Alliance of major firms aims to reduce crypto's carbon footprint

Alliance of major firms aims to reduce crypto's carbon footprint

A group of more than 20 firms comprising crypto, finance, technology, energy, and non-government organizations has banded together to focus on the environmental impact of cryptocurrency.

In an announcement today, the Crypto Climate Accord — reportedly inspired by the 195-signatory Paris Climate Agreement — said it aims to address the “large and growing energy consumption of cryptocurrency and blockchain, and the climate impact of their energy use.” Launched by nonprofits Energy Web Foundation, the Rocky Mountain Institute, and the Alliance for Innovative Regulation, the group’s partners include high-profile firms in the crypto space like blockchain-based payments company Ripple, Canadian mining firm Hut 8, digital asset investment firm CoinShares, Ethereum software company Consensys, and others.

“Industries from across the global economy are beginning to decarbonize their operations,” said the group. “We can do the same in crypto. We have the opportunity to decarbonize the industry.”

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Among the Crypto Climate Accord’s long-term goals are transitioning all of the world’s blockchains to be powered

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