Blockchain And The Environment

Blockchain and the environment are two words that historically do not go well together, with the impact of cryptos being a hot topic in recent years. Blockchain is mostly known as the underlying technology for cryptocurrencies like Bitcoin and NFTs, which are notoriously damaging to the environment. However, blockchain has applications that could benefit the environment.

This article will discuss the negative implications of blockchain on the environment, review how cryptos are being refined to reduce their impact and outline how blockchain can be used to benefit the environment in the future.

Blockchain-Based Brokers

#1 - eToro USA

eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."

- DayTrading Review Team
  • Crypto Spread: BTC 0.75%
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

eToro USA Crypto Coins

eToro USA offers trading on at least 26 crypto coins: AAVE, ALGO, BAT, BCH, BTC, COMP, DASH, DOGE, ENJ, EOS, ETC, ETH, FLR, LINK, LTC, MANA, MATIC, MIOTA, MKR, NEO, SHIBxM, UNI, XLM, XTZ, YFI, ZEC

Stocks Trading

Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.

About eToro USA

eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.


  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
  • A free demo account means new users and prospective traders can try the broker risk-free
  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos


  • No MetaTrader 4 platform integration
  • Narrower range of instruments than some competitors

#2 - NinjaTrader

Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.

"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."

- DayTrading Review Team
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: eSignal
  • Crypto Staking: No
  • Minimum Deposit: $50
  • Regulator: NFA, CFTC

NinjaTrader Crypto Coins

NinjaTrader offers trading on at least 1 crypto coin: BTC

Forex Trading

NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.

Stocks Trading

Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.

About NinjaTrader

NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.


  • Thousands of add-ons and applications from developers in 150+ countries
  • Widely respected and heavily authorized by the NFA and CFTC
  • Low fees with $50 day trading margins & commissions from $.09 per micro contract


  • Non forex and futures trading requires signing up with partner brokers
  • Premium platform tools come with an extra charge
  • Withdrawal fee on some funding methods


Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.

"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."

- DayTrading Review Team
  • Crypto Spread: $100
  • Crypto Lending: No
  • Platforms: MT4, TradingView, AutoChartist
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: NFA, CFTC

OANDA US Crypto Coins

OANDA US offers trading on at least 8 crypto coins: AAVE, BCH, BTC, ETH, LINK, LTC, PAXG, UNI

Forex Trading

OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.


OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.


  • Transparent pricing structure with no hidden charges
  • Wide selection of instruments including 68 forex pairs
  • Low minimum deposit for beginners


  • Customer support not available on the weekend

#4 - IG Group

11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.

"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."

- DayTrading Review Team
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: MT4, AutoChartist, TradingCentral
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA

IG Group Crypto Coins

IG Group offers trading on at least 10 crypto coins: ADA, BCH, BTC, DOGE, DOT, ETH, LINK, LTC, UNI, XLM

CFD Trading

IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.

Forex Trading

IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

Stocks Trading

IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.

About IG Group

IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.


  • 24/5 customer support is available
  • Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools
  • Opening an account takes less than 5 minutes


  • Inactivity charge
  • No copy trading platform

#5 - Uphold

Buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using a straightforward mobile app or through Uphold's browser-based account homepage. Uphold clients can also earn up to 13% APY by staking one or more out of 32 valid tokens, or send their tokens to an external wallet.

"Uphold provides a convenient one-stop option for investors who want a quick and straightforward way to access crypto markets. It will also serve users looking for crypto staking facilities."

- DayTrading Review Team
  • Crypto Spread: 0.5% to 1% average
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: Yes
  • Minimum Deposit: $0
  • Regulator: FCA, FinCEN

Uphold Crypto Coins

Uphold offers trading on a large number of coins, at least 96 coins. For example: AAVE, ADA, ALCX, ALGO, API3, ATOM, AUDIO, AVAX, AXS, BAL, BAT, BCH, BTC, BTCO, CAKE, CHR, DAO, DYDX, ETH, GHST, GLMR, GODS, INH, LSK, NMR, REQ, ROOK, TRB, XRP, XYO

Stocks Trading

Speculate on large US stocks including Tesla, Amazon, Alibaba and Apple. Uphold also offers equities that will appeal to ESG investors, helping it to stand out from competitors.

