Terawulf Energizes First Nuclear-Powered Bitcoin Mining Facility in the US, Plans to Expand Operations

March 6, 2023 Bitcoin.com

Senators renew call for EPA investigation of crypto mining emissions data

March 3, 2023 Coin Telegraph

Sen. Edward Markey and Rep. Jared Huffman want miners to disclose emissions data and the EPA to lead an investigation of their impact.

United States Senator Edward Markey and Representative Jared Huffman announced March 3 that they would reintroduce the Crypto-Asset Environmental Transparency Act in Congress. The move comes ahead of a Senate hearing on the environmental impact of crypto mining, which Markey will chair on March 7.

Markey and Huffman first introduced the bill in December, in the previous Congress. Sen. Jeff Merkley acted as cosponsor in the Senate.

The bill would require crypto mining companies to disclose emissions for operations that consume more than five megawatts of power and require the administrator of the Environmental Protection Agency (EPA) to head up an interagency investigation of the impact of crypto mining in the United States. That investigation would have a $5 million budget and publish its findings within 18 months of passage of the bill.

Another 100% on my permanent record! Thanks for this recognition, @LCVoters.
I’ll continue working hard to ensure a healthy, thriving planet for all. #LCVScorecard pic.twitter.com/UGpXIrJZFV
— Rep. Jared Huffman (@RepHuffman) March 2, 2023

Markey listed 16 public organizations that support the bill, including such groups as the Sierra Club, Greenpeace USA and the National Stop Crypto Coalition. He said in a statement:

“Crypto miners are sucking megawatt after megawatt from our public grids and emitting skyrocketing greenhouse gasses, just so they can make a buck for themselves. We can’t afford to let this industry run roughshod over our communities any longer.”

Markey will soon chair a meeting of the Senate Environment and Public Works Committee’s Subcommittee on Clean Air and Nuclear Safety. That meeting will be “focused on the urgent need to crack down on the growing environmental impacts of cryptomining,” Markey stated.

Markey and Huffman were among the Democratic lawmakers who wrote to EPA Administrator Michael Reganand Energy Secretary Jennifer Granholm in February asking that their agencies “work together to address the lack of information about cryptomining’s energy use and environmental impacts.” They also signed a letter to the CEO of the Electric Reliability Council of Texas asking for information in crypto mining’s energy usage and environmental impact in Texas. Sen. Elizabeth Warren was the lead author of both of those letters.

Lawmakers write to US officials about crypto energy usage information gathering

February 7, 2023 Coin Telegraph

Coin Telegraph

Elizabeth Warren and seven other Democrats want to know how much the Environmental Protection Agency and Energy Department know about crypto mining energy draws.

United States Environmental Protection Agency Administrator Michael Regan and Energy Secretary Jennifer Granholm were the recipients Feb. 6 of another letter on the environmental impact of cryptocurrency mining. Eight Democratic lawmakers headed by Elizabeth Warren reached out to the officials this time.

The eight lawmakers acknowledged previous replies to official correspondence asking about the agencies’ information gathering authority as it relates to energy used in crypto mining. Now they have followed up with a series of questions on practical matter relating to information gathering and the use of the information they receive. They wrote:

“The urgency of the climate crisis, combined with the rapid growth of cryptomining in the U.S., dictates a comprehensive mandatory disclosure and data collection regime. We therefore urge your agencies to work together to address the lack of information about cryptomining’s energy use and environmental impacts and require mandatory reporting of this information from cryptominers as rapidly as possible.”

The authors of the letter – Senate Banking Committee member Warren, along with Senators Sheldon Whitehouse, Edward Markey and Jeff Merkley, as well as Representatives Jared Huffman, Rashida Tlaib, Katie Porter and Richard Durbin – also asked about Energy Department outreach for its Energy Star program and possible technical assistance from the department for communities considering hosting crypto miners. They gave the addressees until March 6 to respond.

Warren is a vociferous critic of the cryptocurrency industry who has also written to U.S. Securities and Exchange commissioner Gary Gensler about that agency’s authority to regulate crypto and to acting Comptroller of the Currency Michael Hsu asking him to withdraw guidance for banks on handling crypto and join in an interdepartmental regulatory effort.

There are a lot of concerns over the energy use and pollution caused by cryptomining. @SenWarren and I urged the admin to use its authorities to make sure companies are being transparent about their emissions and exactly how much energy they use. https://t.co/1HXAjc5BgZ
— Rep. Jared Huffman (@RepHuffman) February 7, 2023

Regan has received other letters from lawmakers regarding cryptocurrency. After receiving a letter last year critical of crypto signed by Huffman and 22 other lawmakers, not including Warren, he was the recipient of a letter from 14 other Congress members expressing their support for the crypto industry.

