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What are the current hurdles to decarbonising the cryptocurrency industry, and what role can lawyers and industry initiatives like the Crypto Climate Accord (CCA) play in decarbonisation?
In recent weeks there has been increasing news coverage of the environmental impact of certain cryptocurrencies like Bitcoin, which rely on a mining process that uses huge amounts of energy, predominantly from non-renewable sources. What’s more, because cryptocurrencies are relatively new, largely unregulated, global and decentralised, they present numerous challenges to any lawyers considering how to regulate the industry to improve its environmental record. But it’s not all bad news – some cryptocurrencies have proven that it’s possible to mine currencies in energy efficient ways, while major industry players have come together to launch the CCA, a private-sector initiative focused on decarbonising the cryptocurrency industry in line with the goals of the international Paris Agreement.
In the latest instalment in our series of news analysis in the run-up to COP26, author Ben Mendelson of Chronos Law provides more information on the environmental effects of cryptocurrencies, the CCA’s goals and how they can be achieved, the issues surrounding regulating the energy use of mining cryptocurrencies, and what impact he believes the recent push for climate neutral cryptocurrencies will have on the demand for Bitcoin as well as lawyers working with the sector.
Read the full article here: A green future for Bitcoin—is sustainable cryptocurrency possible?
More information on environment can be found here.
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