‘Crypto Hour’ to Highlight Rising Energy Demand of Cryptocurrency Mining Operations
A group of Russian experts in the mining industry is organizing “Crypto Hour” an environmental action on cryptocurrency mining as part of the “Earth Hour” campaign organized by the World Wildlife Fund (WWF) to demonstrate social and environmental responsibility.
During the event, the organizers of “crypto Hour” will urge miners to shut down their mining equipment for one hour, according to Rambler.ru.
Over 50 terawatt hours of electricity are spent annually to support the bitcoin network. Unless the current growth of electricity consumption decreases, experts claim that by 2020, the Bitcoin network could consume as much electricity as the rest of the world’s electricity consumption.
The organizers of “Crypto Hour” want to urge governments to create maps of “ecological mining”, which refers to the location of mining facilities near renewable energy sources and the promotion of investment in ecological mining projects in the region within the Russian Federation.
Peter Dvoryankin, the founder of the International Network of Professional Investors in Digital Assets “CryptoLife”, the initiator of Crypto Hour, also wants the campaign to encourage the creation of systems to use the heat generated in the mining process to develop more energy-efficient technologies in the distributed registry.
Several Countries have indicated worries over the impact of the energy consuming mining activities on electricity supply.
The “Crypto Hour” organizers would use the campaign to make participants focus on ways to ecologize blockchain technology.
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