Business News Asia
The digital world around blockchains and crypto is growing and growing. The market capitalization of cryptocurrencies already reached $2.5 trillion in December and ecosystems continue to constantly advance. Cryptocurrency adoption is spreading around the world with early pioneers such as El Salvador becoming the first country to accept Bitcoin as a legal tender.
Nevertheless, the whole crypto world is said to have a big disadvantage which is that it consumes a lot of energy, especially in the form of mining. In fact, the so-called digging for cryptocurrencies consumes an immense amount of energy, but on a global level, this only reflects in a low percentage. There are much larger energy consumers in the world by far. Recently, Blockstream chief strategy officer Samson Mow said that Bitcoin mining is actually a very small percentage of the world’s energy consumption, making it clear that if the crypto community is going to be a polluter, then everything and everyone must be a polluter.
As the shift towards a clean economy continues, crypto mining companies in particular are under pressure. For now, most crypto farms are still going the way of the two most prominent representatives of the so-called clean energy class, solar and wind, as these have been the most subsidized energy sources in the past. Solar and wind are relatively clean energy sources, but not the most reliable. For this reason, many major players in the industry are pushing towards nuclear power. The advantages of nuclear power are that it is cheap, reliable and the cleanest of our sources of energy. The safety factor has also made great strides in recent times to build smaller, safer reactors. Countries such as France and the UK are advocating clean nuclear power. Even Germany, which wants to shut down all reactors, is now considering this step. Nuclear power can be seen as a huge opportunity and a huge source of clean energy, according to the vice president of Griid Harry Sudock.
Carbon Credit Market
After all, the blockchain industry is now involved in the carbon offset market. The KLIMA DAO project is a decentralized blockchain project that aims to drive up the carbon price. As companies are increasingly forced to buy carbon offsets, they face higher costs when carbon offset prices increase. The goal is to force companies and countries to face the reality of climate change and to move towards a cleaner path. The KLIMA token aims to maximize value creation for the community and create a virtuous cycle of growth. Ultimately, the KLIMA token ( Each of which is backed by real, verified carbon assets) will act as a truly sustainable asset and medium of exchange with real global planetary value. Its carbon treasury now holds 11,687,485 tons of CO2 which would be an equivalent of 58,437 hectares of forest, 2,540,757 cars, or 5,970,651,747 liters of gasoline, according to the KLIMA website. Fittingly, the project’s tagline: “Drive climate action and earn rewards with a carbon-backed, algorithmic digital currency.”1
The project has already attracted prominent investors such as Mark Cuban, who recently confirmed that he places carbon offsets worth $50,000 on the blockchain approximately every 10 days. It uses the Polygon (MATIC) network as it is based on Proof of Stake.