One of the greatest barriers that blockchain technology has faced in its move to the mainstream has been the universal review of blockchain’s enormous energy usage and the sustainability of that energy.
The computing power that it takes to process transactions on blockchain has attracted criticism from crypto-sceptics and environmentalists alike, with reports finding that Bitcoin alone uses more energy each year than entire countries such as Argentina.
In order to offset the Digital Asset Fund’s carbon footprint, Mark Carnegie has bought carbon credits to ensure that our cryptocurrency operations are carbon negative.
However, as Mark mentioned at the SAFAA conference in Sydney last Friday, our responsibilities to minimise the environmental impact of blockchain technology lie beyond just purchasing carbon credits.
“To be completely honest… the highest quality blue chip carbon credits you can buy; I still don’t feel good about them”.
“What we’re proposing to do is two things: first thing is we’ll buy carbon credits, the second thing is I am going to throw a significant amount of money and time at blue carbon, because I think that’s something that’s going to scale”.
Blue carbon is CO2 captured from the air by marine ecosystems. Technology that harnesses blue carbon is still in development but has huge implications as to how we might manage climate change in the future.
MHC Digital Finance is also determined to support service providers who share the same environmental focus as we do. Last week FTX, one of our main trading platforms, announced that it was going carbon neutral too.
The shift in focus towards sustainability of blockchain’s energy usage is a topic MHC Digital Finance is determined to lead from the front.