Blockchain Unleashed at the United Nations General Assembly on the Global Crisis

Greta Thunberg, the 16-year-old has been on the headlines for the global climate crisis movement and has delivered a compelling speech at the 73rd United Nations General Assembly (UNGA) on how businesses and political involvement have stolen her dreams by the lack of response to the crisis.

The burning platform created by Thunberg and the Global Climate Strike, involving around 1.4 million children protesting and thereby staying away from school for the development in blockchain and sustainable development goals (SDGs).

Dr. Jane Thomason, the CEO of Fintech Worldwide, suggested:

“An increasing number of blockchain events at and around the UNGA this year focused on demonstrating how blockchain is continuing to contribute to the SDGs by offering up some excellent use cases.” 

“A report by the Sustainable Digital Finance Alliance (SDFA) and HSBC Center of Sustainable Finance launched the report, “Blockchain Gateway for Sustainability Linked Bonds: Widening access to finance block by block,” suggested that blockchain can enable the green bond market to scale dramatically from 2 percent of the current trillion dollar market and could potentially unlock capital solutions.” 

Katherine Foster, the Chief Intelligence Officer of the SDFA mentioned:  

“With 130 banks representing more than $47 trillion in assets and one-third of the global industry signing the United Nations’ Principles for Responsible Banking on Sunday, the role of green digital finance will be central to meet the goals of the U.N.’s Paris Agreement on Climate Change, as well as its Sustainable Development Goals.”  

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WEF Proposes Interoperable Stablecoins as Building Blocks for a Sustainable Global Economy

Stablecoins and the technology underlying them will be the building blocks of a more sustainable, inclusive and resilient global financial system according to the World Economic Forum (WEF).  

In an article published on Nov. 26, the WEF highlighted the true value that digital currencies such as stablecoins could have on creating a fairer and more inclusive financial system for the world. They however stressed the requirement for these digital currencies to function interoperability across blockchains, as well as interoperability between fiat cash and digital currencies, and between centralized and decentralized systems.

Stablecoins VS Cryptocurrency

Like a typical cryptocurrency, a stablecoin is a cryptographically signed digital asset recorded on a blockchain. The key difference is that stablecoins are pegged to ‘real-world’ assets such as fiat currency or a commodity such as precious metals like gold. This creates a far more stable token, that is shielded against price volatility, but able to perform the same functions of a regular cryptocurrency.

US Dollar Dominance

As outlined in the article, stablecoins could contribute towards a more resilient global economy by tempering some of the potential threats posed by the US dollar’s (USD) domination of global foreign currency reserves.

Foreign currency reserves are assets of central banks held in different currencies, primarily used to support their liabilities. Central banks also use reserves to help stabilize their respective national currencies. According to statistics from the IMF, the US dollar accounted for 62% of all foreign reserves held by central banks in the first quarter of 2019, while US GDP accounted for 15% of global GDP.

Source: Image taken from IMF data http://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4

A critical issue with USD reserves is that they are usually held by central banks in the form of US government bonds, and are effectively removed from circulation. Mass conversion of USD into US government bonds has kept US interest rates artificially lower for longer and pushed the United States further and further into debt. Consequently, a global scarcity of USD creates further major headwinds for US exporters, widening the trade deficit and pressuring economic growth.

The 2008 global financial crisis is evidence that a major economic disturbance can drive hard investment into USD-denominated safe assets—assets like real estate which at the time turned out to be not so safe. A similar future event with our current USD reserve reliance could effectively dry up global liquidity and cause the entire global financial system to collapse.Stablecoins could be used in lieu of foreign currency reserves. According to a speech given by Bank of England Governor, Mark Carney in August 2019—a diversified digital currency – one only partially weighted in USD – could unlock dollar funds stockpiled by governments and help increase global liquidity, trade and investment.

Diversity and InclusionStablecoins could also enhance global financial inclusion by alleviating people’s dependence on physical cash. According to the World Bank, almost 1.7 billion adults worldwide are unbanked which excludes them from participating in the world economy, creating further obstacles to escape poverty. For these people, holding, managing and transacting in cash imposes significant logistical, financial and security burdens. In addition to the unbanked, there are billions more people who might hold a minimum account balance but predominantly rely on cash for all transactions. This activity in combination with their income volatility makes it difficult for banks to accumulate enough data to provide any real service.Maintaining a smartphone is by far a more viable option for many people across the world than maintaining a bank account. Stablecoins can be exchanged through applications and stored on the security of a blockchain. Stablecoins could effectively expand the reach of consumer and small business credit across borders by reducing exposure to foreign exchange risk and the high fees associated with international payment networks.

