How much energy does an industry deserve to consume? Right now, organizations around the world are facing pressure to limit the consumption of non-renewable energy sources and the emission of carbon into the atmosphere. But figuring out how much consumption is too much is a complex question that’s intertwined with debates around our priorities as a society. The calculation of which goods and services are “worth” spending these resources on, after all, is really a question of values. As cryptocurrencies and Bitcoin in particular, have grown in prominence, energy use has become the latest flashpoint in the larger conversation about what, and who digital currencies are really good for.
First, there’s an important distinction between how much energy a system consumes and how much carbon it emits. While determining energy consumption is relatively straightforward, you cannot extrapolate the associated carbon emissions without knowing the precise energy mix — that is, the makeup of different energy sources used by the computers mining Bitcoin. For example, one unit of hydro energy will have much less environmental impact than the same unit of coal-powered energy.
Bitcoin’s energy consumption is relatively easy to estimate: You can just look at its hashrate (i.e., the total combined computational power used to mine Bitcoin and process transactions), and then make some educated guesses as to the energy requirements of the hardware that miners are using. But its carbon emissions are much harder to ascertain. Mining is an intensely competitive business, and miners tend not to be particularly forthcoming around the details of their operations. The best estimates of energy production geolocation (from which an energy mix can be inferred) come from the CCAF, which has worked with major mining pools to put together an anonymized dataset of miner locations.
As a result, estimates for what percentage of Bitcoin mining uses renewable energy vary widely. In December 2019, one report suggested that 73% of Bitcoin’s energy consumption was carbon neutral, largely due to the abundance of hydro power in major mining hubs such as Southwest China and Scandinavia. On the other hand, the CCAF estimated in September 2020 that the figure is closer to 39%. But even if the lower number is correct, that’s still almost twice as much as the U.S. grid, suggesting that looking at energy consumption alone is hardly a reliable method for determining Bitcoin’s carbon emissions.
It is estimated that bitcoin generates between 22 and 22.9 million metric tons of carbon dioxide emissions a year, or between the levels produced by Jordan and Sri Lanka, a 2019 study in scientific journal Joule found.
There are growing attempts in the cryptocurrency industry to mitigate the environmental harm of mining and the entrance of big corporations into the crypto market could boost incentives to produce “green bitcoin” using renewable energy.
Some sustainability experts say that companies could buy carbon credits to compensate for the impact. While the lead development team at NuGenesis believe rather than buying credit offsets, the crypto space should lead in self sustenance through innovation.
CEO Hussein Faraj “The crypto space, is a space of innovation, Why pay for someone’s carbon offset and gain credit, when, we can work on major solutions, including soil rejuvenation, soil micro biology and Carbon extraction. Our team has been working with Healthy Soil Australia and Regenerate Earth since as early as 2018, on solving major deficits for various countries, including prime reforestation projects and soil management. As well as remote monitoring and measuring the results through technology available to our strategic partners through Piesat “
The team of NuGenesis proposes the launch, of an Offset Carbon credit Bitcoin System, which they have developed working with Bitcoin Dev Teams. NuGenesis Will launch the platform within 4 -8 weeks designed to be a greener bitcoin fork with the purpose of resolving the proposed issues of carbon offsets. Delivering two stages of the solution.
- though BitCoin NU , NuGensis has been proven that with code change alone unnecessary complexity can be removed and the consequent computational power expended. Most of the environmental problems can be minimized.
Mining can be achieved by ordinary users on their laptops as intended by Satoshi. They prevent the ASIC mining that uses the unnecessary resources.
Simultaneously, they can achieve scalability and efficient transaction speed: that is to 1 minute block finalisation, increasing the transaction speed from 45 T/per second as compared to the current 7 T/per second.
The ‘Treasury’ Offset anti-carbon system: to offset the carbon footprint of BTC mined, NuGenesis have added an offset treasury wallet to collect a portion of mined coins to fund ‘carbon offset’ programs such as reforestation projects.
- through BitCoin Green, NuGenesis is currently designing 2nd phase in making Bitcoin tech completely green. This blockchain uses proof of useful work AI as a consensus mechanism. They incorporate NAVIS (NuGenesis Artificial Validation Intelligence System) to ensure system security and integrity. Dedicated sub-treasuries are available for specific ‘carbon offset’ projects in reforestation and soil rejuvenation. Minting mechanisms and staking protocols replace the current halving algaorithims and complexity rates. The speeds here are testing at 1,500-100,00 T/per second.
Carbon offests, in both chains are written into the code. The treasuries ensure on-going funding of reforestation and soil rejuvination automatically.
The NuGensis flagship: NU Coin
NuGenesis’ flagship blockchain, NU Coin, is a fully operational blockchain network system which is already at zero-carbon emission. It is way past the POW vs POS debate!
With Proof of Authority with useful work AI (Artificial Intelligence) as one of several consensus mechanisms, NuGenesis’ NuCoin uses system validator nodes running on the randomness of a round robin protocol and monitored by AI to avoid corruption.
The streamlined validation process, through the super nodes with byzantine fault tolerance and randomness, reduces unnecessarily superfluous broadcasting through validation networks. Being gas less, there are no requests from 1000’s of validators and fee actions.
NuCoin integrates blockchain load balancers and system validators to efficiently flow data into infinite parallel processing blockchains. It achieves unlimited scalability and transaction speeds. The more users, the faster the transaction speed!
When are these projects listed?
NuGenesis has its own European Licenced decentralised, fiat/crypto/crypto/fiat exchange called LedgerX.exchnage, which are all launching together.
However, as a twist, as all coins use a minting system, the treasuries collecting the miner’s coins allow coins to be purchased from the system directly from the website also.