Riot reports 17K miners offline due to Texas weather

February 6, 2023 Coin Telegraph

Bitcoin mining

The mining firm reported two of the buildings at its Whinstone facility in Rockdale were damaged in December as Texas experienced days of sub-zero temperatures.

Crypto mining firm Riot Platforms — formerly Riot Blockchain — reported that 17,040 rigs deployed at its operations in Texas were offline due to “severe winter weather” in the state.

According to a Feb. 6 announcement, Riot reported two of the buildings at its Whinstone facility in Rockdale, Texas were damaged in December 2022 as the state experienced days of sub-zero temperatures. From Dec. 22 to Dec. 25, temperatures across many parts of Texas — and the United States — dropped to below freezing.

“Some sections of piping in Buildings F and G were damaged during the severe winter storms in Texas in late December,” said Riot CEO Jason Les. “As a result of this damage, our previously announced target of reaching 12.5 [exahashes per second] in total hash rate capacity in Q1 2023 is expected to be delayed.”

Les said that the damages initially lowered the facility’s hash rate capacity by 2.5 EH/s, with the company later able to restore 0.6 EH/s following repairs. According to Riot, there were 82,656 rigs running with a hash rate capacity of 9.3 EH/s as of Jan. 31, when the company reported producing 740 Bitcoin (BTC) — worth roughly $17 million at the time of publication.

Though many parts of the United States experienced severe temperature drops in December amid holiday travel, major cities in Texas including Dallas and Austin also went through a major ice storm in early February. Thousands of residents were without power and many tree branches and limbs broke from the weight of accumulated ice, damaging power lines and cars, and blocking roads.

How bad is it? Massive trees are snapping due to the icy conditions.

As of Thursday morning, 150k+ Austin Energy customers remain without power.

Austin Energy will hold a press conference at 9 am. We’ll be streaming it live on @cbsaustin

pic.twitter.com/mb34QOnbZt
— John-Carlos Estrada (@Mr_JCE) February 2, 2023

It’s unclear whether Riot miners were similarly affected by the storm. However, the company did not report curtailing operations due to demand on Texas’ energy grid during the recent freeze.

Riot also reported selling 700 BTC for roughly $13.7 million in January, with the company holding 6,978 BTC as of Jan. 31. The mining firm reported selling coins following extreme heat in the Lone Star State in July 2022.

In July 2022, Riot said it planned to move many of its mining rigs from a New York facility to Texas in an effort to reduce the firm’s operating expenses. Shares of Riot stock closed down 2.3% at $6.68 on the Nasdaq.

Cointelegraph reached out to Riot Platforms, but did not receive a response at the time of publication.

How Bitcoin mining saved Africa’s oldest national park from bankruptcy

January 30, 2023 Coin Telegraph

Africa

The Virunga National Park's Bitcoin mine in the Democratic Republic of the Congo monetizes surplus energy for conservation efforts.

Virunga National Park in the Democratic Republic of the Congo has become the first national park in the world to run a Bitcoin (BTC) mine in an effort to protect its forests and wildlife. Cointelegraph spoke with Sébastien Gouspillou, CEO of Big Block Green Services, and the man who introduced Bitcoin mining to the park.

Speaking via video call, Gouspillou said with a smile: “Bitcoin mining saved the park from bankruptcy.”

Virunga is Africa's oldest protected park and a symbol of the continent's biodiversity. A report by journalist Adam Popescu, published in MIT Technology Review, explained that the region was plagued by issues prior to Bitcoin mining. From local militias that waged violent attacks on its animals and employees to outbreaks of Ebola to kidnappings, the emblematic national park has struggled for revenue in recent years.

The COVID-19 pandemic and its subsequent eradication of tourism was almost the nail in the coffin for the park, as visits to see the gorillas, other wildlife and waterfalls dried up. The article explained that tourism represented roughly 40% of the park’s revenue.

*From left to right, JF Augusti Co-founder of Big Block Green Services, Seb Gouspillou and Emmanuel de Merode.* *Source: Gouspillou*

When Gouspillou learned of the park’s strife, he felt compelled to help. He met with Emmanuel De Merode, the park’s director — and a Belgian prince by bloodline — at a chateau in France at the tail end of 2019. Gouspillou explained that he immediately recognized the tremendous opportunity the park presented.

