- The United Nations is set to use blockchain technology in its ongoing attempts to tackle the issue of climate change.
- Blockchain technology is the driving force behind cryptocurrencies, which have come under fire for their excess energy usage as of late.
- In related developments, a miner has raised $105 million to recycle waste coal into cryptocurrencies.
- The news is a huge win for blockchain technology which will trickle down to cryptocurrencies.
Climate change has always been at the top of the United Nations’ agenda as well that of nationstates in the last decade. The United Nations have seemingly found their answer, and to many this time, in a rather unlikely form.
On Sunday the United Nations approved the use of blockchain technology to tackle climate change-related issues amid a spike in carbon emissions in the mining of cryptocurrencies. Miners are already working to reduce carbon emissions through technological advances.
Blockchain to the Rescue
Blockchain technology will be utilized by the United Nations to help countries solve climate issues. In a post on the UN’s website on Sunday, the UN revealed that it will continue to explore the uses of blockchain technology to access reliable data on greenhouse gas emissions among other information.
The UN has also stressed that the technology behind cryptocurrencies and digital assets can be used to fix the global concern of climate change.
The United Nations stressed that “cryptocurrencies and the technology that powers them can play an important role in sustainable development, and improving our stewardship of the environment.”
The United Nations has expressed confidence in blockchain due to the transparency in working against fraud, funding climate-related projects, and clean energy markets.
Cryptocurrency’s Bad Record and the Proposed Solution
Cryptocurrencies have been taking heat due to the ever-increasing energy use and requirements of mining activities. Recently, Elon Musk revealed that, due to high energy usage from coal in mining , Tesla (NASDAQ:) will temporarily recede from accepting Bitcoin as a form of payment.
The decision sent the price of bitcoin falling to below $40,000, and it hasn’t recovered since. The amount of energy spent mining Bitcoin is more than the energy usage of the entirety of Argentina according to a Cambridge University report.
However, the development of large solar-powered mines, which have been backed by Jack Dorsey, will go a long way in changing the tide. Criticisms of crypto, and the drive to become more energy efficient, will trickle down to other sectors, making it a big win for efforts against climate change.
Blockchain solutions can also provide a transparent way for nations to take action, while the decentralized nature of cryptocurrencies will lead to the widespread adoption of solar mines and new forms of energy.
On the Flipside
- The shift to alternative sources of energy is expensive and is unlikely to be adopted worldwide.
- The crypto market, which was booming earlier this year, has been on a downward trend due to the closure of mining activities in China, with some experts stating that it may not recover anytime soon.
Mining Corporation Raises over $100 to Turn Coal Waste into Crypto
In other developments, US mining corporation Stronghold Digital Mining has raised a whopping $105 million from two private securities to finance its project which turns coal waste into crypto.
According to the company, waste coal will be converted to energy similar to a large hydropower plant, which will then be used to mine bitcoin. The majority of the world’s coal waste was deposited in the 19th and 20th century, and this is a good development to turn it into cryptocurrencies.
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