Eco-friendly Cryptocurrencies - A Much Needed Change In The Crypto Industry

By Author: Aditya Mehta
Total Articles: 5
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Why is crypto bad for the environment?

The computer processing power required to mine cryptocurrency is worrisome for environmentalists and for valid reasons.

This is because crypto mining requires:

High-powered computers that compete to verify transactions in return for tokens

Extensive amounts of electricity to power complex algorithms

Non-renewable and conventional energy sources such as coal, fossil fuel, oil, and gas

How does bitcoin harm the environment?

According to the Bitcoin Electricity Consumption Index, the energy required for mining bitcoin each year is higher than consumption in Malaysia or Sweden. The impact is even worse because most mining takes place in China, which is heavily dependent on coal for power.

Bitcoin prices have been on a rollercoaster ride since the year 2020. From about $6,500 in March 2020, the prices went as high as $64,000 before abruptly losing half their value. Prices crashed to earth amid the crackdown in China while there were fears over its carbon footprints. If the bitcoin prices soar again, the amount ...
... of fossil fuel involved in the process will rise too.

In 2021, Tesla announced that it had purchased $1.5bn (£1.1bn) worth of bitcoin. Musk has since confirmed he will not be selling his investment and will instead wait until a more sustainable way of mining is employed.

Is there an eco-friendly way to mine cryptocurrency?

The answer to this question is a big yes! There is a way to make the entire process green. In fact, iCryptoWorld was created with the vision to make crypto mining clean and sustainable and accessible for everyone.

iCryptoWorld lends its data center located in Siberia to mine several tokens like

Ethereum
Bitcoin
Litecoin
BHC
XMR
DGB

The electricity required comes from sustainable hydroelectric sources, making the process greener. The heat generated from processors is channelized towards different uses as planned or proposed. This is a great relief as chilly temperatures in Siberia makes it almost inhabitable.

Grypto-Green Crypto

iCryptoWorld has launched its own DeFi token, the iCW token that is the earth's friendliest token. The iCW mining process is both eco-friendly and economical. Part of the proceeds from the iCW Token offering will go towards environmental protection initiatives – not just in the Lake Baikal region in Siberia and the other key geographies like India, Dubai, China, Europe and elsewhere. Another part of the iCW Token offering proceeds will go to promote pollution-reduction technologies for air and water around the world.

The green revolution in the crypto space

As concerns mount over the levels of energy consumed in the mining of cryptocurrencies, new initiatives are constantly emerging to reduce the carbon footprints in the crypto space. Several other eco-friendly cryptocurrencies are coming up along with big changes in the practices of existing currencies.

The use of renewable energy sources and energy-efficient protocols is being promoted. Over 45 companies and individuals in the finance, crypto, technology and energy sectors have signed up to the Crypto Climate Accord, which seeks to decarbonise the crypto industry and achieve net-zero emissions in the crypto space by 2030.