Cryptocurrencies are carbon-intensive and have a large climate impact, since they depend on high-powered computers to validate billions of transactions on a blockchain. Bitcoin currently accounts for 1 pct of global electricity consumption -- as much as entire countries -- and generates 95 Mtpy of carbon emissions and 1000 kg for a single transaction. Bitcoin miners have even brought disused coal plants out of retirement to meet their energy needs, according to the release.
EcoPenguin's mission is to help decarbonize cryptocurrency and build a thriving, eco-friendly crypto community. COTAP's mission is to empower individuals and organizations in developed countries to address climate change and global poverty simultaneously.
COTAP's carbon offsets counteract carbon emissions with tree planting, agroforestry, and forest protection operations in Nicaragua, Uganda, India, Fiji, Indonesia, and Mexico. The projects are all located in areas where income levels are less than $2 per day.
COTAP offset projects are certified under Plan Vivo, the world's longest-standing voluntary standard for forest carbon, which stipulates that rural communities must own the carbon offset projects and must receive at least 60 pct of the revenues the projects generate.
Download EcoPenguin White Paper HERE . (Source: EcoPenguin, PR, 20 Dec., 2021) Contact: EcoPenguin, www.ecopenguin.com/home; COTAP, www.cotap.org; Plan Vivo Foundation, www.planvivo.org
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