Interoperable StablecoinsAcross different blockchains and protocols, there are currently around 200 active stablecoins. USD-backed coins like Tether, USDCoin, and Gemini Dollar the most active but recently many government-backed coins are being prioritized. The most recent is the People’s Bank of China with Digital Currency Electronic Payment (DCEP) project following President Xi Jinping’s call for blockchain action. 

The WEF emphasized the need for stablecoins to be interoperable across multiple blockchains—citing blockchain interoperability as a means to increase economic and transactional scalability, speed and security.

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Racing to Save the Planet: The Role of Blockchain in Sustainability

The greatest threat to our planet is the belief that someone else will save it.’ – Robert Swan.

From the Hindustan Times, December 5, 1984:

Poison gas toll 1,200 and rising

From The Ottawa Citizen newspaper, Saturday, May 17, 1986

Chernobyl: Tragedy felt around the world

From the Valdez Vanguard newspaper, Friday, March 24, 1989 

Tanker breaks open on rocks – At least 200,000 barrels of crude oil spill

The world is no stranger to environmental darkness. The MIC leak in Bhopal, India, killed around 10,000 people in the immediate aftermath of the disaster and in the 24h that followed the initial leak. The long-term effects of that fateful night in December last to the present day, affecting over half a million people in the long run. The Bhopal MIC leak still retains the dubious honor of being the world’s worst industrial disaster.

The specter of nuclear contamination spread its deadly wings over the small town of Pripyat, Ukraine, in the early hours of Saturday, April 26th, 1986. Pripyat was the name given to the residential town built for workers at the nearby Chernobyl Nuclear Power Plant.

Less than three years later, the Exxon Valdez ran aground in Alaska’s Prince William Sound. The force of the impact tore open the ship’s hull, and 11m gallons of crude oil spilled out. The resulting oil slick spread to over 1,300 miles of coastline, killing hundreds of thousands of animals, and causing long-lasting damage to local economies. 

There are many other instances of environmental crimes against Mother Nature. Mankind’s reliance on fossil fuels and non-renewable energies for generations has inflicted tremendous damage to the very environment that supports human life. If the trend of destruction continues, Earth will become an uninhabitable wasteland in the not-to-distant future.

How long we have left depends on who you ask. Some say that certain tipping points, such as the continuous loss of Arctic ice and the thawing of the permafrost have already been passed. The minimum area covered by Arctic ice has shrunk by about 40% since 1979, for example. And there are predictions that some 2.5m sq.m of permafrost (that’s about 40% of the world’s total area) might be gone by the end of this century. The consequences of these two events combined would indeed be dire. So to put it simply, it might already be too late to reverse mankind’s relentless march towards an apocalypse of its own making.

Sustainability: Can we banish the Four Horsemen?

Apocalypse does not point to a fiery Armageddon, but to our ignorance and complacency coming to an end -Joseph Campbell

Environmental damage is, by and large, man-made. Natural disasters such as volcanic eruptions, typhoons, etc. do occur, but no one can deny that most of the devastation inflicted on Earth’s ecosystem has been caused by mankind’s own hand. Overfishing, deforestation, poaching, plastic pollution, and the three events highlighted at the start of this piece, along with many more, can all be traced back to people just like you and me. 

Campbell, the American Professor of Literature who wrote such influential works as The Man with a Thousand Faces and The Masks of God, made an excellent point with his words. Mankind’s ultimate fate will likely not be determined by a rogue asteroid or any other cosmic event. Unless we change course, it will be our own ignorance and complacency in environmental matters that finally seals our destiny.

Sustainability is one the journeys that we, the human race, can embark on to prevent the coming of the Horsemen. The onus is on us to work together towards a common goal, for, in the end, there is only one Earth for us all.

