Cryptocurrency is notoriously energy-consuming. By some estimates, “the mining work required to verify a single Bitcoin transaction uses enough electricity to power an average American household for 22 days, generates the same carbon footprint as over 750,000 Visa transactions (that’s 300 kilograms of carbon dioxide), and generates two golf balls’ worth of e-waste.”
One group wants to change that. The Crypto Climate Accord was announced on Thursday with the intent of “working collaboratively with the crypto industry – including all blockchains – to transition to 100% renewables.”
Cryptocurrency runs on blockchain technology. Any industry can use blockchain. It is simply a database system. As more industries adopt blockchain, the planet suffers. The new accord aims to make this technology green by 2025.
Meanwhile, a real estate company in California will begin accepting rent payments in bitcoin for residential and retail properties.