ImpactScope, a community initiative based in Geneva, has announced plans to “offset Bitcoin’s massive carbon footprint.” Driven by its recent success, the digital currency has a hidden and rarely discussed mining issue which is its carbon footprint. Currently, over 60% of the Bitcoin network hash rate is dependent on non-renewable energy sources like coal and other fossil fuels.
This huge carbon footprint has become the Bitcoin industry’s “elephant in the room,” a problem no one seems to want to address.
However, ImpactScope is set to offset the carbon footprint, which is equal to that of Argentina on an annual basis, by introducing a broad array of green solutions that may not wholly resolve the carbon footprint but at least alleviate it.
The impact on ImpactScope, a firm providing green solutions, and carbon offsets, and sustainability options to Bitcoin miners, exchanges, and other crypto entities, in the crypto world is becoming more relevant with each new blockchain development.
Enegix, a cryptocurrency mining company, has started construction on what promises to be the largest crypto mining facility worldwide.
The mining facility is located in Ekibastuz, a coal mining town in Kazakhstan. Enegix intends to site 50,000 mining rigs, taking advantage of the relatively cheap local electricity, at $0.03 kW/hr, to power their 180mw requirement of electricity.
Bitcoin mining facilities like this leave the most significant carbon footprint, their vast power demand often requiring coal-burning and other environmentally dangerous actions. ImpactScope helps companies like Enegix “alleviate their carbon emissions” by providing the opportunity to fund green projects in places where such projects are needed.
Though some see ImpactScope’s work as an indulgence of the conscience, without any real impact on the climate, some even claim the climate is okay. However, the facts that carbon dioxide damage from Bitcoin mining can be readily measured and quantified, renders such arguments null.
In recent times, other Bitcoin mining firms around the world have stepped up their purchase of Bitcoin mining equipment which gives credence to the fact that the leading crypto asset is being viewed as a viable industry.