How can Bitcoin set off carbon emission within the cryto-universe
According to a report on Digiconomist. Com, the electricity consumption of mining a single Bitcoin is expected to be about 1000 kilowatt hours, with the carbon emission goes up to a stunning level of 474 kilowatt, from which we can come to a conclusion, whether there is a supervised institution or not, Bitcoin industry on the list of heavily polluting business.
Therefore, the sustainability of Bitcoin has around as much as concerns among people as its volatile price curve and it is sure to induce a environmental protection issue within the whole cryto-universe. Are there any solution in the community to set off the carbon emission? Or in other word, could the cryto-system set off the carbon emission itself?
The answer is YES! Setting off via Blockchain is a good choice。
1.The IBM-Verdium-Stellar System
In earlier May, IBM and Stellar conducted a second cooperation with Verdium Labs, a fintech focuses on environmental protection, to launch a new token called Verdium, which aims to tokenize carbon credit and streamline the trading process.
Before the idea of Veridium, companies which fail to reduce carbon emission and meets the quota set by the authority have to buy the surplus quota from other companies through a thicket of procedures, which is low-efficient and hard to calculate. However, with the help of Stellar Blockchain, we are capable of tokenizing the obsure carbon credit and achieve secure and efficient carbon credit trading.
2. The Ecobit-NEM System
After the release of Kyoto Protocol in 1997, the authority set a cap on the amount of carbon emission and brought up the concept of carbon sink, which allow countries or enterprises to balance their excess carbon emissions.
Since 2017, a green project,which is called Ecobit, creatively brings the carbon-offsetting deal onto the NEM network. In utilizing blockchain technology, customer can set off their excessive carbon emission by investing in the project which is launched in Malaysia to maintain the permanent forest reserve. What is more, there are also green and organic products available on the blockchain.
Although it may be more convenient and effective for us to launch carbon credit trading with the help of blockchain, there ‘s still a lot to be figured out when mining and in the meantime, takes environmental protection issue into consideration.
According to citicoins.com, the current price of Bitcoin stands at $7,554.22, and the ratio of cost to benefit falls to about 6:1, may be not so profitable.