Now, the concept of sustainability is a sort of umbrella term under which resides a whole raft of ideas, initiatives and combined efforts to create a better tomorrow. There’s no universally agreed definition of what sustainability is, beyond the actual meaning of the word: The ability to be sustained, supported, upheld, or confirmed. And in the context of this article, we’re talking about mankind’s ability to sustain and support our homeworld in the long run, so that future generations can still enjoy a life-supporting ecosystem, rather than a scorched wasteland.

Sustainability as a whole is an enormously complex issue whose ramifications go way beyond the scope of this article, so we’ll narrow the focus of this piece down to one particular technology that may play a crucial part in creating a sustainable future: Blockchain.

Blockchain and sustainability: A better future starts with data blocks

Give a man a fish and he won’t go hungry today. Teach that man to fish, and he won’t bo hungry ever again.

That old saying sums up the concept of sustainability pretty well, doesn’t it? We need to teach and learn the skills and techniques that will ensure people have food to eat today, tomorrow, and in five years’ time. There already exist many initiatives and projects within the sustainability space, but a piece of technology that started life as the engine for cryptocurrencies might become a vital cog in the sustainability machinery.

Blockchain is, at its core, a decentralized ledger. The answer really is in its very name. It is a chain of blocks that stores transactional data. All existing nodes in the network validate the transaction, which becomes immutable, i.e., it cannot be changed. The idea is simple, yet hardly new. The framework for a decentralized ledger to store immutable data had been postulated as far back as 1991, when research scientists Stuart Haber and W. Scott Stornetta devised a cryptographic solution to timestamp digital documents, so they could not be tampered with. The system worked as intended, but at the time, it did not find wide use outside research and theoretical circles.

Fast forward to 2008. The person or persons behind the Satoshi Nakamoto alias published a whitepaper that introduced the idea of a decentralized, peer-to-peer transactional model for digital money, using a chain of blocks to validate and store the transactions. This chain of blocks soon became widely known as ‘blockchain’.

Blockchain is one of those ‘Jack of all trades’ technologies, with such versatility as to be applicable to diverse industries as supply chain, manufacturing, entertainment, finance, and many more. Sustainability is but the latest sector to begin looking at blockchain as a valuable addition to help attain its goals.

But how can a technology that started life as the engine driving cryptocurrencies possibly help the environment?

A simple example: Say that a furniture retailer sells a kitchen table, a fairly ubiquitous household item. A green sticker on the product claims that the table was manufactured with wood cut from a sustainable forest. Now, how can the company make such a claim, unless someone was able to trace the raw material -wood, in this case-, all the way back to the place where it was obtained? The answer is blockchain technology.

The current supply chain features a lot of intermediaries. Sticking with the kitchen table example, the chain would start with the logging crew who actually cut down the trees, the truck driver who transported the logs to the timber mill, the freight company that moved the wood panels halfway across the world to a seaport somewhere, and the van that brought the material to a warehouse, where a kitchen table (or the panels to make one, if it’s flat-packed) will be sold to a customer. And some of this stuff might be sold online, which starts a whole new distribution chain and adds yet another layer of complexity. 

So the question arises, how can it be remotely possible to know exactly where a particular piece of wood came from, and where it has been? 

Blockchain provides a ready-made answer to this question: A digital signature (a certificate, if you will), which would be created by the logging crew, recorded on the blockchain, and passed on down through every stage in the supply chain. This digital signature would contain immutable information about the provenance of the wood, including when and where exactly it was obtained, the locations where it has been, etc., all visible in a blockchain record that cannot be tampered with.

Product certification on the blockchain

Determining provenance is just one of the many aspects in which blockchain can prove useful for the creation of a sustainable environment.

The same technology that traced that piece of wood from tree to kitchen can also become an invaluable tool in the process of auditing and certifying a wide range of products to ensure a sustainable origin. 

Currently, many products destined for human consumption (coffee, fish, bread, etc.) claim to have been harvested, fished, or baked from sustainable sources, and a sticker on the packaging says so. But for that sticker to be there, the field, fisheries, or factories where the stuff was packaged must have been audited by someone who certified that the sustainability claims are true. These audits are often costly and inefficient, as some factories might be sited in very remote locations where access is difficult. Auditing, when it happens, is also fraught with dubious practices that cast doubt over the entire process.

