opportunity for this network to work with the tech giant on other projects. 
Not only that, Cardano is planning numerous on-chain and off-chain developments. This may include increasing block size, updating Plutus, and improving nodes.   

## Samsung and blockchain technology

A smartphone manufacturer's name is not common in the crypto world. However, this company is looking to change this trend. The Cardano-Samsung partnership is not the only instance for blockchain use. 

The [Samsung blockchain](https://www.samsung.com/global/galaxy/apps/samsung-blockchain/) is already live. It includes a Keystore and wallet that you can use to process your daily transactions. A decentralised crypto exchange is also part of the plans to enter the crypto world, which is planned to roll out in 2023. As the company is looking to capitalise on the crypto market, exposure to Cardano via Veritree can be beneficial.  
 



Cardano and Samsung team up to tackle climate change

Norway Bitcoin mining has set a precedent for the global mining industry. Now, only green and renewable energy is being used for mining in the country. [Arcane Research](https://arcane.no/research/bitcoin-mining-around-the-world-norway) indicates that Norway's 'flourishing' crypto industry relies 100% on green power resources, leaving almost no carbon footprints.  

The data shows that the country's Bitcoin mining makes up nearly 1% of the global hash rate. Contrastively, its population is only 5 million, which makes up only 0.07% of the world's population. Moreover, it is less than a tenth of the hash rate Norway is currently producing. 

Overall, sustainable mining of bitcoin rises to 59.5%, making Crypto Fear and Greed Index drop from “extreme fear” to “fearful”. 

## Which renewable resources do Norwegian Bitcoin miners use?

The electricity Norway consumes comes from different resources; however, most of these resources are renewable. That's why the country is able to limit its carbon emissions that are [harmful to the climate](/news/article/blockchain-energy-fud). Mainly, Bitcoin miners in the country rely on hydropower as it is the country's most used source of electricity. 

Besides hydropower, wind power is the second-most reliable source of power for Bitcoin mining in Norway. Also, as the country is a member of the European electricity system, it uses a small amount of foreign-produced electricity using different technologies and resources.  

If you consider these electricity stats, Norway is using only renewable energy. This poses an excellent opportunity for Bitcoin miners around the world. The author and researcher Jaran Mellerud also believes that the country's mining industry can further expand as its northern part has an abundance of cheap hydropower. 

## Utilising Bitcoin miner’s excessive heat

Norway Bitcoin mining is not only limited to using renewable power resources, but the country is also working on repurposing energy. A German company, Bluebite, has started its operations on Norwegian land and is working on utilising the by-product heat emitted by Bitcoin miners. Currently, the company is exploring different options like vertical farming of strawberries, drying timber, growing seaweed operations, or even supplying the heat to citizens. 



Norway Bitcoin mining now uses 100% green energy

The high energy consumption of blockchain has become a topic of heavy debate over the past few years. Let's critically analyse whether blockchain's energy usage is really a threat to the climate!
 
Blockchain is touted as the most disruptive technology for data transparency in ledgers. It is being used in several industries for governing transaction procedures in a decentralised way. Though technology has revolutionised the world economy, blockchain often faces criticism for consuming large amounts of energy. 

Since the origination of the blockchain, its energy consumption has been questioned by many environmentalists. Undoubtedly, blockchain energy expenditure is relatively high. But does higher consumption necessarily imply more harm to the climate? 

Various widespread misconceptions about blockchain energy hold us back from using it as a secure payment gateway. To ensure blockchain smart transition in businesses, here we've demystified the FUD surrounding blockchain energy! 

## Environmental sustainability and blockchain energy usage

Blockchain technology is mainly used for cryptocurrency mining. Since Bitcoin is the largest and oldest currency, its mechanism, PoW (Proof-of-Work), is often perceived as the only viable mechanism. And as PoW has a [high energy consumption rate](/news/article/bitcoins-growing-energy-problem), environmentalists view it as a massive danger to the climate. 

According to many environmentalists, blockchain technology should be halted as it can cause a threat to the climate. Previously, there also have been discussions about its ban in the European Union. Moreover, cryptocurrency critics use this misconception as an argument to outlaw the crypto market. But this argument is based on several myths and misconceptions about blockchain energy consumption, which must be addressed.

## The common misconceptions about blockchain energy consumption

Here are the most common and problematic misconceptions about the energy expenditure of blockchain technology.

1.	Blockchain energy consumption amounts to the same carbon emission
One of the most common misconceptions about blockchains is that the amount of energy they consume leaves the same amount of carbon emission in the atmosphere. This view is problematic for various reasons. 

