Climate change is one of the most severe problems of the 21st century.
Its long-term effects are noticed every day around us, from changing temperatures drastically to influencing our health and the development of animals.
The worst part? Climate change can’t be stopped, and humankind accelerates its daily expansion.
Among the corporations and the landfills contributing to the deterioration of natural resources, the crypto industry is also a considerable factor that rushes climate issues.
Numerous investors learned how to buy Bitcoin and sell it in an effort to face financial scarcities and uncertainties.
However, the amount of input energy used for mining is equivalent to an entire city’s yearly energy, as the process requires solid computational hardware.
Bitcoin alone is one of the biggest energy consumers, as it still uses PoW (Proof of Work).
Ethereum, on the other hand, switched from PoW to PoS a few months ago to minimize its consumption.
Still, the crypto market has considerably expanded, and many other cryptocurrencies and blockchain technologies contribute to the rapid climate change issue.
Blockchain and Web3 solutions actively mitigate climate change by developing resources that can act as a shield against energy consumption. But are they effective?
The Problem: Crypto Mining Increases The Carbon Footprint Track Record
Crypto mining started around 2009, when Bitcoin, the first cryptocurrency, was issued.
In the first year, mining one block would offer 50 BTC ?this changed drastically nowadays as rewards are reduced by half every four years.
Besides the number of coins provided, mining also became more complex, which led to enormous carbon footprint effects.
Throughout Bitcoin’s history, it has been revealed that it has emitted around 200 million tons of carbon dioxide, which is close to the amount of gasoline and natural gas emissions.
Many reasons contribute to the increased mining difficulty, which will continue until the last bitcoin is mined.
The intricate mathematical problems required to solve for the purpose of transaction verification must be solved with the help of high computing power and compact hardware.
Although mining difficulty has the benefits of increasing network security and ensuring a steady mining rate, this doesn’t balance the effects on the environment.
The Challenge: 4 Threats In The Crypto Industry That Affect The Environment
As cryptocurrencies are released with the help of decentralization, talking action requires the involvement of many actors, from investors and developers to regular users.
Briefly, these are the main problems that afflict environmentalism:
- Mining requires a lot of energy to yield decent returns, leading to an increase in carbon emissions;
- As crypto-mining changes rapidly, new and better hardware is needed, which leaves older equipment useless, becoming unnecessary e-waste;
- Despite all efforts to provide financial freedom, decentralization is threatened by controlling private companies;
- For the transactions to be fast, a surplus of energy is needed, contributing to mining effects;
The Solution: Web3, Blockchain, VR Technology
The crypto industry seems to do nothing but worsens nature’s condition.
But what if we used this complex tool to mitigate climate change and fight irregularities? It’s not impossible, so here are some potential solutions to merge crypto and Web3 technology for welfare.
Web3 Tools For Enhanced Transparency And Accountability
Web3 technology comes with rapid movement after Web2. The awaited future of the internet is expected to change the way we live our lives completely by enhancing decentralization, security and privacy matters.
Web3 can contribute to improved energy consumption through a decentralized architecture that paves the way towards efficient and transparent systems.
Within these ecosystems, people, communities and businesses can generate, trade and store energy to lower carbon emissions.
The supply chain can also be improved through Web3 because it may decrease the impact of overconsumption and mindless production.
Web3 can be the base of a supply chain record that includes everything from the source of raw materials to the end user.
Blockchain Solutions For The Development Of A Circular Economy
Many countries recently aimed to approach a circular economy in an attempt to extend the life cycle of products and reduce waste by creating further value and protecting the environment.
Blockchain features can be used to develop crowdfunding and peer-to-peer transactions to support this movement to support climate change projects transparently.
At the same time, blockchain is beneficial for gathering real-life data and putting it to use in an efficient way.
Companies like Coca-Cola already use this technology to track the work of waste collectors in Africa, as well as trace the course of recycled materials.
A project still in development is the use of blockchain for the end-user to be informed on how to repair or dispose of a certain product.
Such details would be accessed via QR code, for example, which helps all parts of the supply chain to share the responsibility of how materials flow circulate in the economy.
VR Technology For Increasing Climate Change Awareness
Virtual technology has increasingly made its way in most industries, and now it can help environmentalism too.
One of its primary functions includes an immersing experience through which regular people better understand climate change’s impact.
This method is an extension of the limited media perception of global warming. For example, with a VR system, you’ll be transported to a location where the effects of climate change are considered harmful to the environment and the people.
On the other hand, VR can be leveraged for simulation purposes regarding possible solutions for climate issues.
Such an immersive experience may include the beneficial effects of renewable energy systems on the environment or the long-term effects of sustainable transportation options compared to traditional modes of transport.
The convergence of blockchain with VR would promote climate change awareness among varied types of audiences, therefore increasing the chances of people changing their opinions and acting towards a better planet.
What Do You Think About Web3 Environmentalism?
Although technology has reached a point where its increased usage impacts the planet and our health too, it can be used as a helpful tool through which companies and individuals commit to slowing down global warming.