About Uphold

Uphold is a cryptocurrency trading app that allows users to buy, trade and transfer digital assets including 230+ crypto tokens. The app's trading environment also allows crypto staking, trading between various company stocks, and provides users with a debit card that provides rewards and easy multi-currency payments.


  • Access to traditional asset classes in addition to digital currencies
  • Useful extra features including a debit card that provides cashback on purchases and fee-free foreign currency transactions
  • Digital wallets provided


  • Identity verification required to access all features
  • Not as many crypto assets as the most cutting-edge exchanges
  • Weak regulatory oversight

#6 - Coinmama

Buy, hold and sell 16 crypto tokens including major players like BTC and ETH and lesser-known tokens such as LRC. Use a range of fiat currencies to buy the digital assets, including USD. Cryptos are stored in third-party wallets.

"New crypto investors looking to buy and sell popular tokens like Bitcoin with fiat currency will appreciate Coinmama. We particularly rated the loyalty program as a way to reduce fees."

- DayTrading Review Team
  • Crypto Spread: From 2.93% to 3.90%. Express fees of 0-5.00% also apply.
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $30
  • Regulator: FinCEN, FINTRAC

Coinmama Crypto Coins

Coinmama offers trading on at least 9 crypto coins: BCH, BTC, DOGE, ETH, LINK, LTC, UNI, XRP, XTZ

About Coinmama

Coinmama is a popular cryptocurrency exchange that aims to provide streamlined and user-friendly cryptocurrency trading options to the retail market. Traders can buy a range of tokens via a fiat on-ramp, store their tokens in a third-party wallet and earn loyalty bonuses for trading with Coinmama. Millions of clients from over 180 countries have signed up to the firm.


  • Straightforward to use for beginners
  • Choice of third-party wallets to store your tokens
  • Loyalty bonuses with fee discounts


  • Limited wallet compatibility vs MetaMask
  • Poor selection of cryptocurrencies compared to competitors
  • User reviews reveal some quality issues

#7 - Nadex

Nadex offers a limited list of cryptos with just Bitcoin and Ethereum. Traders can go long or short though with straightforward binary options contracts that mean you don't need to own the underlying token.

"Users looking to trade short-term binary options with a US-regulated broker will find a good platform in Nadex."

- DayTrading Review Team
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $250
  • Regulator: CFTC

Nadex Crypto Coins

Nadex offers trading on at least 2 crypto coins: BTC, ETH

Forex Trading

Speculate on 11 popular currency pairs via Knock Out contracts, call spreads and binary options. Nadex offers a wider range of timeframes than most binary options brokers, with contracts spanning from intraday to weekly.

Stocks Trading

Speculate on a handful of global indices via binary options contracts, including the S&P 500 and FTSE 100. There are low commissions and traders can see fixed payouts and risk levels before opening a trade.

About Nadex

Nadex is a renowned exchange and binary options provider, based in the US. The company is fully regulated by the CFTC and offers options, call spreads and Knock Out contracts. Nadex also has just a $1 entry or exit fee and a user-friendly platform and proprietary app.


  • A range of timeframes that will suit both short and longer term strategies
  • Extensive educational resources for those new to binary options trading
  • US regulated exchange with excellent trust score


  • No welcome bonuses or financial incentives
  • Narrow selection of cryptocurrencies to trade
  • No MT4 or MT5 platform integration

#8 - IQCent

IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.

"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."

- DayTrading Review Team
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: TradingView
  • Crypto Staking: No
  • Minimum Deposit: $250
  • Regulator: IFMRRC

IQCent Crypto Coins

IQCent offers trading on at least 3 crypto coins: BTC, ETH, LTC

CFD Trading

IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.

Forex Trading

IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

Stocks Trading

IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.

About IQCent

IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.


  • Instant deposits and fast withdrawals
  • Trading contests with cash prizes
  • Bonuses available up to 100% for Gold account members


  • Poor selection of stocks with just four equities
  • Not overseen by any highly respected regulator
  • No MetaTrader 4 platform

#9 - Kwakol Markets

Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.