The park could monetize its abundant and untapped natural resources to preserve its existence. Gouspillou explained to De Merode how Virunga could turn to Bitcoin mining to generate income.

The conversation in the chateau was non-stop. “It must’ve lasted hours,” Gouspillou explained. The discussion, as well as follow-ups and a visit to Congo, eventually culminated in De Merode setting up the first portions of the mining operation in early 2020, which successfully mined the first coins in September of that year.

*Bitcoin mines in Virunga set against the park backdrop. Source: Twitter*

Almost three years later, the park earned significant income from Bitcoin. During some months of the 2021 bull run, the park was rewarded upwards of $150,000 a month — almost entirely offsetting lost tourist income.

Virunga's Bitcoin mine is a unique solution to the problem of preserving the park's biodiversity while also generating revenue. Bitcoin mining is a highly energy-intensive process, but Virunga's mine is unique in that it runs on clean energy: It’s green technology surrounded by green rainforest.

The mine is powered by three hydro plants within the park, a sustainable source of electricity that was already being used to power nearby towns. The site has hired nine full-time workers, who work in rotating shifts operating the miners in the jungle, to staff the facility. Fearless rangers protect the site — a story that inspired a Netflix documentary, among other things.

*Gouspillou and the rangers pose in front of the Bitcoin mine. Source: Gouspillou*

The facility has 10 shipping containers, with each container holding 250 to 500 rigs. Virunga owns three of these containers, Gouspillou the remaining seven. Gouspillou purchases energy from Virunga as part of the arrangement, while keeping the mined Bitcoin.

Plus, as Gouspillou explains, the existing Bitcoin mining facility is part of a “global plan,” in which there will be further power-generating opportunities. Other power stations will be set up across the park, he explained, to connect local villages to electricity and, of course, mine more Bitcoin.

De Merode is steadfast that the project will be successful despite the ongoing bear market. Indeed, some Bitcoin miners fell victim to the 2022 bear market, but De Merode occupies a unique position: The park is not speculating on the value of Bitcoin, but generating Bitcoin using surplus energy to monetize something that otherwise has no value.

*Virunga National Park is known for its gorillas. Source: Virunga.org*

Plus, there is little risk of the Bitcoin (or private keys) disappearing if De Merode is killed in action. Over 200 of the park’s security, or rangers have been killed since 1996 — and De Merode was shot twice while traveling to Goma in 2014, so it’s a tragic but possible outcome that must be prepared for.

The park’s finance team manages custody of the Bitcoin wallet, and funds generated by the mine are sold regularly to pay for the park’s upkeep. In the MIT Technology Review article, De Merode is quoted as saying:

“It’s unlikely we sit on Bitcoin for more than a few weeks anyway, because we need the money to run the park. So if something happened to me or our CFO lost the password, we’d give him a hard time—but it wouldn’t cost us much.”

Similar to El Salvador’s treatment in the mainstream media, the “bet” that De Merode made has invited skepticism from experts who wonder what crypto has to do with conservation. Gouspillou explained that it took some time for De Merode to refer to the project as a Bitcoin mining project, preferring to use the term “blockchain mining,” as it’s more PR-friendly.

*The hydroplant and Bitcoin mine are located among the dense rainforest. Source: Gouspillou*

For Gouspillou, he hasn’t been able to find a downside to the story of how a Bitcoin mine has saved a national park:

“It’s really hard to find a negative side to this story. There’s nothing. The energy is clean, even the ASICS — we will recycle them when they come to the end of their lifespan by distributing them across African communities.”

ASICS, or application-specific integrated circuits, are Bitcoin mining machines. Every 10 minutes, ASICS take part in a digital lottery to guess the next Bitcoin block on the Bitcoin time chain. As Gouspillou explains, these machines will be broken down and recycled, avoiding e-waste. The miners use excess, clean energy, and De Merode uses that funding to protect wildlife.

*Gouspillou (center) and park rangers pose in front of the Bitcoin mines. Source: Gouspillou*

Buoyed by the success in the Congo, Gouspillou has his eyes on other Bitcoin mining projects in Sub-Saharan Africa. He was part of the delegation that visited the Central African Republic — the second country to adopt Bitcoin as legal tender.

Bitcoin mining projects in Africa using untapped and renewable energy appear to be a growing trend. From the mountains of Kenya to the tropical climes of Malawi, Bitcoin mining is cropping up in incongruous areas of the globe.

