Could a ‘Crypto Climate Accord’ erase cryptocurrencies’ carbon footprint?
Bitcoin Mining at Russian CryptoUniverse Farm | Bloomberg / Contributor via Getty Images A newly announced Crypto Climate Accord" aims to erase cryptocurrencies' legacy of climate pollution. That's a tall order considering the enormous amounts of energy that the most popular cryptocurrencies - bitcoin and Ethereum - consume. The loose goals laid out in the plan so far face potentially insurmountable challenges.
A 2040 target for the crypto industry to reach net zero" emissions
The accord" is led by the private sector - not governments - and outlines a few preliminary objectives. It seeks to transition all blockchains to renewable energy by 2030 or sooner. It sets a 2040 target for the crypto industry to reach net zero" emissions, which would involve reducing pollution and turning to strategies that might be able to suck...