BitcoinClean is a Bitcoin hardfork (the creation of a new brand, created because of a radical change to the protocol) that has named itself as the first green cryptocurrency. It helps miners use green energy from renewable sources, instead of fossil fuels. The miners are kept honest through peer review and appraisal.
Mining Bitcoin consumes enormous amounts of energy. As enormous as the energy requirement of an economy, the size of Switzerland. This demand is fulfilled by dirty fossil fuels. The problem with this is not only that we are running out of the limited fossil reserve, but, also that we cannot afford the environmental damage it impinges upon earth.
The future blockchain promises include new waves of environmental safety, the protection of rain forests, a move to digital resource over papers, better environmental management, new and advanced pollution control systems, zero percent waste strategies and what not. But, it is failing the environment in the status quo.
Blockchain also promises improvements across transparency, access, and participation – but its current environmental toll makes many uneasy. The time is not far from where potential users, such as Greenpeace and WWF, may ban the usage and deem it as eco-terrorism. Working in Bitcoin,
The founders at Bitcoin Clean have found a way out of this mess, before it happens: BitcoinClean.
BitcoinClean, how is it different than the myriad cryptocurrency offerings you ask? Walter Komarek, co-founder of bitcoinClean answered:
BitcoinClean is a Bitcoin Hardfork, basically another version of Bitcoin with some features that we believe will help create an environmentally friendly version of Bitcoin. The main difference from Bitcoin as well as 99% of all cryptocurrencies, is that BitcoinClean employs an innovative protocol that incentivizes miners to check each other’s energy sources. Miners that don’t use renewables won’t be accepted by the community. So all mining will happen with clean energy.
Bearing the future of tech in mind, he came up with a long-sighted solution to a problem that is still to arise. The hard fork BitcoinClean is an effort of two co-founders, one a philanthropist and the other a crypto fanatic. Walter Komarek, the CEO of Forbesfone And, Michael Marcovici, a blockchain enthusiast and former bitcoin developer.
While it may be easily and mistakenly assumed that tech is the least of the ecology damaging industry, research and development in the area showed the need to fill this developing void and hence came BitcoinClean. He said:
Our idea was to connect both of these together to give us the possibility of enjoying all the benefits but in an ecological and ethical way.
The traditional heavy computers and the extensive hardware of the ASIC miners, currently consume more than 35 Terrawatt hours per year. 87% of this electrical energy is produced by burning fossil fuels, mostly coal. The carbon emissions, lung and Immunol damage, heat and air imbalances, waste and smog are just the tip of the issues that lie in the statement ‘burning fossil fuels.’
A coal powered plant in East Australia, that was put out of service a while ago, was restarted to offer cheap electricity to Bitcoin miners.
The pollution caused by the Bitcoin network is currently equivalent with what a country like Hungary emits for its electricity production, or the same as produced by travelling 43 trillion kilometers in a gasoline powered car.
BitcoinClean can be mined by the same mining equipment as Bitcoin. Initial difficulty will be much lower, which means a fraction of the energy is used on the network at the start. However, miners will have to use renewable energy sources and hand pick each other, the founders expect network energy usage to grow much slower than with Bitcoin, while providing the same level of security.
BitcoinClean has raised the block size, which governs the amount of transactions that can happen per second. This means: one transaction uses 1/8th of the energy one Bitcoin transaction uses, all other things being equal.
The Green Crypto Wave is an actual thing. Pressure groups and special interest groups are becoming widely aware of all perpetrators of environmental damage, startups like Nordicblocks or Hydrominer are working on the gap.
Hydrominer uses small hydroelectric power plants to mine. These plants are past the time where they receive government subsidies and some of these plants would have been closed. Mining gives them a second life.
The infant digital crypto industry working to remove uncertainties, is both slowly and quickly learning how to put up with the real world considerations and variables. Let’s see what the future holds for the greener Bitcoin.