Magdalena Gronowska, regular Cointelegraph contributor and and Bitcoin mining specialist, explained why:

“Miners are buyers of first resort (always want to run) and last resort for overproducing energy locations to become economically viable. As consumer demand grows in a community, Bitcoin mining can be decreased or removed entirely, but it enabled critical infrastructure to be built out.”

In essence, if a region offers stranded or abundant, overproduced energy, a Bitcoin mine could be financially appealing.

Nonetheless, the park still needs funds and investment. The Congolese government provides just 1% of its operating budget while tourism will remain low while conflicts threaten safety. As Gouspillou explains, Bitcoin mining is one solution to the park’s problems, as it provides a source of revenue that can be used to protect the park and its wildlife for years to come.

Crypto industry leaders ‘scared of a strong SEC’ — Senator Warren

January 26, 2023 Coin Telegraph

Banking

Senator Warren claims the Trump Administration “gave a green light” to allow for a cryptocurrency market full of junk tokens, rug pulls and ponzi schemes.

United States Senator and crypto skeptic Elizabeth Warren wants the Securities Exchange Commission (SEC) to “double down” on its crypto enforcement efforts, highlighting that the cryptocurrency industry is running “scared” for what’s to come next.

Warren’s comments came from an interview with American Economic Liberties Projects on Jan. 25.

The Senator opined that since Gensler was sworn in as SEC Chairman in April, 2021, the Commission “has made a good start” on fixing some of the problems created by the former SEC leaders under the Trump Administration.

*Senator Elizabeth Warren wants Congress to deploy more authorities and resources to help the SEC crackdown on the cryptocurrency industry participants. Source:* *Reuters.*

Warren claimed that the previous SEC administration “essentially gave the green light” to open up a cryptocurrency market “full of junk tokens, unregistered securities, rug pulls, ponzi schemes, pump and dumps, money launderings and sanctions evasions.”

But that’s now being cleaned up under Gensler’s leadership, which has industry leaders scared, said Warren:

“It appears that the Commission is still ramping up. That is why the industry is scared of a strong SEC, and that’s why it is spending millions of dollars each year lobbying to escape SEC oversight.”

The crypto skeptic senator also pointed the finger at crypto lending companies, celebrity promoters and inside traders who have allegedly misled or deceived retail investors.

But Warren didn’t stop there.

The Massachusetts representative said the SEC needs to “use the full force of its regulatory powers” in order to “reign in the frauds inflicted on American consumers.”

“The SEC should double down and use its tools to enforce the rules, and where the SEC needs more cops on the beat, then Congress needs to step up with the resources and the new authorities that are needed to ensure the SEC can do its work at full strength in every corner of the crypto market.”

The Senator also called on U.S. regulators in the banking and environment sectors to impose more accountability measures against some of the bigger players in the cryptocurrency industry.

1:30PM: We'll kick off an event with @RealBankReform and @SenWarren to examine the rise and fall of the crypto industry -- and what it means for policymakers.

RSVP here. You won't want to miss it.https://t.co/nj8xsJbPur pic.twitter.com/A1saROKeZU
— American Economic Liberties Project (@econliberties) January 25, 2023

“The Commission has been loud and clear that crypto doesn’t get a pass for longstanding security laws that protect investors and ensure the integrity of our financial markets,” she added.

However, not all U.S. senators appear to have put Gensler’s SEC on the same pedestal.

New York Senator Ritchie Torres asked the U.S. Government Accountability Office on Dec. 6 to conduct an investigation into the SEC’s failure to examine and expose FTX’s alleged fraud months before the cryptocurrency exchange collapsed:

“One cannot have it both ways, asserting authority while avoiding accountability.”

Shortly after on Dec. 10, Minnesota Senator Tom Emmer slammed the SEC and Gensler for his flawed “crypto information-gathering efforts” following the FTX meltdownand that he should have to explain the cost of his “regulatory failures” to Congress.

Dogecoin (DOGE) Becomes Third-Fastest Crypto at Decreasing Carbon Emissions, Slashing CO2 by 25% in 2022: Report

January 19, 2023 The Daily Hodl

Climate tech VC argues Bitcoin’s ESG positives outweigh its negatives 31:1

January 13, 2023 Coin Telegraph

$POWER

The Bitcoin network has a 31:1 positive to negative ratio according to climate tech VC Daniel Batten.

A climate tech investor has painted a bright view of the Bitcoin (BTC) network, suggesting BTC’s environmental positives outweigh its negatives by a whopping 31:1 ratio.

