Carbon Emission a serious crypto problem, warrants more sensitivity: Experts

economictimes.indiatimes.com:

World Earth Day, carbon emission in the globe due to crypto missing and transactions is a much discussed issue. Carbon footprint left behind by mining crypto assets. According to a sustainability think tank called Thinkthrough Consulting, the Bitcoin network consumed 131.80 TWh (terawatt-hours) of power in 2020 in order to execute the algorithms that power its mining operations. For context, that is the equivalent to the power consumed by the entire country of Argentina. Bitcoin production is estimated to generate between 22-22.9 million metric tons of carbon dioxide emissions a year, equivalent to emissions by countries like Jordan and Sri Lanka, or about 1 per cent global electricity consumption.

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However, crypto firms are making or atleast pledging to make some serious attempts to conserve the environment, by reducing the carbon footprints in the mining and other other activities. Many crypto firms are either seeking electrical energy for their businesses from firms that exclusively generate power from sustainable means like solar and wind energy or improve their operational efficiency and then use carbon offset credits to maintain net-zero carbon emissions, said Pratik Gauri, Founder and CEO, 5ire. Carbon zero or Carbon Neutral operation means that your firm’s operations create no new carbon dioxide gas or purchase enough carbon offset credits to ensure it maintains net-zero carbon emissions. «Crypto companies have since pivoted ways to reduce their carbon impact to not just appeal to climate-conscious users but also to