The consequences are adding up fast. Bitcoin has the same power consumption as Thailand over the course of the year. The second most popular cryptocurrency, Ethereum, has an annual power consumption comparable to the entire country of Kazakhstan.
Many decentralized applications and projects that sell NFTs, such as the curated generative-art platform, compensate for greenhouse emissions produced by cryptocurrency transactions. Part of the money that ArtBlocks makes from selling art pieces is used to purchase carbon offset. One carbon offset unit represents the removal of one metric tonne of carbon dioxide from the atmosphere or the avoidance of metric one tonne of carbon emissions.
According to Offestra advisor Damien Schuster, the company essentially helps founders reduce the total amount of emissions and work in a more environmentally-conscious manner. “Today, there's also other options for people that want to use Proof of Stake options,” he added. “Our goal is also to encourage people to go back right retroactively, and resolve those emissions or at least account for them,” Schuster said.KlimaDAO, an ecologically-oriented cryptocurrency project founded by anonymous developers and aimed at addressing climate change, has proposed its own solution to address climate change through cryptocurrency: “tokenizing” the carbon offsets themselves.
. The code underlying KlimaDAO is based on another project, Olympus DAO, which incentivizes people to deposit assets into a treasury to increase the price of the OHM token yielding more than 7000% in annual gains.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Biz: The Web3 arms race is upon us, April 14–20, 2022Nobody can define Web3, but it might be even harder to spot the potential business opportunities it brings. Fortunately, our latest Crypto Biz is here to shine some light.
Read more »
Bakkt Adds 2 Female Board Members to Bolster DiversityThe crypto industry is dominated by men; according to a LinkedIn analysis from 2018 to 2021, 70% of new crypto hires were men.
Read more »
CoinDesk Podcast Network: BREAKDOWN: Why Crypto Matters for Emerging Markets on Apple Podcasts“Since I have been in cryptocurrency, the thing that has made it so exciting to me is the alternative it represents to a sovereign type of money.” NLW covers the “2021 Cryptocurrency Gains by Country” report from chainalysis.
Read more »
Crypto Businesses Ask 27 EU Finance Ministers to Loosen Disclosure Requirements – Regulation Bitcoin News46 European crypto businesses and organizations have sent a letter to 27 EU finance ministers regarding crypto regulation. cryptocurrency bitcoin
Read more »
XRP-Backed ETP Launches on Europe's Leading Exchange for Digital AssetsXRP-backed ETP lists on Europe's top exchange for digital assets XRPCommunity Ripple XRPHolders Crypto Blockchain Deutsche Börse-operated Xetra exchange
Read more »
Huobi Exec on Crypto in China Following Crypto BanHuobi Financial Officer Lily Zhang discusses her crypto markets analysis and outlook, sharing insights into the state of digital assets in China following the country's crypto ban. Plus, the impact of rising rates on markets and reactions to Tron's Justin Sun announcing the launch of decentralized algorithmic stablecoin USDD.
Read more »