Firstly, calculating the amount of energy required for blockchain is easy and doable as you can find the hash rates. However, calculating the carbon emission against it is quite arduous. Because here, you would need to know what energy sources different crypto miners are using and what their hardware specifications are. That's why the estimates for carbon emission are incorrect.

Secondly, not every crypto miner uses fossil fuels as energy resources. Many opt for renewable sources for uninterrupted energy supply and efficiency. Data shows around [28% to 74%](https://www.coincenter.org/education/crypto-regulation-faq/understand-bitcoins-energy-use/) of energy for Bitcoin mining comes from renewables. 
 
2.	Slower transactions mean more energy consumption
Another misleading notion about blockchain energy expenditure is that slower transactions mean more energy consumption, thereby more CO2 emission. 

But the truth is blockchain does not require energy for transactions. Blockchains consume energy only for mining, which involves solving a puzzle in the PoW algorithm. That's why considering the amount of time required for transactions for calculating energy consumption is unnecessary.  

3.	Crypto mining increases the load on electrical grids
Crypto critics also argue that using blockchain for mining increases the load on public electrical grids. However, this is also based on a false assumption that crypto miners use public grids. 
Crypto mining requires an enormous amount of uninterrupted flow of energy. Therefore most miners use private electrical grids with sustainable sources. Mostly, miners rely on sunlight, rain, wind, tides, etc., to produce electricity and maintain energy efficiency. 

4.	Blockchains use only Proof-of-Work (PoW) mechanism
Since the Proof-of-Work (PoW) mechanism is one of the oldest and is used for Bitcoins, many perceive it as the only mechanism for blockchains. But as blockchain technology has evolved, numerous blockchain consensus mechanisms exist. 

PoW is only one of the many consensus mechanisms used by blockchains. Its widely known energy-efficient alternative is Proof-of-Stake (PoS). Ethereum blockchain is one of the most popular blockchains that runs on this mechanism. It mainly involves maintaining the electronic ledger for the number of tokens the node holds. 

Besides, there are various other energy-efficient options like Proof of History (PoH), Proof of Action (PoA), Proof of Capacity (PoC), or Proof of Burn (PoB). Therefore, blockchain technology is not limited to PoW. 

5.	Blockchain energy expenditures are useless
Many opponents of crypto consider the blockchain use of energy useless. According to them, it is unnecessary, even if renewable sources are used for producing the energy for blockchains. 

The main reason behind this argument is the lack of clarity regarding blockchain technology and how it can help transform our businesses. The 'decentralised and secure ledger' is often misunderstood by the masses. So, they mistakenly consider the entire technology a scam.   

6.	Blockchain popularity will increase energy consumption
It is also an unreasonable misconception that the rate at which blockchains currently consume energy will gradually increase. This argument is unreasonable because the PoW algorithm used in Bitcoin mining consumes the highest rate of energy. 

But, Bitcoin is not a utility token due to its slow transaction rate. Also, there can only be 21 million Bitcoins ever. So, increasing its popularity would not necessarily mean increasing energy consumption. Moreover, as of now, the annual energy consumption by Bitcoin networks is only 84.70 TWh. At this rate, Bitcoin mining does not possibly threaten the environment.

## Blockchain energy consumption: Is it really a concern?

The Proof-of-Work consensus mechanism for blockchains is not the only viable option. Various other algorithms can now work to maintain transparency in the blockchain. However, PoW is the most reliable one as it is highly secure and requires intensive energy for this purpose. 

According to a study, 'The Energy Consumption of Blockchain Technology: Beyond Myth', Bitcoin PoW mechanisms consume around 60 to 125 TWh annually. This consumption is equal to the annual energy consumption of countries like Austria and Norway. Though the energy consumption is indeed enormous, it does not pose a threat to the environment.  

The main reason is that you cannot rely on fossil fuels or other traditional ways to produce this much electrical energy. That's why renewable sources are used to keep the costs to a minimum and minimise Carbon footprints. Around 28% to 74% of the Bitcoin miners use renewable resources for producing energy. And as they set up private grids, it does not affect energy distribution through public grids. 

In addition, the total Bitcoin blockchain energy consumption worldwide is only 84.70 TWh. If you compare it against the annual global energy consumption, which is 170,000 TWh, it will amounts to only less than a tenth of a percent. It is also notable that 59.5% of the energy consumed by Bitcoin blockchains, is produced through renewable resources.    

