The Right Way — Development of Blockchain Promote The Carbon Neutrality

There are over 0.7% of energy consumption to be dedicated to supporting bitcoin mining, and only 30 countries in the world consume more electricity. When you consider that most of the country’s generated electricity comes from coal, you will find the answer why the concept of “green mining” has been proposed.

Energy-extensive consumption of Bitcoin mining

Bitcoin mining is estimated to consume 133.68 terawatt hours of electricity per year (one terawatt hour is one billion kilowatt-hours), according to the latest data from the University of Cambridge’s Bitcoin Electricity Consumption Index. That’s more than Sweden consumption of electricity and ranks 27th in the world.

The energy consumption of mining is related to its fundamental operating mechanism. Bitcoin mining requires a mass of computing power because its “ledger” (the blockchain that records the history of bitcoin transactions which is maintained by a consensus model called a “proof-of-work”). Mining is equivalent to the Bitcoin system out of a math problem, the mining machine which is first calculated the correct answer to the random hash function and submitted can get the corresponding Bitcoin reward. There is no short cut to the problem except to keep the computer running. In the early days, bitcoins are easy to get, and mining doesn’t take much electricity, but as mining becomes more difficult and more electricity is used, the energy consumption become large.

The Carbon Neutrality and Mining

When people begin to focus on energy saving, emission reduction and mitigation of greenhouse gas effect around the world, it is urgent to realize green mining. The concept of “carbon neutral” and “carbon peak” is one of the measures to realize green mining, which can be achieved by increasing the use of alternative energy or using renewable energy as a source of electricity, while another method using Pos and Post to replace the Proof of Work consensus under Bitcoin reduces the energy consumption of mining while ensuring safety.

Green Mining We are on the move

HOP is keep green mining by aggregating the processing power of all connected computers to create a supercomputer in the cloud. The blockchain technology of HOP is not only intuitive and easy to use, but also green, which can calculate any extra power being used and balance it against carbon credits to fund environmental protection. Offsetting the carbon used by its mining infrastructure and HOP operations by investing in carbon credits. HOP is already joining several decarbonization or carbon neutral organizations.

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