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‘Crypto Hour’ To Draw Attention To Rising Crypto Power Consumption

‘Crypto Hour’ To Draw Attention To Rising Crypto Power Consumption

On March 24, 2018, at 20:30, the organizers of “Crypto Hour” will urge miners to turn off their mining equipment for one hour, according to Rambler.ru.

A Russian environmental action group of experts in mining, cryptocurrency and lock band have organized “Crypto Hour” within the framework of the “Earth Hour” organized by the World Wildlife Fund (WWF) taking place at the same time to demonstrate social responsibility and environmentalism.

Bitcoin Mining

The “Crypto Hour” organizers want to make participants focus on ways to ecologize technology.
More than 50 terawatt hours of electricity are spent annually to support the bitcoin network. Unless the current growth of electricity consumption does not decrease, experts claim that by 2020 the bitcoin network could consume as much electricity as the rest of the world’s electricity consumption combined.

Power Consumption Raises Concern

Mining activity also emits a large amount of heat, which contributes to additional costs for cooling.

“Crypto Hour” organizers want to urge governments to create maps of “ecological mining,” which refers to locating mining facilities close to renewable sources of energy, and to encourage investments in ecological mining projects in the Russian Federation.

Peter Dvoryankin , the initiator of the Crypto Hour, also wants the campaign to encourage the creation of systems to use the heat generated in the process of mining and develop less energy-intensive technologies in the distributed registry. Dvoryankin is the founder of the International Network of Professional Investors in Digital Assets “CryptoLife,” and a member of the Russian State Duma expert council on legislative support for the development of financial technologies.

Also read: IMF’s Lagarde says that bitcoin mining consumes too much electricity

Environmental Action Sought

“Earth Hour – 2018,” an annual environmental action organized by the WWF, is designed to draw attention to the need for a responsible attitude towards the planet’s nature and resources. The WWF action, under the slogan “Vote for nature,” will focus on three environmental issues: protection of reserves, development of alternative energy and the creation of a system for separate collection of garbage and its recycling.

“Earth Hour” campaign participants will vote for the most important environmental initiatives and form a collective message to the Russian president. The action is expected to be the largest in the event’s history with around 30 million people taking part in Russia.

Featured image from Shutterstock.

24.03.2018 / 08:00 55
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