The most recent edition of the Digiconomist Bitcoin Energy Consumption Index found that the total Bitcoin carbon footprint exceeds the total greenhouse gas emission reductions of electric vehicles. In other words – Bitcoin mining erases the environmental benefits of all e-vehicles globally.
The report goes on to note that validating a single Bitcoin transaction takes 1,544 kilowatt hours (kWh) to complete – roughly equal to the power used by a typical U.S.household over seven weeks. And if Bitcoin was its own country, its energy use would place it higher than Argentina, Sweden, and the Ukraine – as outlined in the graph below.
Left unchanged, these seeming truths project a troubling reality for the future.
A recently created company, Brokoli.network, has a business model that’s purpose-built to face these truths and work to fix that pending environmental reality – before it’s too late. Brokoli was formed in April 2021 as the first green decentralized finance (DeFi) project at scale.
In her exclusive interview to DailyCoin, Broccoli’s Chief Marketing Officer, Monika Poskute said their company seek to offset the existing negative climate impact from cryptocurrency – and reverse it.
“Blockchain is just not gonna be developed more or at a faster pace just because of the energy consumption. For example, if we were to globally adopt crypto right now as it's configured, we believe the earth would be irreparably damaged. So that’s why we need a green solution in place and that’s what Brokoli is offering,”
Poskute explained that their “green solution” provides users with the crypto services that they’d expect from a premier DeFi platform – borrowing, lending, staking, trading and more – but Brokoli is adding a green layer.
In addition to DeFi services, they’re connecting the DeFi activities of their users to real-world eco-friendly initiatives. Those initiatives include: tree planting and forest conservation, e-waste management, and renewable energy projects.
She said eco-partners are lining up for the opportunity to partner with Brokoli.
“The names include Foros, who are in charge of forest conservation, here in Lithuania. Others are Sadhana Forest, who are also helping to plant trees and Ripple Africa as well. Additionally, we have partners that are going to integrate our ‘Green API’ - our one-click solution at retail checkout to encourage individual donations toward these eco-projects at the point of sale. Those ‘Green API’ partners include XCAD network, Bridge Mutual, Coinburp, and VAIOT,”
She also noted that while Elon Musk’s tweet from May 12, announcing that Tesla would no longer accept Bitcoin as payment for electric cars, was bad for crypto investors in the short-term, it might even have long-term benefits.
“Every coin has two sides. On one side, we had a terrible market crash, portfolios going down and damages for some probably irreparably. However, on the other side of the coin, we have the situation where the issue that we have at hand has been opened to many, I mean many people have opened their eyes. Environmental sustainability affects us all in the long run,”
On The Flipside
- Skeptics might be critical of “green” initiatives, calling them marketing-stunts.
- Any “green” business will have to ardently stick to its commitment for years to establish its credibility within the space and build trust.
Watch the full interview here: