WHY IT MATTERS
The process to validate Bitcoin transactions uses large amounts of energy, the network depends on the computational power of thousands of mining machines and high carbon emissions due to the use of dirty electricity (e.g. from Kazakhstan) and because cryptocurrency mining uses hardware for only a short time before it becomes ewaste. Based on energy consumption through July 9, 2022 Digiconomist computes around 1,455.8 kilowatt-hours of electricity per transaction.
We work with the nonprofit organisation CoolEffect on high quality carbon projects to reduce carbon emissions worldwide. Projects include forestation projects in Kenya and Uganda, technology based Avoidance/Reduction projects in China and Honduras (cookstoves) and renewable energy projects in India. Cool Effect triple verifies the science behind every carbon project that they represent, combining science, expertise, and transparency.