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Climate Activist Crypto Investors: A Contradiction?

Not necessarily

You drive a hybrid car, take out the recycling every other week, and have replaced all your old-school lightbulbs with LEDs. You've done your part to solve the climate crisis, but according to the EPA, greenhouse gas emissions from businesses and homes are only one small piece of the pie. Sometimes it seems like the media is blaming you for global warming when the real culprit is industry, those coal-burning power plants, and of course, the U.S. military.

What about cryptocurrency, the most cutting-edge use of our natural resources? A report recently published by Columbia University's Climate School makes it sound like a real nightmare:

Globally, Bitcoin’s power consumption has dire implications for climate change and achieving the goals of the Paris Accord because it translates into an estimated 22 to 22.9 million metric tons of CO2 emissions each year—equivalent to the CO2 emissions from the energy use of 2.6 to 2.7 billion homes for one year. One study warned that Bitcoin could push global warming beyond 2°C. Another estimated that bitcoin mining in China alone could generate 130 million metric tons of CO2 by 2024. With more mining moving to the U.S. and other countries, however, this amount could grow even larger unless more renewable energy is used.

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Crypto/Climate Activists realize that this is a problem, but perhaps it isn't the contradiction it appears to be. "Green crypto," a way of mining cryptocurrency that is carbon neutral, is not only possible, they say, but necessary if the technology is going to achieve widespread acceptance (and stop matching the carbon footprint of New Zealand). Unfortunately, this issue was all but missing at COP26 last week.

SOURCE: Fortune
VIA: The Rundown