The Crypto Climate Accord (CCA) aims to help decarbonise the global crypto and blockchain sector. The organisation wants to facilitate the transition away from fossil fuels by helping its members find new solutions that accelerate crypto’s transition to renewable energy. It will address challenges, gather requirements, showcase solutions, share learnings, and promote best industry practices.
The CCA was established in April 2021 by non profits Energy Web, RMI, and AIR. Although it appears to be US-centric it is open to any organisation that works in the crypto industry. The accord itself has no teeth as CCA Signatories are not legally obligated to meet any of the organisation’s stated objectives. It is more of an initiative to raise awareness and encourage stakeholders and industry participants to boost their environmental credentials by following energy and carbon market standards.
Bloomberg reported that Wall Street’s ESG Gold Rush Has Conjured a ‘Green Bitcoin’, which is something that we too are working on. We plan to use our blockchain smart meter (MX3 Atom) to monitor green energy used by miners to mine geen bitcoin. A certificate in the form of an NFT will be recorded on the blockchain that proves the green credentials of each bitcoin mined.
We are working with test partners in the UK to see if there is an appetite among British ESG investors for green bitcoins that have been mined with more expensive UK-based green energy. Although there is an abundance of renewable energy in the UK the wholesale cost is significantly higher than countries such as China, Russia, Iceland, Georgia, and North America.
For green bitcoin mining to be economically viable in the UK, a premium will need to be added to off-set the additional cost of production. Most retail investors are happy to buy cryptocurrency directly from an exchange at market price. This is because, like regular cash, they don’t generally care about it’s provenance. ESG investors do, however, care as their mandates dictate that they must follow very high ethical standards. Being able to buy freshly minted bitcoins at source will enable them to have peace of mind as they will be able to demonstrate that their virgin clean green bitcoins have not harmed the planet or been involved with illicit transactions. In other words, they are provably untainted.
If you are an ESG investor or newable energy producer that would like to sell excess clean energy to bitcoin miners — please get in touch (info@mx3cs.com) as we’d very much like to hear from you.
