Green Blockchain Initiatives For A More Sustainable Crypto Future

Konstantina Antoniadou
4 min readNov 23, 2022

From Silicon Valley’s elite investors to emerging digital artists and innovative gaming developers, blockchain and cryptocurrency forced everyone to jump on the virtual train with incredible possibilities. However, cryptocurrencies’ shocking environmental impact is a prominent concern that certainly can’t go unnoticed.

2022’s climate crisis demands a change and that includes the improvement of the energy profile crypto. Luckily, there is an array of green blockchain initiatives that, if implemented correctly, can lead the way for a sustainable cryptocurrency future. Amongst the top priorities is to focus our attention on blockchain energy usage and take advantage of the benefits of renewable energy for a greener virtual future.

Additionally, we need to create energy-efficient protocols and ways to offset carbon emissions derived from mining and transactions.

WHY CRYPTO IS BAD FOR THE ENVIRONMENT

It is estimated that each Bitcoin transaction uses around 2100 kilowatt-hours (kWh), which is roughly what an average US household consumes in 75 days.

A study conducted by the science journal Joule revealed that, at the lowest bounds, Bitcoin’s power consumption emitted about 22 million metric tons of carbon dioxide the previous year. To put this into perspective, that’s almost 10 percent of the global railway sector’s annual emissions — this refers to one single currency alone.

THE GREEN BLOCKCHAIN INITIATIVES OF THE CRYPTO CLIMATE ACCORD

CCA (Crypto Climate Accord ) is a private sector-led initiative for the entire crypto community focused on decarbonizing the cryptocurrency and blockchain industry in record time. As Peter Wall, CEO of Argo Blockchain, the world-leading cryptocurrency miner and data center business, mentioned “The Crypto Climate Accord helps lay the groundwork for that action and we are both eager and determined to ensure that supporters and signatories remain committed to the CCA’s goals.”

Strikingly, It is estimated that each Bitcoin transaction uses around 2100 kilowatt-hours. That’s equivalent to the energy consumed by an average US household during the span…

--

--