"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."

- DayTrading Review Team
  • Crypto Spread: From 0.8 pips (Standard Account)
  • Crypto Lending: No
  • Platforms: MT4, MT5, AutoChartist
  • Crypto Staking: No
  • Minimum Deposit: $1
  • Regulator: ASIC, FINTRAC

Kwakol Markets Crypto Coins

Kwakol Markets offers trading on at least 6 crypto coins: BCH, BNB, BTC, ETH, LTC, XRP

CFD Trading

CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.

Forex Trading

Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.

Stocks Trading

Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.

About Kwakol Markets

Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.


  • Excellent market analysis tools
  • 0.01 Lot trading
  • Full range of investments with 1000+ assets including cryptos


  • High deposits for premium features
  • The only base currency is USD
  • Lack of deposit and withdrawal methods

#10 - Webull

Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.

"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."

- DayTrading Review Team
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: SEC, FINRA

Webull Crypto Coins

Webull offers trading on a large number of coins, at least 43 coins. For example: ADA DASH, ALGO, ATOM, AVAX, BAT, BCH, BTC, CRV, DOGE, EOS, ETC, ETH, FTM, GRT, LINK, LRC, LTC, LUNA, MANA, MATIC, REM, SHIB, SISHI, SOL, TRX, UNI, XLM, XMR, XTZ, ZEC

Forex Trading

Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.

Stocks Trading

Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.

About Webull

Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.


  • Fractional shares
  • No commission or inactivity fees
  • Brokerage account plus IRA


  • High deposit and withdrawal wire fees for non-US residents
  • Sometimes sudden changes in trading conditions
  • Day trading is limited for customers with less than $25,000 deposited

What Is Blockchain?

A blockchain is a type of database, or ledger, in which data is electronically organised, collected and built up into ordered blocks, like a spreadsheet. Blockchains are generally decentralised, meaning there is no central authority acting as the manager and all users of the network hold a copy of it, making transactions visible to everyone whilst still being encrypted.

Blockchain allows users to access and filter large amounts of information. Additional data is packed into limited-capacity blocks that, once full, will connect to the previous block to form a chain. When a block is added to the chain, it cannot be amended, forming a linear timeline of timestamped data. It is therefore relatively trustworthy and transparent, which, combined with its decentralisation, makes it a popular form of trading network.

Although widely known as the technology that enables cryptocurrencies such as Bitcoin and Ethereum, blockchain can be applied on a wider scale, including as an enabler for a decentralised and digital economy. The Ethereum 2 network, for example, can record other assets such as loans or contracts. Blockchain has attracted the attention of large corporations and investment banks thanks to its time and cost efficiencies. In fact, some analysts believe that blockchain technology could save the world’s largest investment banks up to $12 billion a year.

How Blockchain Technology Impacts The Environment

The negative correlation between blockchain and the environment has been a popular discussion topic of late. The controversy stems from the security systems of blockchain technology that supports cryptos and non-fungible tokens (NFTs). In order to exist, these systems require a network of energy-hungry computers to power them.

The energy consumption required to power the Bitcoin network is enormous; it is estimated to be more than that of several small countries.

Most cryptos are built on the Proof of Work (PoW) system, which consumes a lot of energy. PoW acts as a security system for cryptos as there is no third party, such as a bank, to oversee transactions. Users must instead solve cryptographic puzzles using inefficient machines to add blocks of verified transactions to the blockchain. The system is purposefully inefficient as using and paying for large amounts of energy makes it less profitable for someone to mess up the blockchain, and the environment obviously doesn’t take kindly to intentional inefficiency.

The amount of energy needed for each transaction is also astronomical compared to alternative payment methods like credit cards. Bitcoin was estimated to be 20,000 times more energy-intensive than Visa, for example. The electricity required to run associated computer calculations can also harm the environment. Coal and other fossil fuels are currently a major global source of electricity.Blockchain Environmental Damage And Impact Reddit

The interactions between blockchain and the environment go further still, with concerns being raised regarding electronic waste (e-waste). Competing crypto miners need increasingly more efficient mining hardware every 1-2 years. Bitcoin mining has been shown to create 135g of e-waste per transaction, 30,000x more than a Visa transaction, and has been held responsible for the production of many damaging greenhouse gases that cause climate change. It has also been described by the creator of the internet, Tim Berners-Lee, as a fundamentally pointless way of using energy. One major concern is that mining is less efficient when the price of crypto increases.