Blockchain technology can enable a lean and clean auditing process that ensures that the origin of a certain product is what it says on the tin. Several projects are underway in this field. The Sustainable Advanced Reality Audit (SARA) system, for example, which is part of a larger sustainability initiative by Friends of the Sea and the World Sustainability Organization (WSO).

Conclusion 

I opened this article with a piece by Englishman Robert Swan, a distinguished author, adventurer, and keynote speaker who became the first human being to walk both Poles. Back in 2017, Swan and his team undertook the South Pole Energy Challenge, a first-of-its-kind expedition that involved a 600-mile long journey to the South Pole with his son Barney Swan, using nothing but renewable energy to power the feat.

Most of us will never achieve anything close to what Robert Swan did, but we can all work toward safeguarding Earth’s future, one block at a time.

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Bitcoin is 57,000 Times Less Environmentally Friendly Than the "Green Cryptocurrency" XRP, Says Ripple

Ripple claims that its cryptocurrency, XRP, is 57,000 times more environmentally friendly than the largest cryptocurrency, Bitcoin. 

According to Ripple’s blog post, the firm criticizes Bitcoin’s consensus mechanism, proof-of-work (PoW), as a major issue contributing to the vast amounts of energy consumed for validating and processing transactions on the network. Other cryptocurrencies that use PoW as its consensus mechanism include Litecoin, Monero, Dash, Zcash, and Verge. 

As users broadcast transactions to the network, miners who create the block which is then added to the network, uses some of their own resources, including computing power, which is used to hash the block’s data until a solution to the cryptographic puzzle is found. 

With the growing number of miners in the community, miners compete against each other to solve the puzzle and verify the block, which then earns them a reward is to use more computational power to solve the puzzle quickly. 

Ripple’s post, written by Ripple’s CTO David Schwartz mentioned that with an application-specific device, ASIC miner, has an environmental cost of $1,500 per year for mining, while newer versions of mining machines could cost as much as $6,000 per year. 

A study conducted in 2018 found that the hundreds of thousands of computers that were used to solve cryptographic puzzles working 24 hours a day to mine Bitcoin consumed 1.5 times the yearly energy consumption of Ireland. 

Ripple says XRP is a green cryptocurrency

According to Ripple’s blog post, XRP was “designed with sustainability in mind,” and claims the cryptocurrency to be inherently green. Unlike Bitcoin, where there is a maximum supply to be mined, all XRP is already in existence, meaning no additional mining processes that require energy consumption will be needed to produce more.

“The unsustainable mining practices and proof-of-work mechanism behind Bitcoin and Ethereum are massive barriers for the more widespread adoption of cryptocurrencies. But not all blockchains are made equally.”

Ripple compared the energy consumption between 1 million transactions of XRP and Bitcoin. 1 million transactions in XRP could power 79,000 lightbulb hours, and 1 million transactions in Bitcoin could power 4.51 billion lightbulb hours, meaning XRP is 57,000 times more efficient than Bitcoin, according to the post. 

Blockchain and sustainability

Unilever, the consumer goods company that owns brands such as Ben & Jerry’s, Dove, Vaseline, Knorr, and other well-known brands, has announced that it will be leveraging blockchain to tackle deforestation.

By introducing transparency and traceability into its supply chain process, Unilever hopes to achieve a deforestation-free supply chain by 2023. The consumer goods company is also introducing a new regenerative agriculture code for its suppliers, and stewardship programs for local communities in the next few years.

KPMG Unveils Blockchain-Based Climate Accounting Tool To Help Drive Environmental Sustainability

Multinational professional services firm and one of the Big four auditing firms, KPMG is set to offer a blockchain-based tool dubbed the Climate Accounting Infrastructure (CAI) to help organizations more accurately measure, mitigate, report, and offset their greenhouse gas emissions.

Per the official KPMG announcement, the patent-pending Climate Accounting Infrastructure will be able to analyze climate risks associated with asset valuations and help organizations better assess and employ systems to offset their emissions.

The CAI as noted by the company will come in handy in helping organizations to meet their sustainability practice goals alongside helping them in the much-anticipated reporting of the sustainability practices each firm is expected to demonstrate in alignment with the environmental, social, and corporate governance (ESG) demands of capital markets investors.

The capability will use blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations, including as part of their real estate portfolios. The capability will thus present a trusted and transparent system to measure, account for, and report on emissions data.

