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When Elon Musk initially announced he would be pushing Bitcoin as a means to purchase his beloved Tesla automobiles, many balked at the notion. Tesla, after all, is known for its clean power initiatives, Bitcoin is not.
Bitcoin is created when high-powered computers compete against other machines to solve complex mathematical puzzles, an energy-intensive process that currently often relies on fossil fuels, particularly coal, the dirtiest of them all.
This week, our colleagues over at CoinGeek.com point out that the Bitcoin SV network is the most scalable and secure energy-efficient system for processing transactions of any blockchain.
Jacob Rozen of Coingreek also writes that Bitcoin SV can eliminate other systems’ energy consumption, making it the best tech overall to reduce carbon emissions.
Rozen argues that there is no comparison between the energy consuming Bitcoin and BSV:
Musk is absolutely correct; digital currencies are the future and should not come at the expense of the environment. By providing a direct sliding measurable correlation between energy consumption and value, BSV’s proof-of-work mechanism incentives transaction processors to operate in the most energy-efficient way possible to gain a competitive edge.
Some might argue that BTC and Bitcoin SV are in the same boat since they both use the PoW algorithm to add new blocks onto the blockchain. These people willfully ignore the indisputable fact that BTC’s significantly smaller block size makes it inherently less efficient. If protocols expend most of the energy on hashing, basic reasoning shows that blocks that contain more transactions will be more energy efficient at scale and have an upper hand on competitors.
One River Files To Offer Carbon Neutral Bitcoin ETF
While we are discussing the realm of clean energy, it was announced on Monday that asset management firm One River has filed for regulatory approval to offer a bitcoin ETF that would purchase carbon credits.
The One River Carbon Neutral Bitcoin Trust, as the product would be called, will factor in adjustments to reflect the current spot prices of carbon credits needed to offset the “estimated carbon footprint attributable to each bitcoin,” per a filing with the U.S. Securities And Exchange Commission.
The firm is partnering up with Moss Earth in an effort to reduce greenhouse gasses.
“The MCO2 tokens issued by Moss are assets encrypted and tokenized utilizing blockchain technology and are stored on a registry managed by Verra,” according to the filing. “Each circulating MCO2 token is intended to represent a claim on a certified carbon credit held in an aggregated pool of carbon credits within the Moss account on the Verra Registry.”
- Aaron Goldstein, Gambling911.com
