The Green Hash Rate Group for carbon neutrality was born due to this initiative The main goal is to eradicate all polluting mining emissions by 2030.
Cryptocurrency mining company Argo and blockchain technology developer DMG have joined efforts to promote digital mining with renewable energy. Both signed the so-called Cryptocurrency Climate Agreement (CCA) that intends to set a considerable reduction to polluting emissions within the industry.
The initiative appeared in April this year, but both companies joined the agreement on Friday, May 14. With the CCA the so-called Green Hash Rate Group also came to light, an internal association that will outline what the main goals of the organization will be and the requirements that its members must meet.
The companies highlighted in the press release that the Increasing demand for cryptocurrencies reflects the ecological impact that blockchain-based technology will have on the world.
Bitcoin (BTC) miners currently account for up to 0.5% of global energy use on a global scale. The companies stated that there is an immediate chance to reduce this outstanding energy use.
The members of the climate agreement point out that, by the year 2030, all the mining of Bitcoin and other cryptocurrencies will work with renewable energy. Companies consider that these types of proposals are those that would contribute sustainability to an expanding industry.
Actions to Follow and Consensus led by the Organization
Among the first actions of the organization are developing standards, tools, and advanced technologies to increase the adoption rate and verify progress towards 100% of blockchains with renewable clean energy. For the CCA signatories, the fact that the industry is migrating to more environmentally friendly sources could awaken the interest of new users as well as the injection of new financing capital.
The organization states that each cryptocurrency project has its particular features, especially when it comes to the consensus mechanism. According to the CEC, the Proof of Stake (PoS) model may be more energy efficient. However, there are Proof-of-Work (PoW) -based projects that are active.
The new association argued that To further accelerate green mining, they can use open source technology to measure and report, completely anonymously, how much mining is green. There is a strong precedent of renewable energy certification systems active in markets around the world.
Tesla Stopped Receiving Bitcoin as a Method of Payment
The US electric vehicle manufacturer Tesla no longer accepts bitcoin (BTC) as a means of payment for its vehicles. This information came to light during the night of May 12. Elon Musk was the one speaking on the matter.
The surprise decision comes seven weeks after the CEO assured that the company would begin processing these types of operations. Both the price of BTC and the TSLA share were negatively affected right after the announcement.
In CoinGecko, Bitcoin declined at least 11% in the last 24 hours. Immediately following the announcement, the Bitcoin cryptocurrency crumbled down to $ 48,000, breaking the psychological support of $ 50,000.
By: Jenson Nuñez