On Jan. 12, self-proclaimed philanthropist and environmentalist Daniel Batten claimed in a Twitter thread that “Bitcoin is probably the most important ESG technology of our time.”

According to Batten, the 31:1 positive impact ratio was calculated by researching and interviewing grid engineers, climate scientists, BTC mining engineers, methane abatement experts, and solar and wind installers.

The findings discovered 21 ways Bitcoin could be an environmental positive and just five ways it could be an environmental negative.

1/7

Environmentally, Bitcoin has a positive:negative ratio of 31:1

This mean Bitcoin is probably the most important ESG technology of our time

As a fund manager I'd opine its gross negligence for an ESG investor not to consider it in their mix

Here's a data summary

pic.twitter.com/Lbk0lWAA79
— Daniel Batten (@DSBatten) January 12, 2023

Batten said that the findings were “uncannily similar” to those for the solar industry.

Many of the positives involved renewable energy grids and benefits from mining such as being the leading technology for responding to grid power demand from over and undersupply. Bitcoin mining farms can be switched on or off depending on power demand constraints.

Additionally, BTC mining can be a solution for geographic curtailment. Power curtailment is a deliberate reduction in the output below what could be produced to balance energy supply and demand, or due to transmission constraints.

There are also benefits in innovation and methane reduction, according to Batten’s findings.

BTC mining can be used to reduce vented landfill gas and flare gas emissions by using this otherwise wasted energy to power rigs.

The handful of negatives included network emission levels, e-waste production, and the opening up of previous fossil fuel sites. However, the environmental positives far outweighed these negatives, according to Batten who opined:

“Bitcoin mining’s rapid renewable adoption can inspire other industry sectors to follow.”

“We see Bitcoin mining can play a real part in global methane mitigation,” he concluded.

On Jan. 13, the SCMP opposed the notion that Bitcoin was good for the environment by reporting that BTC accounted for 86.3 million tons of carbon dioxide emissions in 2022.

However, it did acknowledge that Ethereum saw its CO2 emissions drop from 21.95 million tons in 2021 to 8,824 tons last year, according to the data from Forex Suggest. The Ethereum Merge and switch to proof-of-stake last year reduced network power consumption by 99.98%.

The most eco-friendly blockchain networks in 2022

December 22, 2022 Coin Telegraph

Coin Telegraph

This year saw the realignment of the crypto industry toward greener, more energy-efficient blockchains.

2022 saw the continued advancement of green crypto projects as more industry companies focused on sustainability to reduce carbon emissions. A series of elemental forces drove the paradigm shift, including user demands for faster and more energy-efficient blockchains, growing climate change awareness among investors, and rising government concerns about energy consumption in the crypto sector.

Among the most notable eco-friendly crypto developments in 2022 was the transition of the Ethereum blockchain from a proof-of-work (PoW) to proof-of-stake (PoS) consensus layer. The Merge, completed in September, joined the original execution layer of Ethereum with its new PoS consensus layer, the Beacon Chain. It eliminated the need for energy-intensive mining by enabling the network to be secured using staked Ether (ETH). The conversion reduced the Ethereum network’s energy consumption by 99.9% immediately. Ethereum’s position as a leading programmable blockchain signaled industry-wide progression to low-carbon-emission solutions.

Mohammed AlKaff AlHashmi, the co-founder of the Islamic Coin cryptocurrency, spoke with Cointelegraph about how the sector was evolving to cater to emerging demands.

“In 2022, green projects follow three main vectors. The first is cutting their energy consumption and emissions — such as Ethereum reducing consumption by 99.9% and Polygon presenting itself as carbon-neutral. The second is ReFi — a new trend of regenerative finance that experiments with financial incentives to draw down carbon emissions.”

AlHashmi mentioned that his network had adopted a new emission-reduction model to achieve its eco-friendly objectives: “In the case of Haqq [the blockchain that issues Islamic Coin], the protocol automatically deposits 10% of the issued amount into a special Evergreen DAO, a nonprofit virtual foundation focused on long-term sustainability and community impact.”

Dimitry Mihaylov, chief scientific officer at blockchain gaming metaverse Farcana, told Cointelegraph that lowering emissions and on-chain transaction costs was good for the industry in the long term, as it would attract users, investors, and governments.

“Today, a regular banking transaction consumes an order of magnitude less electricity than a blockchain-based transaction, but we are betting on the development of more energy-efficient mining equipment and faster blockchain protocols. If successful, ‘green’ crypto projects are likely to receive strong support from both governments and potential users.”

