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??