update 18 August 2021

Bitfury Joins UNDP to Enhance Reduction of Greenhouse Gas Emissions In Kazakhstan

A study revealed that 74.1% of Bitcoin mining gets powered by renewables; therefore, the activity does not use a high carbon footprint. Kazakhstan is prosperous in reducing the energy it consumes every year by 25 to 45%, within the previous five years, through a pilot aimed at heating residential buildings.

On the other hand, Bitfury, a blockchain development company, is ready to partner with UNDP towards the conservation and increment of the forestland in Kazakhstan. On the 14th of January, a report by Astana Times noted that the country has 29 hectares of forest. The majority of forests in this country face the danger of illicit forest fires, logging, and land-use changes.

According to the Astana Times report, the project’s focus from the partnership is to reduce Kazakhstan’s greenhouse gas emissions by 15% within the next decade. The reduction will contribute to the country’s objective of meeting its commitments to the 2016 Paris agreement.

The Agreement between Bitfury and UNDP

 Bitfury and the United Nations Development Programme, UNDP will sign an agreement to develop forestland in the nation’s Pavlodar region. The first task is to create 20 hectares for the consumption of the carbon dioxide released through the local-powered electricity providers’ activities to power the operations of Bitfury. They anticipate the offset of the company’s carbon footprint by 100-110%.

Meruyert Sarsembayeva, at the BIOFIN, noted that a part of the country’s landmass gets protected, and the remaining are not included in Kazakhstan’s forest fund. Therefore, the plan is to focus on the unprotected forests because they are subject to fires, and neglecting them will lead to more emissions.

price change

The partnership between Bitfury and the UNDP is under the Biodiversity Financing Initiative, BIOFIN. The goal of the partnership is to improve forest management practices by modifying legislation. And to increase public awareness regarding emissions offset.