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It is no secret that cryptocurrencies come with a significantly high carbon footprint. Today, cryptocurrencies are more mainstream than ever and even regulate different markets. So, crypto issuers are surely researching how to cut back the energy costs.
In 2021, cryptocurrency mining will turn to renewable energy use. In fact, using this type of energy would accelerate crypto adoption in many countries. During the 2021 COP26 summit, many crypto experts analyzed sustainable crypto initiatives that made the crypto news.
Long-term Impact of Crypto
Crypto experts shared insights about the potential long-term impact crypto can have on communities. Also they discussed why environment initiatives will need to be in place in the coming years. In Glasgow, COP26 Summit saw new experts share their opinions concerning climate change. Also, speakers talked about cryptocurrency’s positive impact to achieve environmental objectives.
Source: A Bitcoin in glittering black crystals.
Discussion Topics at COP26 Summit
At the summit, experts talked about the mining impact, and the role of technology in the crypto space. Also they discussed the impact of Bitcoin mining on energy consumption.
The disparity between the crypto community and the energy sectors needs to be clear. With the advent of new technologies, climate activists believe that energy-efficient crypto mining is on the horizon. However, the key would be to navigate the challenges and leverage opportunities at the same time.
Power of Decentralization
Environmentalists understand that decentralization is ideal to make the financial world more progressive and transform the future of capitalism. Again, the objective of COP26 was to draw a thin red line for crypto mining. Also, experts had to look into ways to make mining processes more energy-efficient.
Power of Green Technologies
Green technologies are here to stay and more research can pave the way for more energy-efficient crypto mining. Simultaneously, the role of politics can be to disrupt or support the implementation of environmental initiatives. In fact, it was one of the highlighting points from speakers at COP26 Summit.
More Focus on Corporate Initiatives
Like other global conferences, the COP26 summit talked about tendencies that can influence consumer behavior on a global stage. Speakers at COP26 decided to concur that the focus should be on corporate-based initiatives. Also, it shouldn’t depend solely on government assistance.
New Crypto Synergy
Speakers at the COP26 Summit also managed to realize and recognize that traditional shifts are not redundant. Instead, there’s a brewing synergy across education, people, and technology. This heightened state of synergy can transform the crypto landscape and make it easier to execute environmental goals.
Climate Performance Goals
Germanwatch, a non-profit progressive environmental group, shared their 2022 annual climate performance index. The experts at the COP26 Summit discussed the performance parameters of 60 countries. These states make up 92% of total emissions across the world.
Bitcoin Mining Misconceptions and Future Potential
The panel members also raised concerns about rising misconceptions attached to Bitcoin mining. The primary suggestion of speakers at COP26 Summit is to recognize the future potential of cost and energy-efficient Bitcoin mining.
Different Industry, Different Issues
The panel speakers also touched on the potential pitfalls each new industry might face in the coming years. With more new green solutions, however, many industries would be able to use blockchain-based applications. The essence of the 2021 COP26 Summit was to propel organizations to look for the best green solutions. This way, they can drive growth and mitigate the impact of climate change.
Climate Crypto Accord Goals
According to the Climate Crypto Accord initiatives, more than 150 crypto, blockchain, energy, and tech industries want to adopt a unified approach that can ensure long-term sustainability and significantly cut back on carbon emissions by 2030. Key participants in the COP26 were the theWeb3 Foundation, Consensys, Pixl8, and Ripple.
More Innovation and Ambitious Drive of Crypto Community
COP26 panel understood that the crypto community has become far more daring, innovative, and ambitious. The potential in the crypto space runs high. This new synergy can bring transformative changes that extend beyond people. Also, the technology can leave a positive impact on the environment.
Cryptocurrency and the Road to Sustainability
It has been a long and tumultuous journey for Bitcoin mining. Its consistent market volatility leads to more discussions in annual conferences and summits. Back in February, Tesla announced that it owns $1.5 billion of Bitcoin. Also, it mentioned that it would expect BTC as a legitimate form of payment for its various products.
Consequently, it managed to spark a negative reaction among environmentalists. The latter understand that Bitcoin mining can disrupt climate change goals.
In 2020, Bitcoin network’s consumption reached 131.80 TWh power. Simply put, this energy output is equal to Argentina’s total power consumption in a year. In defense of Tesla, the purpose of the auto manufacturing company was to speed up the process to achieve sustainable energy.
At the time, Musk was open to interesting cryptocurrency possibilities. Also, he wanted to know how 50% of clean energy consumption with positive growth could be reasonable. But the transition depends on whether or not Bitcoin mining completely shifts from fossil fuel to viable renewable energy.
The COP26 Summit was supportive of the fact that the blockchain and crypto space should be open to experimentation. In fact, the focus of speakers was to create a balance in crypto mining through modern solutions. The more advanced tech solutions come into play, the better the environmental implications of mining operations will be.