Russian experts in cryptocurrencies, crypto mining and blockchain announced the international “Crypto Hour” environmental action within the framework of a wider Earth Hour event scheduled for March 24, 2018. The organizers call on Russian and foreign crypto miners to switch off their cryptocurrency mining hardware for one hour on March 24, 20:30 local time.
“Crypto Hour” offers an opportunity to demonstrate social responsibility and commitment to the ideas of environmental protection. Perhaps, it will encourage all those involved in cryptocurrency mining industry to think of the ways and means of making blockchain technology more environmentally friendly.
“The action is aimed at urging the governments of Russia and foreign countries to draw the maps of the “ecological mining” and encourage the flow of investments into “ecological mining” projects in Russia. We also urge for elaborating the systems that would allow for utilizing heat generated in the process of cryptocurrency mining, while advocating the development of less energy-intensive distributed ledger technologies,” – the initiator of “Crypto Hour”, the founder of the international network of investors into CryptoLife digital assets and the member of parliamentary expert commission for fintech legislation development Piotr Dvoryankin said.
As of now, the Bitcoin network consumes more than 50 terawatt-hour of electric energy per year. Assuming the current rate of electric energy consumption increase, experts predict Bitcoin network will use as much electricity as all other electric power consumers in the world taken together by 2020.