BlocksInform
Canadian lawmakers are about to hold another crypto hearing, in person and virtually.
The house's sub-committee on energy and trade and surveys will hold a hearing next week entitled "cryptocurrency clean-up: the energy impacts of blockchains."
the topic of costly energy consumption has dogged bitcoin (btc) in the past year, with china cracking down on mining last july.
In September, the European Securities and Markets Authority (esma) stressed the need for regulation to counteract the environmental impact of crypto-mining.
explains the esma,
“innovation can support sustainability by addressing environmental, social and corporate governance information gaps through green financial technology solutions, but the environmental cost of one particular innovation – cryptocurrencies – is soaring…
"Innovation can support sustainability by filling environmental, social and corporate governance information gaps through green tech solutions. Explains esma, "innovation can support sustainability by addressing the environment, gaps in social information and corporate governance as a result of green fintech solutions, but the environmental cost of a particular innovation – cryptocurrencies – is skyrocketing... this issue is becoming increasingly relevant with the soaring environmental costs of bitcoin mining, could use as much energy as italy and saudi arabia combined by 2024 if they are not contained. “
bitcoin supporters, however, have pushed back against the idea that btc is environmentally unfriendly.
the new york digital investment group (nydig) released a research report in the fall that concludes that the “overall prospects for the decarbonization of bitcoin mining over the coming decades are quite promising.”
according to the
“even in our most aggressive, high price, scenario, in which bitcoin reaches $10 trillion by 2030, its emissions amount to only 0.9 percent of the world’s total, and its energy outlay is just 0.4 percent of the global total.
"even in our most aggressive way, high price, scenario, wherein bitcoin reached $10 trillion in 2030, it accounts for only 0.9% of the global total, and its energy expenditure accounts for only 0.4% of the world total.
Many miners are increasingly concentrating on reducing the carbon emissions associated with their activities by buying offsets, renewable energy supply, promote renewable energy sites, and use otherwise wasted energy, like low hydro and flared gas.
Many miners are increasingly seeking to reduce carbon emissions associated with their operations through the purchase of offset credits, renewable energy supply, promote renewable energy sites, and use otherwise wasted energy, like low hydro and flared gas.
