Bitcoin (BTC) mining is estimated to emit 65.4 megatons of CO2 annually. This is the conclusion reached in 2021 by a group of climate and economic researchers in Europe in the report “Revisiting Bitcoin’s carbon footprint.” This emission is comparable to the carbon footprint of an entire country like Greece, which emitted approximately 56.6 megatons of CO2 in 2019.
Estimated global carbon footprint of the Bitcoin network. Source: Cell.com
However, it is worth noting that cryptocurrencies and blockchain technology, when used appropriately, can make a positive contribution to the environment. Recently, the World Economic Forum (WEF) highlighted the potential of blockchain technology as a vital tool in the fight against climate change. In a white paper released on April 25, the WEF shed light on the myriad of advantages of integrating blockchains into the climate action community. Specifically, the paper emphasized the transformative power of blockchain in supporting market transparency and facilitating equitable access to climate initiatives.
Industry pioneers are already providing use cases for cryptocurrencies to make the world greener, often by using green tokens (or green cryptocurrencies) to facilitate the transition to renewable energy sources through blockchain-based incentives. Individuals can participate in decentralized energy markets and trade renewable energy tokens.
Other organizations are using nonfungible tokens (NFTs) as a medium to raise awareness about sustainability and climate change. Artists, influencers and content creators can use their creative skills to develop educational NFTs that inform and engage the public. These NFTs can be infographics, interactive experiences or virtual exhibits that highlight environmental issues, sustainable practices and the importance of conservation.
An interconnected solution
While there are several ways to position Web3 platforms and features as a means to improve climate change, the missing piece is linking all of these solutions together into an interconnected ecosystem. For example, creating a single entry point for NFTs, gamified objectives and centralized commercial hubs would appeal to a wider range of participants and encourage collaboration on a more global scale. Moreover, by aligning incentives with the overarching goal of putting the environment first, tokens can motivate users to participate in sustainable endeavors and contribute to an ecosystem that enforces this goal.
One ecosystem that shows a working example of the concept illustrated above is Chimpzee, a Web3 project that aims to support charities like the WILD Foundation and One Tree Planted s through various Web3 options.
Source: Chimpzee
Chimpzee’s mission is to revolutionize charitable contributions providing multiple ways for individuals to receive various benefits while making a positive impact on animal conservation and climate change. The project’s green initiative places a strong emphasis on safeguarding the Earth’s environment, aiming to raise public awareness and transform the traditional approach to supporting organizations dedicated to endangered species and combating climate change.
The Chimpzee ecosystem incorporates various features like the Chimpzee shop, NFT Marketplace and Zero Tolerance Game, all interconnected. The Chimpzee shop acts as the central hub for commerce within the ecosystem, allowing users to utilize CHMPZ tokens for purchasing diverse and exclusive goods. The NFT Marketplace offers the opportunity for users to gain rewards by sharing a portion of trading fee profits with active traders on the platform. Additionally, the Zero Tolerance Game offers an entertaining way for players to earn CHMPZ coins by achieving predetermined milestones.
Combating climate change
Chimpzee has since announced the start of its presale phase, where participants will have the chance to participate in special promotions. Its approach aims to encourage early investors and supporters to actively participate in the project and contribute to its success by receiving additional benefits.
After the presale period, Chimpzee plans to develop a mobile application that uses artificial intelligence (AI) to generate personalized Chimpzee avatars. Users will be able to create their own Chimpzee avatar through this AI-powered application and receive a personalized NFT Passport. By purchasing this personalized NFT Passport, users will also gain access to different benefits and rewards.
Moreover, Chimpzee has already begun donating to charitable organizations in advance of phase 2 of their roadmap. The team has successfully planted over 1,000 trees through the One Tree Planted initiative and made a $15,000 donation to the WILD Foundation to help protect one of the last herds of desert-adapted elephants.
According to Chimpzee, a considerable amount of tokens and project profits will be dedicated to donating to organizations that focus on protecting animals and fighting deforestation to address climate change. This approach further highlights the blockchain’s role in supporting sustainability efforts.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.