With the #Lettheearthbreathe movement in full swing, how far along is crypto in catching up?
Cryptocurrency projects with the goal of reducing harmful effects on the environment have been popping up recently. However, as climate change becomes more and more severe, there are those wondering: is crypto finally ready to settle its environmental offenses?
NASA scientist Peter Kalmus was arrested last week after chaining himself in front of the JP Morgan building. He did that as part of their group’s protest opposing the bank’s decision to finance fossil fuels.
The scientist cried, asking to listen to their plea. “ We are going to lose everything,” he mentioned. “We are not joking, lying, or exaggerating.” He added.
Climate change is one of the oldest problems we are solving, yet more people still think everything is a hoax. Mass deforestation, mining, and plastic waste are known reasons for extreme weather changes. In addition, the rise of cryptocurrency also adds up to the problem. Excessive carbon footprint is one of the main contributions of cryptocurrency. However, crypto giants such as Bitcoin and Ethereum are already starting to find ways to resolve such lingering problems. But how far are they already? Is it really possible to solve such a problem?
Carbon Footprint: crypto’s greatest enemy
The most harmful effect of cryptocurrency is, indeed, its carbon footprint. Bitcoin alone produces 37 megatons of carbon footprint yearly. Processes such as Auto Compounding, for example, necessitate extremely high gas (and gas fee). As a result, it leaves a carbon footprint on the environment.
Crypto transactions are tracked through a public ledger comprising a global network of computers: the blockchain.
This validation, which is an energy-intensive process, is enabled by “mining,” a process in which computational puzzles are solved in order to verify transactions between users, which are then added to the blockchain.
The possible solutions
Despite this, the blockchain industry as a whole is constantly improving its services in order to reduce the carbon footprint produced by such technologies. Projects such as ETH2.0 were made as a solution to such problems. However, It is not yet clear if there is a possibility for this problem to be solved.
Due to the mass adoption, the government takes few actions to regulate cryptocurrency. For instance, the White House opens its doors for suggestions and comments on what problems exist in crypto and how they should be solved. Hopefully, after gathering every question, they will implement a solution as soon as possible.
In the meantime, while waiting for the solution to the problem, you can also contribute to the green movement by reducing your own crypto transactions. It could help. If you are not a crypto investor, deleting unnecessary emails could help the planet. These small moves, once combined, can create a macro effect on the government.
Now that everyone on social media seems to be awake to the #lettheearthbreathe movement, more people are making small steps in order to help. More people have started to delete their emails, use websites such as Ecosia that plants a tree per search, reduce the use of plastics, and more.
PrivacySwap also aims to be part of such movements. This is why we aim to ensure that everything we are doing in our ecosystem will help to reduce transactions. With our PrivacyCard, for instance, you can now cash out your cryptocurrency without doing the long process of converting your cryptocurrency from one website to another.
All of these, along with the launch of the DEX, PrivacySwap could extensively participate in a better and safer crypto space for everybody.