As you all know here in the ChainBLX Community — I’m a rather committed environmentalist. So… I am thrilled to see IBM issuing their first token on Blockchain as a way for enterprises that pollute to offset their carbon footprint. This is AWESOME!!!
Just getting the hang of this token thing. I assume just about anything can be ‘tokenized’ then??
This is brilliant using blockchain to track polluters and limit them. I wonder if a bounty system could be in place to incentivize public auditing of thousands of polluters or something like that. This would be a huge step forward. Companies already sell their carbon credits to others, to give them the right to pollute more (which is legal) but this could help really hold corporations accountable to what they are doing to the environment. It’s ironic that Bitcoin - the most obscene pollution creator on the planet, would result in a tech to offset its own co2 tho
They RESTARTED a dormant coal power plant in Australia specifically for BTC miners.
bitcoin mining isn’t so bad, it mostly uses renewable energy like hydroelectric dams and geothermal plants. these are the sources of the cheapest electricity surpluses that they can buy at industrial rates.
When you suck renewable energy out of the grid, you have to compensate for it with fossil energy. There is a town in the Northeast US, that has a huge dam and now has to Import energy from Canada because so many miners set up there.
This isn’t entirely accurate. Renewables like wind and hydroelectric are perishable. In other words when the wind is blowing, you have to use that energy right away. And with dams it’s the same thing: they let the water through and the energy has to be used pretty much right then and there. Coal, on the other hand, can be burned as needed.
This logic has more holes than Swiss cheese… where do I even start??
I think what @cryptonite is getting at, is if you divert renewables to mine BTC, you have to replace that power by burning fossil fuels. It is that simple. There is no “surplus” of renewable energy that will go to waste, that is nonsense.
ok you guys might be right. But this point isn’t worth arguing because the miner reward for Bitcoin is going to cut in half in a little more than a year. At that point if Bitcoin isn’t priced at 20k again, the whole thing collapses.
It won’t collapse there have already been to halvings that barely affected anything. But environmentally it just keeps getting worse because the resources needed to solve the blocks will keep increasing exponentially. It really is a disaster for the environment and nobody seems to care.
Thanks for the spirited debate guys, but the thread is veering a bit off topic. We were talking about tokenizing carbon credits.
Ok back on topic: if compliance to things like carbon emissions can be on public blockchain, it will be a great thing. The people can audit compliance themselves and not have to trust government agencies that frequently don’t do what they are supposed to.
Publicly audited compliance… nice
The environmental impact of cryptos will obviously have to be addressed, but we are headed in the right direction. I think market forces will take care of it, because its nearly impossible to regulate.
The only way market forces will regulate crypto energy waste:
- Mining will have to become too expensive
- Transactions will become too complex and expensive
Don’t expect the market to suddenly become environmentally conscious
The market won’t become environmentally conscious, but it Will replace the first generation of cryptocurrencies with a second generation that makes economic (and environmental) sense to mine and maintain
I think you would be surprised how much the market is willing to give up some value in exchange for clean solutions. I’ve seen it again and again, the market isn’t heartless.
Maybe you’re right
hmm… environmental factors are not going to deter people from using and investing in any particular crypto if they think there is money to be made.