That said, 2022 saw the rise of some unique, innovative, eco-friendly cryptocurrency projects contributing to a greener world.

Chia Network

Chia Network takes a unique approach to lower carbon emissions by using a proof-of-space-and-time protocol that differs greatly from early energy-intensive crypto-mining mechanisms that require powerful GPUs and processors. The network performs efficient transaction validations, also known as farming, and allocates users’ empty computer storage space into plots.

The process functions through a decentralized network of nodes acting as clients and servers connecting with their peers. The low processing power requirements allow anyone with a decent spec computer to farm Chia (XCH) tokens.

The network relies on farmers to provide storage space and then allocates mining privileges to each miner based on randomly generated numbers assigned to each space. The storage space whose stored numbers match closely with those generated by the network wins mining privileges.

This algorithmic formula rewards a greater allocation of random numbers to farmers with the most storage space, creating more winning chances.

XCH can be farmed using a range of infrastructures, including cloud computing and data storage platforms such as Amazon Web Services. Chia Network’s use cases include support for decentralized finance projects, asset tokenization platforms and decentralized exchanges.

On the energy front, Chia Network claims to use about 0.12% of the annualized energy used by the Bitcoin network. While the concept is inventive, it has drawbacks. Additional demand for hard disk and solid state drives has emerged in countries like China because mining XCH wears out drives in as little as 40 days.

Despite this downside, the network has presented money-making opportunities for data storage providers with unused space and companies with worn but operational data storage hardware that is no longer in active use.

Algorand

The Algorand blockchain network is built with an environmental focus and has made major strides toward becoming carbon-negative over the past two years.

In 2021, Algorand partnered with ClimateTrade, a a company that uses blockchain technology to help businesses offset their carbon footprint, enabling them to track their emissions in pursuit of broad sustainability goals.

The partnership enabled a portion of Algorand’s transaction fees to be put aside for purchasing the necessary carbon credits needed to offset the network’s carbon footprint. Algorand is a proof-of-stake blockchain, making it more energy efficient than Bitcoin’s (BTC) proof-of-work consensus mechanism.

For perspective, one Bitcoin transaction consumes approximately 1,206.52 kilowatt-hours of electricity, while Algorand claims one transaction only consumes about 0.000008 kWh of energy.

Solana

Solana is a blockchain platform designed to host decentralized applications. It uses the PoS consensus mechanism to validate transactions and embodies the tenets of green token generation. The platform can theoretically process over 60,000 transactions per second. This eclipses the Bitcoin network, which processes seven transactions per second.

On-chain transactions are settled using SOL (SOL) — the platform’s native cryptocurrency. The network has, since its inception, been working to achieve carbon neutrality, and it reached the milestone for the first time in 2021 by joining a carbon offset program.

Earlier this year, Solana received a favorable carbon rating from the Crypto Carbon Ratings Institute (CCRI) for consuming the lowest energy at a rate of 0.166 watt-hours per transaction.

While many blockchain networks use the energy-efficient PoS consensus mechanism, Solana’s efficiency is boosted by another novel mechanism called proof-of-history (PoH). With PoH, a timestamp creates a historical record to prove an event has occurred at a specific time. The nifty, pioneering solution allows the network to focus on validating current transactions without having to reference past temporal claims by nodes.

This enables consistency, as nodes must abide by set transaction ordering. The process allows the protocol to be fast and energy efficient.

Avalanche

Avalanche is a blockchain platform that aims to address the blockchain trilemma of scalability, efficiency, and security by using its unique proof-of-stake consensus mechanism. The platform uses its native AVAX (AVAX) token to facilitate transactions and distribute system rewards.

Avalanche has been lauded as one of the most energy-efficient chains in 2022. According to a research study by the CCRI, the Avalanche public blockchain consumed about 0.0005% of the amount of energy used by the Bitcoin network, which is pretty impressive.

These and other high-efficiency properties have made Avalanche the platform of choice for projects with environmental considerations.

The future of eco-friendly crypto projects

Eco-friendly cryptocurrency projects are here to stay. They are designed to be more environmentally sustainable and are becoming increasingly popular among users due to their scaling capabilities and lower gas fees.

The benefits they provide will likely lead to the development of more environmentally friendly blockchains while encouraging the enhancement of existing ones. That said, 2022 sits at the cusp of a new era where green crypto projects become more prevalent.

Busting Crypto Myths: “Bitcoin is Destroying the Environment”

December 21, 2022 Kraken

Environment

Chia Network

Algorand

Solana

Avalanche

The future of eco-friendly crypto projects

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