News - Blockchain and Bitcoin, how sustainable can they be?

By Sam Fröling

Blockchain and Bitcoin, how sustainable can they be?

Blockchain technology, and Bitcoin in particular, do not have a good reputation when it comes to the topic of sustainability and climate. But there are also good counterarguments to this bias.

Under the title "Blockchain and Climate Protection," Bitkom, the largest digital association in Europe, addressed the question of what opportunities exist to protect the climate using blockchain technology. The main focus is on reducing greenhouse gases.

Blockchain and climate protection

Whether it is instruments such as CO₂ certificates or so-called green steel certificates, lack of transparency in these sectors negatively affects their creation. What a CO₂ certificate really compensates in terms of CO₂ or whether steel is really sustainably produced is currently very difficult to find out. Several blockchain projects address exactly this problem.

In an interview, the head of Blockchain at Bitkom e.V., Benedikt Faupel, explains the motivation behind the current publication:

'We urge companies and policy makers to start exploring and applying blockchain technology as a powerful tool for emissions monitoring. By using digital technologies, we can make a sustainable contribution to climate protection.'

Benedikt Faupel, Head of Blockchain at Bitkom e.V.

Bitcoin for a successful energy transition

The publication also points out that Bitcoin's high energy consumption can be cleverly used to better control our energy grids. After all, renewables create strong fluctuations that can quickly overload the power grid. With the increasing expansion of wind and solar energy, the Bitcoin mining industry could be used as an economic and regulatory control tool, according to the authors.

Anyone interested in learning more about these and other aspects of blockchain and climate protection can access the Bitkom publication here.

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