“The problem will only worsen. The higher the value of Bitcoin, the greater the incentive to mine, and new digital currencies will be developed with similar carbonized models. However, as the underlying technology can offer significant benefits, it is here to stay, so future models must be designed without reliance on energy consumption so disproportionate to their economic or social benefits.”Dr. Truby has proposed a number of solutions that aims to encourage blockchain enthusiasts to head towards using more environmentally friendly cryptocurrencies and crypto projects. The propositions exist within the paper: ‘Decarbonizing Bitcoin: Law and Policy choices for reducing the energy consumption of Blockchain technologies and digital currencies’. Dr. Truby argues that now is the time for intervention, before it’s too late. The blockchain can be cleaned up and crypto technologies don’t need to be as damaging to the environment:
“The goal of any intervention focused upon the machinery would be to indirectly impact upon the behavior of developers, motivating them to amend the model of existing and particularly future systems towards a less polluting and more sustainable transaction verification model,” argues Truby. “It could also motivate manufacturers of such devices to produce low energy versions.”See the full article for yourself, here. By altering our habits and by focusing on cleaner and more environmentally friendly cryptocurrencies, we can help shape the blockchain into a greener position. The emissions produced by many crypto mining escapades are frankly colossal. Until we reach out and expand the popularity of greener projects, the planet is at risk and with that, so is our own existence.