Arun Ghosh, KPMG’s US Blockchain leader said in a statement:”As investors broaden their focus beyond financial factors to include ESG practices, organizations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress. Trusted reporting capabilities, such as those enabled by Climate Accounting Infrastructure, will be critical to meet stakeholder expectations and to comply with emerging regulations.”

KPMG has been very prominent in rolling out blockchain-based innovations for more functional enterprise integration. Besides announcing the launch of its patent-pending crypto analytics platform to streamline crypto-related services for financial services and FinTech companies back in June, the company currently has in operation a blockchain-enabled track and trace platform dubbed KPMG Origins in Australia, China, and Japan. The track and trace blockchain infrastructure find strong use in the supply chain industry to enhance global trade.

WEF: Blockchain Can Drive Sustainable Digital Finance for a Low-Carbon Economy

The World Economic Forum (WEF) has highlighted blockchain technology as one of the key emerging technologies that can drive sustainable digital finance and create a low-carbon economy.

Speaking at the WEF’s Green Horizon Summit on Nov. 11, UBS Chief Operating Officer, Personal and Corporate Banking, Karin Oertli said that blockchain technology, big data, artificial intelligence (AI), mobile platforms, and the Internet of Things (IoT) are essential to foster digital finance.

Oertli noted that sustainable digital finance can take advantage of these emerging technologies as tools to analyze data, power investment decisions, and grow jobs in sectors supporting a transition to a low-carbon economy. The finance expert believes that through the operation model of blockchain technology in transparently storing transactions in public ledgers, corporations or enterprises adopting the technology can have access to open digital finance data.

According to Oertli, technologies like AI, machine learning, and natural language processing can be used to both generate and evaluate such data as presented by blockchain in a bid to help businesses “increase energy efficiency, reduce overall energy consumption or expand the use of renewable energies.”

Blockchain Technology Finding Home in Environmental Sustainability Drive

The application of blockchain technology has consistently been drafted in environmental sustainability drive. As Blockchain.news reported back in September 2019, blockchain technology was unleashed at the United Nations General Assembly on Global Crises.

Per the reports, Greta Thunberg, a 16-year-old Global Climate activist delivered a compelling speech at the 73rd United Nations General Assembly (UNGA) on how businesses and political involvement have stolen her dreams by the lack of response to the crisis. Amongst other things, Thunberg advocated for the development of blockchain to combat climate change challenges.

Enterprises and private businesses have also been nudged to combat climate change through the adoption of tools such as KPMG’s blockchain-based Climate Accounting Infrastructure (CAI)

Ripple Co-Founder Proposes Alternatives to Proof-of-Work Model to Make Bitcoin More Sustainable

With the emergence of cryptocurrencies into mainstream finance and as a viable asset class, many industry experts have increasingly addressed the issue of sustainability, and how the current Bitcoin network can be tweaked to achieve better energy efficiency.

While many industry leaders have increasingly resorted to a proof-of-stake model, which offers better energy efficiency and scalability, some still run on the conventional proof-of-work model, the underlying consensus mechanism behind Bitcoin.

Ripple co-founder Chris Larsen addressed this and said that it might be problematic, especially with the way in which Bitcoin has been appreciating and gaining popularity. A switch to a proof-of-stake model or a Federated Consensus would be an essential move for Bitcoin if it wishes “to remain the world’s dominant cryptocurrency,” said Larsen.

In a blog post on Medium, he wrote:

“While many newer cryptocurrencies are already low consumers of energy or even carbon-neutral, Early protocols such as Bitcoin use a core technology called Proof-of-Work (PoW) to validate transactions, which is not only a huge and growing source of CO2 emissions but also uses massive amounts of energy, both from fossil fuels and ‘green’ sources.”

Larsen goes on to remind the crypto community that Bitcoin has significantly grown since its inception in 2009. Currently, according to the Ripple co-founder’s research, Bitcoin alone consumes an average of 132 TWh a year, which is equivalent to roughly 12 million US homes’ energy consumption. Annually, it releases an estimated 63 million tons of CO2, and of coins running on a proof-of-stake protocol, Bitcoin accounts for 98% of the hashrate.

Meanwhile, in a bid to achieve crypto sustainability, Ripple follows a federated consensus model to validate its transactions and conduct cross-border payments with XRP.

