BY SAMUEL NABWIISO
A study published in Energy Research & Social Science
warns that failure to lower the energy use by Bitcoin and similar Blockchain
designs may prevent nations from reaching their climate change mitigation
obligations under the Paris Agreement.
The study, authored by Jon Truby, PhD, Assistant Professor, and
Director of the Centre for Law & Development, College of Law, Qatar
University, Doha, Qatar, evaluates the financial and legal options available to
lawmakers to moderate blockchain-related energy consumption and foster a
sustainable and innovative technology sector.
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| Bitcoin may have big impact to the Environment |
Based on this rigorous review and analysis of the
technologies, ownership models, and jurisdictional case law and practices, the
article recommends an approach that imposes new taxes, charges, or restrictions
to reduce demand by users, miners, and miner manufacturers who employ polluting
technologies, and offers incentives that encourage developers to create less
energy-intensive/carbon-neutral Blockchain.
“Digital currency mining is the first major industry
developed from Blockchain, because its transactions alone consume more
electricity than entire nations,” said Dr. Truby. “It needs to be directed
towards sustainability if it is to realize its potential advantages.
“Many developers have taken no account of the environmental
impact of their designs, so we must encourage them to adopt consensus protocols
that do not result in high emissions. Taking no action means we are subsidizing
high energy-consuming technology and causing future Blockchain developers to
follow the same harmful path. We need to de-socialize the environmental costs
involved while continuing to encourage progress of this important technology to
unlock its potential economic, environmental, and social benefits,” explained
Dr. Truby.
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