One River develops “Eco-friendly BTC”
No one would argue that Bitcoin and Blockchain are, in principle, not perfect. However, it is not enough to simply accept the obvious problems. It is necessary to move on to solving pressing shortcomings. At the very least, we are talking about the environmental damage that Blockchain causes due to mining. But a solution, quite possibly, has been found. One River has filed a patent to create a fund that will compensate for environmental damage. Below we will tell you everything that is known about this bold and useful project. So, without further ado, let’s get started.
How exactly mining is harmful to the environment
We considered the issue of environmental cleanliness of mining and Blockchain in general in a separate large article. We strongly recommend that you study the presented theses. The topic is really important and useful for every user of the digital industry. Nevertheless, in order to save you time, we will voice key points from that material. It’s all about the electricity consumed. Mining requires a lot of energy, for the production of which forests are cut down and the ozone layer is disturbed. Elon Musk, as well as leading figures in the industry, are already concerned about the solution to this problem. But it was One River that got into real action.
This is a well-known company that has started the process of registering a separate fund to minimize the harm of mining. The task of the new project is to allocate a budget from each sold token to remove the so-called “carbon footprint”. That is, emissions from fuel combustion at power plants. How exactly does the new concept work and is it really effective? Should you support this project if you are worried about the preservation of the environment? Let’s figure it out.
What exactly One River offers
The company’s initiative is as follows: the organization creates a separate token based on Bitcoin. When sold, the funds go to a special fund. This fundraising will allow companies to regulate the rate of electricity consumption and obtain carbon credits. A carbon credit is a special permit that allows an entrepreneur to emit a certain amount of gases into the atmosphere. This initiative will help structure the rate of electricity production, normalize the operation of the corresponding stations. This is especially true against the backdrop of the growing interest in mining among large companies. Indeed, today more and more serious organizations are beginning to purchase equipment for the extraction of digital assets. Mining brings in a lot of money, which, however, should not harm the environment.
The initiative has already been supported by the well-known Uruguayan company Moss Earth. One River, together with its partners, came to an agreement that is concluded until 2031. Renewable. That is why it is imperative now to show that conservation initiatives are important and beneficial. After all, such projects are really capable of having a health-improving effect on our environment. And we have no doubt that the concept of carbon credits will become a popular solution among large mining organizations. Of course, you will not be able to immediately feel the positive effect. After all, the refinement of such a process as mining, its environmental cleaning is a long-term work. Which may well take several years. The main thing is that the process has already started.
To stay up-to-date with current events from the world of Blockchain and high technologies, follow our news feed. We regularly publish only high-quality, interesting material about everything that happens in the digital industry. Thanks for attention. Good luck!