![Picture1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_8cc35cf5f9.png)


[Source](https://www.swanbitcoin.com/bitcoins-energy-usage-is-not-a-problem-heres-why-by-lyn-alden/)
 
## How can blockchain be energy-efficient?

Environmental sustainability is one of the unavoidable concerns for humanity today. Therefore, many measures have been taken in various fields to reduce energy consumption and carbon footprints. We can also observe considerable work in blockchain technology for decarbonisation.

### Smart electricity metre

Blockchain can not only be energy-efficient, but it can also work for clean energy. One of its examples is its use as a smart electricity metre. Smart metres can shape a decentralised infrastructure for monitoring electricity production and usage. 

Moreover, blockchain can bring transparency and efficiency to smart contracts in businesses. Besides, you can use it for crowdfunding for climate action or other causes. There are many other emerging use cases of blockchain technology for the environment. These can be part of the climate action plan for decarbonising and decentralising the environment.

## Final Thoughts

Blockchain technology is a revolutionary innovation that can transform the way we do business. It can help us bring transparency and security to our everyday transactions. But unfortunately, there are a lot of misconceptions and vagueness around blockchain energy consumption, which results in sluggish growth of the technology. 

This article demystified some of the most common misconceptions about blockchain energy expenditure. To sum it up, blockchains are not dangerous to the climate as there are various consensus mechanisms other than PoW that consume less energy. Most blockchains also leverage renewable resources for energy production, minimising their carbon emissions.
  




Blockchain energy FUD demystified

## Bitcoin escapes extreme fear on the index following a rise in sustainable mining

On July 19, the Crypto Fear and Greed Index dropped from "extreme fear" to "fearful," scoring 30 out of 100. It has since risen somewhat to an index score of 31. The indicator is primarily calculated using market volatility, volume and dominance, social media sentiment, surveys, and search trend data.

According to Santiment, BTC's average funding rate on exchanges has reached its highest levels in the last two months as the price of BTC rises above $23,600, with five Fintech professionals at Finder and 53 industry experts predicting that BTC will [bottom out](/news/article/bitcoin-dip-over) at $13,676 before rising to $100,000 by 2025 and $300,000 by 2030.

## Sustainable mining bitcoin power hits 59.5%

According to reports, increased costs have driven increased [sustainable mining](/articles/our-news/sustainable-future), as indicated by a substantial rise in efficiency over the last eight years. As oil and gas energy prices increase and the cost of renewable technology decreases, it makes not only financial but environmental sense to engage in sustainable mining.  
Mining equipment demand has risen as prices rise, driving device innovation for cheaper alternatives. Efficient devices are more cost-effective and lucrative, pushing less profitable alternatives out of the market.

As per the Bitcoin Mining Councils BMC's Q2 review of the Bitcoin network, issued on Tuesday, the global Bitcoin mining industry's usage of sustainable mining energy is up 6% from Q2 2021 and 2% from Q1 2022,  [reaching 59.5%](https://www.investing.com/news/cryptocurrency-news/sustainable-bitcoin-mining-power-mix-hits-595-btc-mining-council-2849155) in the latest quarter, making it one of the most sustainable sectors globally. The council saw a rise in miners' energy mix correlated with an efficiency improvement. It was also discovered that Bitcoin mining accounted for just 0.09 % of the projected 34.8 billion metric tonnes of carbon emissions produced globally and required only 0.15 % of the global energy supply.

United States legislators are particularly interested in the condition of the country's Bitcoin mining energy use after they issued a letter to the Environmental Protection Agency and the Energy Department, requesting that mining businesses report on their emissions and energy use.


Sustainable mining of Bitcoin rises to 59.5%

Crypto mining farms have attracted criticism as cryptocurrency mining has grown in popularity worldwide, with countries like China, Iceland, and Georgia leading the way. The major concern is energy consumption.

## What are Crypto Mining and [Crypto Mining Farms](/news/article/mining-farm)?

The practice of digitally adding transaction records to the blockchain, a publicly distributed database that holds the history of every transaction, is known as mining. Crypto mining farms bring together the equipment needed to conduct the process on a large scale.

Mining is a data-keeping activity that requires a lot of processing power. To ensure the payment network is trustworthy and secure, each crypto miner contributes to a decentralised peer-to-peer network. This energy-intensive process is a significant source of greenhouse gas emissions, especially from crypto mining farms.

Most people consider crypto mining to be nothing more than a method of manufacturing new currency. In fact, crypto mining entails validating crypto transactions and adding them to a distributed ledger on a blockchain network. Most crucially, crypto mining prevents digital currency from being spent twice on a decentralised network.

When a member spends cryptocurrency, the digital ledger must be updated by debiting one account and crediting the other, just like with physical currencies.