In March 2021, the Chinese province of Inner Mongolia was found to account for more than 8% of global Bitcoin mining. It is home to large coal mines and fossil fuel-powered plants, raising concerns over cryptocurrency’s environmental impact. However, the province’s Development and Reform Commission forced all new and existing crypto mining applications to close by April 2021 to meet its sustainability goals.

Environmentally Friendly Blockchain Setups

Perhaps unexpectedly, there is the potential for blockchain and the environment to work together, producing positive outcomes for social, economic and environmental sustainability.

Renewable Energy

Blockchain technology can be made more environmentally friendly by being powered by renewable energy, rather than fossil fuels, for example. Blockchain technology can also play an important role in driving the adoption of renewable energy sources like wind and solar by providing a tool to create clean energy markets. As these sources are intermittent and decentralised, new forms of energy markets are needed.

Blockchain and the environment explained

For example, blockchain can enable the smart metering of electricity generated through solar power to be recorded, traded and settled on a ledger. By trading electricity like a commodity, rather than fixing its price via centralised networks, energy prices can better react to supply and demand. This would facilitate individuals and organisations in potentially becoming both consumers and producers of electricity, ultimately reducing energy wastage and lowering costs.

Proof Of Stake

Another solution to the issues of blockchain and the environment is to swap the blockchain’s algorithm from proof of work (PoW) to proof of stake (PoS). This approach does not consume any power as the blockchain is secured through users staking their own crypto coins, on the successful operation of the network.

Climate Change

Despite the ongoing environmental concerns around Bitcoin’s carbon footprint, the United Nations (UN) has suggested that blockchain has potential environmentally friendly implications, including the ability to help reverse climate change. In a recent foresight brief, the UN’s environment agency highlighted various environmental benefits associated with blockchain.

These advantages include its transparency, as blockchain is resistant to fraud. The UN reported that unreliable data on greenhouse gas emissions can be avoided as blockchain could provide immutable records of carbon data, providing a way for nations to proactively reduce their impact on the environment. Blockchain’s positive impact on environmental sustainability has been tested in various projects by the UN, as well as other organisations.

Humanitarian Work

The World Food Programme (WFP), the largest UN agency delivering humanitarian cash, found that blockchain technology can help to ensure that money reaches those who need it without going via local banks. In addition, a blockchain tool to eliminate illegal fishing in the tuna industry was created for the World Wide Fund for Nature (WWF).

NFTs & The Environment

Non-fungible tokens — NFTs — are unique crypto assets that use a blockchain to record digital ownership. An NFT can represent any digital asset, like artwork, a GIF, a piece of music or a tweet.

NFTs have been heavily blamed for the millions of tons of carbon emissions that heat our planet and contribute to climate change. Emissions are generated by the cryptos used to buy and sell NFTs and the vast amount of electricity used to power these transactions has caused controversy in recent years.

Plans for ArtStation to launch an NFT platform were abandoned in March 2021 after some consideration of blockchain and the environmental impacts of NFTs. The online marketplace received criticism from climate activists who consider crypto art to be environmentally unethical.

However, Tezos is a PoS blockchain that prioritises the environment. Tezos consumes over two million times less energy than PoW networks like Bitcoin or Ethereum, meaning developers and users can prioritise innovation without compromising on sustainability.

Regulations On Blockchain And The Environment

The European Commission considers blockchain to be transformative and has set up several initiatives to support the development, monitoring and standardisation of blockchain technologies, including The Blockchain Partnership and The Blockchain Observatory and Forum.

Beyond these initiatives, the EU has recently extended funding for blockchain research through its Horizon 2020 programme. The circular economy, blockchain and the environment is one of its current projects.

The European Parliament Committee on Economic and Monetary Affairs concluded in 2019 that the regulation of blockchain is not of immediate concern. However, the environmental and sustainability implications of blockchain have not been sufficiently reviewed, especially in terms of energy consumption.

