- The high energy usage of cryptocurrencies still tops crypto-based discussions this year with experts and enthusiasts proffering solutions.
- Enjin Coin joins the growing list of blockchain solutions and coins to set out a roadmap that will fulfill their carbon negative pledge.
- Bitcoin energy usage reached a high of 80 terawatt-hours of electricity per annum and is competing with countries like Finland and Argentina in terms of energy usage.
- This development by Enjin Coin is positive for the market and Enjin’s new blockchain will need to start off on the right foot.
Climate change has been at the centre of almost all United Nations meetings and resolutions for the last decade. The world is changing due to the activities of man and there is a need to endeavour to go carbon neutral in almost all sectors to revert the damage already caused and to achieve sustainable development goals.
Cryptocurrencies have been in a bad light due to the high energy usage of Bitcoin and other altcoins. Many coins like Enjin coin have pledged to change the trend of high energy usage due to mining by either changing its mechanism to become energy efficient or sponsoring mining with alternative energy.
Enjin Goes Green
Enjin has set up a roadmap to enable carbon-neutral NFT’s by 2030 as part of its pledge to become energy efficient when it joins the climate accord.
Enjin Coin is a member of the United’s Nations Global Compact, a pact aimed at enabling businesses to adopt sustainability and innovative policies. Enjin plans to do this by deploying NFTs to drive sustainability and improve equality.
Enjin hopes to deploy carbon-neutral NFT’s to fight climate change by employing them with carbon capture companies and reducing the wealth, another of the United Nations goals.
Enjin Coin joined the Crypto Climate Accord earlier and is committed to achieving zero emissions from electricity and has hailed its JumpNet blockchain for already being carbon negative.
Crypto Energy Usage: A Harsh Reality
Blockchain technology came with a lot of benefits as it was a huge step leading to DeFi. Cryptos achieved monetary decentralization giving power to the people but all of this came at a price: the environment.
Bitcoin and other cryptocurrencies based on Proof-of-Work systems use large amounts of energy for their mining operations, most of which comes from fossil fuels that are harmful to the environment.
As a result of the Proof-of-Work mechanism, energy usage has increased rapidly, leading to blockchains switching to Proof-of-Stake and other less energy-consuming mechanisms.
Bitcoin, being at the top, consumes about 80 terawatt-hours of electricity annually according to a Cambridge University Report. This means that Bitcoin is essentially equalling the total energy usage of Finland and consumes more than Argentina and The Netherlands.
On The Flipside
- The news from Enjin Coin and blockchains about pledging to go carbon-neutral won’t slow down the Chinese crypto mining clampdown.
- The dependence on fossil fuel in crypto is deep and may continue for a long time. Enjin may however meet their 2030 pledge.
Enjin Coin: What’s it all About?
Enjin is an umbrella development that comes with many solutions and utilities. Its first development, the Enjin Network is a social network with 20 million users where they can chat, create virtual stores, etc.
Enjin makes it possible for game developers to tokenize in-game items on the Ethereum blockchain. Enjin Coin is an ERC token that makes it possible to buy and sell NFT’s for real value. NFTs can be minted with the Enjin platform giving it lots of benefits including making it anti-inflationary, scarce and transparent.