## How Does Crypto Mining Work?

Miners usually compete to prove their computational work in exchange for a block reward in cryptocurrency mining. A block with related cryptographic hash functions containing transaction data becomes available to the blockchain's P2P network after a sequence of transactions for a specific coin.

Competing pools of nodes employ high-performance computation to solve a challenging mathematical problem and validate the block's integrity. After successfully demonstrating the block's validity, the mining party cements the blockchain addition and earns the mining reward for allocating the pool.

The more problems solved, the greater the rewards, which is why crypto mining farms exist.

## How Can We Reshape Crypto Mining Farms with Renewable Energy?

[Renewable energy generation](https://sifted.eu/articles/renewable-energy-crypto-mining/) frequently produces surpluses that are wasted rather than utilised.

When solar panels or wind turbines generate more power than customers desire and the grids are overwhelmed, renewable energy is lost in large quantities. Today, wasting extra renewable energy is usually cheaper than storing it in standard Li-ion batteries. This is a typical attitude around the world, and it is neither cost-effective nor economically sustainable.

We must concentrate on energy production and consumption to slow the rise of carbon emissions and temperatures. The overall generation from renewable resources grows by 2.9% per year. As a result, renewable energy will account for 29% of global electricity output by 2040, up from 22% in 2012. While this forecast shows significant progress in higher renewable energy adoption, intermittency and excessive generation are expected to develop in lockstep. As a result, grids, investors, and consumers will face operational and financial issues.

As the modern energy map gets repainted with wind turbines and solar panels, we must look beyond existing financial structures to incentivise the shift. Cryptocurrency mining may be the solution.

Embracing innovative ideas, such as mining cryptocurrencies with excess renewable energy, offers enormous potential to close financial and technical gaps. It can transform waste into value while also lowering financial risks. In addition, the profits from this type of cryptocurrency mining could encourage a broader spectrum of additional investments in renewable assets.

Cryptocurrency mining can be considered an attempt to shift energy consumption into profit. Today, Bitcoin mining is primarily powered by electricity generated from non-renewable resources, which is less expensive than electricity generated from renewable sources.

The novel approach suggested here involves mining cryptocurrencies with sustainable energy and converting them into valuable coins to reduce emissions and costs.

Once renewable energy has been generated (by wind, solar, or other renewable ways), there are several possibilities for routing it, including:

1) Grid sale at the wholesale market price
2) If the grid is overloaded, the surplus is kept for later release when grid demand is strong and electricity prices are at their highest
3) Excess electricity could be used for cryptocurrency mining when demand for storage is low because batteries are completely charged or cost-ineffective vs. demand.

While the first two options are already in place and successfully monetise renewable energy assets, the suggested third option adds a new revenue stream to the mix.

The advantages of mining cryptocurrencies using excess green energy will turn waste into wealth and help cryptocurrencies become greener. In addition, using this strategy, there will be no carbon emissions for each block added to the chain.

## Conclusion

Renewable energy generation adoption continues to increase rapidly, but curtailment, transmission, consumption, and efficiency management remain chronic issues.

While this proposal does not detail the plan's interconnected components, it sheds light on the value that new technologies like blockchain can provide.

Perhaps the remedy to one technology's flaws might be found in another's strengths.


Crypto Mining Farms and Renewable Energy

Environmental cryptocurrency consciousness is developing as more and more people think about the impact of crypto on our ecology.
It has been widely reported that [Bitcoin](/coins/btc), altcoins like [DOGE](/coins/doge), and other cryptocurrencies are having a detrimental impact on the environment.

How much do you know about environmental cryptocurrency concerns? Are you aware that the high levels of energy consumption in the crypto space could pose a threat to our planet?

We have to start thinking about environmental cryptocurrency, for the protection of our ecology and the wider adoption of crypto.

Cryptocurrencies generated through mining have a substantial negative impact on the environment. They use high-powered computers and a massive amount of electricity to mine their coins. What is the effect of this high level of energy consumption on the environment?

Cryptocurrency has become extremely popular. There are thousands of coins, with new ones emerging all the time.
While this may be good for the crypto space and investors, there is a downside - especially if those cryptocurrencies require mining.

Bitcoin, the most popular cryptocurrency, is viewed as an unsustainable network. Bitcoin requires a high level of energy consumption for mining, and the more Bitcoin that gets mined, the more harm it causes to the environment.

In the past, there wasn't much time given to environmental cryptocurrency thinking.
However, awareness of the negative impact of unsustainable cryptocurrencies on the environment is growing, along with demands for solutions.

Let us go through the impact of cryptocurrency mining on the environment

## How are Cryptocurrencies Made?

Many cryptocurrencies are created through 'mining'. Miners use computer programmes and power to create solutions to tough problems. The answers they create validate cryptocurrency transactions, and this validation goes into a decentralized record-keeping system. Powerful computers used for mining are called mining rigs, which use a surprisingly high amount of electricity.

For example, researchers from Cambridge University estimated that Bitcoin annually uses electricity more than the whole of Argentina.

[Digiconomist](https://digiconomist.net/), a cryptocurrency analytics site, published that the carbon footprint of one Bitcoin transaction is likely to be more than two million Visa transactions. And just that transaction uses as much power as an average American household uses in two months.

This danger that digital currencies pose to the environment starts to make sense now.

The use of cryptocurrencies to make transactions have increased speedily. Is there any hope for our environment?

## Can this Impact be Controlled?

Many cryptocurrencies are created through Proof of Work, which leads to large energy consumption. However, other methods that require less energy are being developed:

- Proof of Stake (PoS): a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. This mechanism is an alternative to cryptocurrency mining that does not involve extensive computing power. Paying closer attention to this method will help to conserve more energy consumed while mining cryptocurrency. Ethereum plans to move from PoW to a PoS algorithm. It will reduce the network's energy demand by about 99%.

- Some Bitcoin developers are working towards the Lighting Network that will decrease the energy consumption by most transactions.

- Cryptocurrency education is also necessary; people must become fully aware of environmental cryptocurrency challenges. Bitcoin uses the most energy when it comes to mining. Yet, when people get introduced to cryptocurrency, many start with Bitcoin and use it the most.

## Conclusion 

People can be educated about other options they have in cryptocurrency. They can learn to use more environmentally friendly cryptocurrencies that don't use PoW.

Environmental cryptocurrency consciousness is a good thing. This is a serious issue. It needs to be tackled now, before it worsens.


Environmental Cryptocurrency Concerns

Crypto and the Environment. It’s been a hot topic as of late and many don’t understand why. Today I’ll shed some light on what exactly is causing the concern and what some are trying to do to help.

To understand what the big deal is about crypto and the environment, first one must understand what [Bitcoin](/coins/btc) mining is to begin with.

## Mining all the livelong day

Have you ever wondered how Bitcoin is created?

It’s through ‘mining’. Crypto mining is the process by which new cryptocurrencies are ‘mined’ and added into circulation. This also serves as a critical component of the maintenance and development of the network.

As we know, one of Bitcoin’s most significant features is that it is decentralized. So as there is no central authority controlling the blockchain/network, individuals have to do the work ourselves, through mining.

Miners are rewarded for completing ‘blocks’ of verified transactions, which are added to the blockchain. If you are mining BTC, you are rewarded in BTC. If you are mining ETH, you are rewarded in ETH, etc.

All this mining takes computing power- and lots of it- Although that wasn’t always the case. Back in 2009, you can mine bitcoin with a simple desktop PC.  Fast forward to 2021 and you’re gonna need a substantial amount of computing power. Like a room full of computing power, type of substantial.

## Volcanic solution?

Recently El Salvador has turned to volcanos. Yes, volcanos.

Salvadoran President Nayib Bukele recently posted a short video of workers installing a shipping container full of cryptocurrency mining rigs at a geothermal power plant surrounded by thick jungle. “First steps … #Bitcoin,” the president tweeted.

The implications, not just for crypto but for geopolitics, could be huge. El Salvador sits on the edge of the Pacific “Ring of Fire” and has 20 “potentially active” volcanoes, according to VolcanoDiscovery.com. They run the length of the entire country and have been harnessed to generate 21.7% of the country’s energy, according to the U.S. International Trade Association. (For comparison, all renewable energy sources together comprise only 12% of U.S. energy.)
## Nuclear Solution??

Recently Miami, Florida (USA) Mayor Francis Suarez has been approaching cryptocurrency miners about the prospects of setting up operations near South Florida’s Turkey Point nuclear-power plant.

While many are concerned about its use, it may offer a “cleaner” solution for the increasing need in energy consumption that crypto mining will no doubt continue to require.

## Crypto and the Environment - Not All Bad News...

Each year, investment bank Lazard releases a breakdown of energy costs by source. Its 2020 report shows that many of the most common renewable energy sources are either equal to or less expensive than conventional energy sources like coal and gas. And the cost of renewable power keeps going down.

With that and other options such as solar and wind energy, the future isn’t as bleak as some put it.

Regardless of what is done to solve this issue, one thing is clear:

The world doesn’t stop for anyone -not even [Bitcoin](/coins/btc).

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