The Future Of Blockchain And The Environment

In May 2021, Elon Musk made the bold move to tweet that his company, Tesla, would no longer accept Bitcoin as payment for vehicles, citing environmental concerns. He claimed the company would be looking to accept alternative cryptocurrencies that use less energy per transaction.

New data from Cambridge University, published in July 2021, shows that the geography of mining has changed over the past six months. China’s big crypto crackdown in April appears to have caused a dramatic shift in the mining world. Ultimately, it took half of the world’s Bitcoin miners offline, meaning fewer machines running and therefore less power being consumed, heavily reducing the blockchain’s environmental impact.

Discussion Of Blockchain And The Environment

Ethereum, like most cryptos, is built on the PoW system, which consumes a lot of energy. The foundation behind the Ethereum cryptocurrency is now investigating better ways to verify transactions. For example, by switching to the PoS method, the Ethereum Foundation believes it can reduce the energy cost of each transaction by 99.95%, though this change has not yet taken effect. Alternative cryptos that do use the PoS blockchain mechanism are Dash, EOS, and Cardano.

In April 2021, three important organisations formed the Crypto Climate Accord to decarbonise the crypto industry and achieve 100% carbon-free emissions by 2030.

Some experts have argued that relying on renewable and clean energy may not be a perfect solution. If mining for tokens continues to be energy-intensive, the pressure on electricity grids will continue. In addition, renewable energy could arguably be better used for lighting and heating homes.

Final Word On Blockchain And The Environment

There is no denying the huge energy consumption associated with blockchain technology — specifically proof of work blockchains — cryptocurrencies and NFTs. Most of this energy comes from burning coal and other fossil fuels for the electricity required to mine tokens, pouring tons of carbon dioxide into the Earth’s atmosphere. However, putting aside the energy consumption and waste issues, global organisations still believe that blockchain technology can support environmental protection through its transparency and decentralisation. Crypto advocates also argue that renewable sources of energy could be the future of more efficient blockchains.


Is It All Bad For Blockchain And The Environment?

The controversy centres on the underlying proof of work blockchain technology that requires a network of electricity-consuming computers to power cryptocurrencies and NFTs. Running all these computers requires an extortionate amount of energy, usually powered by fossil fuels that have a negative knock-on effect on the environment. However, proof-of-stake blockchains remove most of the energy requirements and global organisations believe the technological advantages of blockchain can be used to benefit the environment in the long run.

What Is The Crypto Community's Opinion On Blockchain And The Environment?

Reddit users often discuss the impact of blockchain on the environment and appear to acknowledge the devastating effects it can have on the climate. The threads offer food for thought on the topic, specifically on Bitcoin’s environmental impact, with one user comparing a year of BTC mining to 1 million transatlantic flights.

What Can Be Done To Offset Blockchain’s Carbon Emissions?

Blockchain and the environment need not fight forever, as the technology can be made more environmentally friendly through the use of renewable energy sources. Switching to the proof of stake (PoS) system can also reduce the energy cost of transactions by up to 99.95%. Otherwise, you can choose alternative cryptocurrencies that use less energy per transaction. Specific countries can also overhaul their output by following in China’s footsteps – cutting the number of the world’s Bitcoin miners in half by taking machines offline, heavily reducing the blockchain’s environmental impact.

What Is Riot Blockchain?

Riot Blockchain is an environmentally conscious company in the US that provides investment services to the blockchain ecosystem. Its setup aims and corporate values include watching its carbon footprint, pollution prevention and water conservation.

Where Can I Read More About Blockchain And The Environment?

In 2020, The Foundation for Technology Assessment published a comprehensive assessment of blockchain titled ‘Blockchain: Capabilities, Economic Viability and the Socio-Technical Environment’, which studies how blockchain works and its economic potential. The PDF reveals the impact that blockchain has on industrial and public spaces and addresses the social implications and challenges of blockchain. Another report published in December 2019, named ‘Blockchain technology: Business, strategy, the environment, and sustainability’, is also a helpful. Both can be downloaded online.