Crypto-Critics continue to emphasize the use of renewable technologies and energy intensive crypto-minage. While Bitcoin has been accused of being Cathy Wood’s ARK Invest recently, the colossal carbon footprint revealed how Bitcoin can help combat climate change.Brett Winton, Director of Research at ARK Invest, has rejected the carbon footprint of climate activists and Bitcoin opponents as he stressed that it was not a threat to the earth for Bitcoin.
He has written in a recent blog post,
“A world with bitcoin is a world that, at equilibrium, generates more electricity from renewable carbon-free sources.”
Ethereum, Coinshares and Ripple have recently entered a cryptoclimate agreement, recognizing the need for a sustainable future that aims to make the crypto-currency industry completely green by 2030.In a recent CNN interview, Ethereum’s co-founder Joseph Lubin pointed out that the company adapted the protocol to the next generation that was less costly in terms of transaction costs and less energy consumption. He said that it would shed light on whether Ethereum will fully use renewables,“Oh, that’s easy for our protocol.
Ethereum’s energy problem will get solved in 9-12 months. It’s going to be much much harder for Bitcoin because they are so entrenched in the PoW system which burns a ton of the electricity.” He, however, went on to emphasize that Bitcoin’s energy problem did not impact the price. Ripple is also taking initiatives in the sustainable direction to uphold its commitment to the Crypto Climate Accord. In a recent tweet, the company said,
“The adoption of sustainable measures across industries can save the global economy an estimated $26 trillion by 2030. That’s why we’ve committed to achieving a carbon net-zero future at Ripple—and for crypto—by then.”
Others in the industry are also gradually moving in the same direction. Gryphon Digital Mining, recently stated that their long-term goal was to be the first vertically integrated crypto miner with a wholly-owned, 100 percent renewable energy supply.