Recently, the fintech firm has also joined the Crypto Climate Accord, an initiative comprised of crypto industry figures such as ConsenSys and CoinShares, to further the conversation on how to develop solutions that enhance sustainability and scalability in the crypto sector, all the while creating value.

According to a previous Ripple blog post, XRP was “designed with sustainability in mind,” and the fintech firm asserts that the cryptocurrency is inherently green. Unlike Bitcoin, where there is a maximum supply to be mined, all XRP is already in existence, meaning no additional mining processes – which require energy consumption –  will be needed to produce more.

Visa Card Holders Spend Over $1B in Crypto in the First Half of 2021

More than $1 billion worth of crypto have spent in the first six months this year by consumers globally, Visa announced Wednesday. Attributed to cryptocurrency adoption continues to scale the heights, the payment giant acknowledged that this amount spent on goods and services by using its crypto-linked cards primarily. 

Making cryptocurrencies more usable

According to Visa’s CFO, Vasant Prabhu said:

“We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency.”

 “People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.”, Prabhu added.

Visa continues to show its commitment to making cryptocurrencies go mainstream. It recently revealed plans to incorporate the FTX crypto platform into its Fintech Fast Track Program to make cryptocurrencies more practical for business and consumer spending.

In March, Visa’s CEO, Alfred Kelly, announced the company planned to work with Bitcoin wallets to enable the more straightforward conversion of BTC to fiat currencies

Visa’s Network Enjoys a High Rate of Cryptocurrency Buying

Prabhu pointed out:

“We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges, and as far as we can see, that trend continues.”

More consumers are being inclined towards cryptocurrency usage, as acknowledged by a recent Mastercard research. Reportedly:

“93% of North American consumers plan to use cryptocurrency or other emerging payment technology, such as biometrics, contactless, or QR code systems, in the next year.”

More corporates are jumping on the cryptocurrency bandwagon. Luxury hotel and resort group Pavilions is now accepting cryptocurrency bookings, 

Therefore, becoming the first international luxury boutique hotel group to accept cryptocurrency for reservations by up to 40 types of cryptocurrencies.

Furthermore, social media giants Twitter and Instagram plan to develop a non-fungible tokens (NFTs) feature on their apps. 

Bitcoin Accelerates the Development of Renewable Energy for Bitcoin Mining

El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate the development of renewable energy, according to CNBC.

Therefore, this approach was boosting Bitcoin’s carbon footprint of making crypto mining green.

Precisely, El Salvador’s move into volcano-powered BTC mining made the case that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.

Late last month, Nayib Bukele, the president of El Salvador, posted a video with the caption “first steps” accompanied by a volcano emoji via his Twitter account, showing that the nation began its project to use geothermal energy from volcanoes for bitcoin cryptocurrency mining.

The video footage showed a glimpse of a new volcanic geothermal Bitcoin mining facility being built in El Salvador, the first nation to legalize Bitcoin as legal tender.

Investing in sustainable crypto mining

According to Bradley Rettler, a philosophy professor at the University of Wyoming:

“Every Bitcoin miner decreases the profitability of all others. Every miner using renewable energy decreases the profitability of all the ones using carbon-based energy. So, if you want Bitcoin to be greener, invest in sustainable mining.”

At the start of this month, El Salvador had mined 0.00599179 BTC or approximately $269 using power harnessed through a volcano. 

El Salvador has been continuously setting foot in the crypto space, given that the nation previously bought 150 new Bitcoins pushing its accumulation to a total of 700 BTC. 

Bitcoin transaction volume continues to spike

On-chain metrics provider Glassnode noted:

“Bitcoin entity-adjusted transaction volume spiked in the last few weeks, ranging from between $13.8B and $16.0B. These elevated volumes have been sustained in this range for 3 weeks. The current volume is only slightly less than the ATH of $16.8B set on the price ATH in April.”

Glassnode added that substantial transactions dominate the current transaction flow. Moreover, 2021 has seen notable growth in large-size transaction ($100K+) dominance as institutional capital, and higher prices have lifted USD denominated value.

New Wave of Green Energy Programs Influence Crypto Mining Sector

Since the mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities. 

This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.  

With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system. 

On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.

Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable. 

In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.

This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.

Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs. 

This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq. 

Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin. 

With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green. 

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