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Apr 07 2021

China’s Bitcoin Mining Industry Could Derail Climate Targets: Researchers

As China’s bitcoin mining industry grows bigger, some researchers believe the electricity-gulping bitcoin mining may prevent China from achieving its climate goals.

This was made known in a recent study published in the Journal Nature by the researchers. 

Increasing Concerns Over Climate Security

The study reveals that China powers approximately 80% of the world trade in cryptocurrency.

Given the fact that Bitcoin operates on the blockchain, every transaction is encrypted by a network operated by miners, which use high electricity consumption in the process.

The miners use high-powered computers to validate transactions, which consumes huge electricity and may have implications on climate security.

However, the Journal Nature report shows that 40% of China’s Bitcoin is powered by coal. This is where the problem starts. 

Researchers believe that since most of these big coal plants emit carbon, they may have adverse effects on the climate’s health.

While China projects to overcome carbon emissions before 2030 and become carbon neutral by 2060, the researchers warned that the lofty objective might be impossible with rising Bitcoin mining activity.

Also, Nature Study projected that China’s Bitcoin mines might accumulate approximately 130.5m metric tons of carbon emission by 2024.

The study gathers that the availability of affordable electricity in China and access to hardware-enabled companies in China controls about 78.89% of the global bitcoin blockchain.

The activities of these companies involve mining coins, tracking and monitoring cryptocurrency transactions.

However, the co-author of the piece, Wang Shouyang, warned that continued Bitcoin mining activities could have grave consequences on the climate if left unchecked.

Way forward On China’s Crypto Mining Industry

Experts have recommended some alternative paths that the Chinese government could take in managing cryptocurrency mining and preserving its climate security policy.

In this regard, Shouyang advised the government to concentrate on upgrading the power grid to create a stable power supply from renewable energy sources.

He explained that renewable energy sources provide cleaner energy and are also cost-effective, adding that this will even motivate the miners to relocate from coal-powered regions to clean-energy regions.

According to a Cambridge University’s Bitcoin Electricity Consumption Index, it is envisaged that the crypto-mining industry will consume 0.06% of the globe’s electricity production.

However, experts enjoined the Chinese government not to raise carbon taxes as a form of deterrence. Instead, they should work in providing alternative solutions.

China imposed a blanket ban on cryptocurrency in 2019 but has allowed the cryptocurrency mining industry to continue.

China’s coal-rich regions are imposing stiffer measures on Bitcoin miners, given their policy in curbing emissions. For example, In April, the provincial government of Inner Mongolia has rolled out plans to outlaw cryptocurrency mining before the end of April.

China’s Bitcoin Mining Industry Could Derail Climate Targets: Researchers

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Written by bizbuildermike · Categorized: cryptocurrency · Tagged: bitcoin, Bitcoin mining, blockchain, carbon, carbon neutral, china, climate change, coal, Computers, crypto, crypto mining, cryptocurrency, electricity, energy, Global, government, health, miners, mining, Mongolia, Renewable Energy, report, security, Study, Taxes, trade, transaction, Transactions, work, world

Mar 16 2021

Ant Group, the Fintech Division of Digital Commerce Giant Alibaba, Aims to be Carbon Neutral by 2030

Ant Group, the Fintech division of digital commerce giant Alibaba Group Holding Limited (NYSE: BABA), has made a commitment to become carbon neutral by 2030.

Ant Group’s management stated that to achieve the carbon neutral target within the coming decade will involve establishing a carbon neutrality fund. This will be done to support the ongoing research and development (R&D) of renewables and other new “green” technologies. The digital payments firm will also be working cooperatively with other industry participants to support green finance initiatives.

Ant Group further noted that it would be looking into ways to leverage blockchain or distributed ledger tech (DLT) solutions to support the ongoing climate effort. These initiatives may involve using DLT to more accurately track the carbon reduction process.

Ant Group’s management stated that it has outlined a roadmap to neutralize direct and indirect emissions that are associated with the purchase of electricity (starting in 2021). By 2030, the firm intends to completely cancel out carbon emissions from other sources it doesn’t actually  own or manage. This may cover key areas including business travel and supply chain.

Ant’s pledge or commitment to lower carbon emissions has come after the announcement of the resignation of the firm’s CEO Simon Hu.

Ant Group’s Alipay virtual payment platform had launched the Ant Forest green project back in 2016. It was found within the app and aimed to encourage its users to actively participate in low-carbon emission activities, like making utility bill payments via online platforms and walking to work or other places instead of driving. Green energy points that are earned by users taking part in the project may be used for planting more trees or for protecting a particular area of land for biodiversity conservation.

Other large firms have also made commitments to become carbon neutral within the next 10-20 years. These efforts are all part of an international focus and effort to reduce the harmful effects of climate change.

Apple (NASDAQ: AAPL) stated in July 2020 that it intends to become carbon neutral across all its main businesses by 2030.

Microsoft (NASDAQ: MSFT) previously pledged to become “carbon negative” in the coming decade. The tech giant said it plans to cut more carbon from the environment than it produces.

Amazon.com Inc. (NASDAQ: AMZN) co-founded The Climate Pledge in 2019. It’s basically a pledge to become net-zero carbon across its different businesses within the next 20 years, – which would be 10 years ahead of the Paris Agreement.

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Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, 2021, Alibaba, alibaba group, alibaba holding group, ant group, Asia, blockchain, business, Businesses, carbon, carbon neutral, ceo, climate change, Cover, digital, digital commerce, digital payments, dlt, electricity, energy, Environment, finance, fintech, fund, Global, green, html, international, Ledger, more, other, Paris, payment, payments, platforms, research, said, supply chain, target, tech, tech giant, travel, work, Yahoo

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