The impact of cryptocurrency and blockchain mining on the environment will be studied by a cryptocurrency initiative

The World Economic Forum has created the Cryptocurrency Sustainability Coalition. The organization is to assess the role of digital assets and blockchain in the fight against climate change. The Crypto Sustainability Coalition includes 30 companies, educational groups, and other industry representatives, including cryptocurrency projects Solana, Avalanche, Circle, NEAR Foundation, Ripple, and Stellar Development Foundation. They will be researching the impact of Web3 on energy consumption and how detrimental mining is to the environment.

The coalition should come up with innovations to improve the climate, ways to mine cryptocurrency using renewable energy, etc. The organization will also conduct research related to the purchase of carbon credits — certificates on the blockchain issued by governments for the use of one ton of carbon dioxide. Coalition members will study how blockchain will make this process more transparent and how effectively it will reduce carbon emissions.

At the end of last week, environmental activists in the United States sent an appeal to the government to impose restrictions on new cryptocurrency mining operations. In this way, environmentalists want to prevent global climate change. Earlier, the US authorities admitted the possibility of banning mining due to its impact on the environment. The White House proposed that miners reduce greenhouse gas emissions with the participation of the Environmental Protection Agency, the Department of Energy, and other federal agencies, which should also develop environmental standards for the industry. However, the White House’s environmental report is still viewed as critical and unprofessional to say the least.