The concern over the vast amount of energy required for cryptocurrency mining and its potential impact on an already fragile global ecosystem continues to be a big topic in the ongoing crypto and blockchain technology narrative.
Within the context of environmental preservation and the attempts to reverse the global warming trend, cryptocurrency mining operations have come under the radar of conservationists and other concerned organizations. To this end, it appears that some stakeholders in the cryptocurrency mining scene are taking steps to show some commitment to environmental preservation efforts.
A group of Russian miners led by Peter Dvoryankin is inviting cryptocurrency miners all over the world to participate in the Crypto Hour campaign. According to a report published on Rambler, a Russian media outlet, the campaign is part of efforts to sensitize cryptocurrency miners on energy consumption.
As part of the campaign, Russian crypto miners will turn off their mining rigs for an hour. They have also invited miners all over the world to do the same in a show of support and solidarity for environmental preservation efforts.
Peter Dvoryankin, the leader of the campaign is the founder of CryptoLife, an international investor network. He is also a member of the Expert Council for Fintech Development of the Russian Duma.
In a statement to Rambler, he said that the aim of the Crypto Hour campaign was to create sort form of ecological mining maps that can help show eco-friendly locations for crypto mining activities. These places will most likely be in regions with the right hydrothermal properties and also be in close proximity to sources of renewable energy.
Experts who have examined the rising energy utilization associated with Bitcoin mining predict that Bitcoin mining activities will soon use more electricity than the rest of the world. In fact, some have predicted that Bitcoin mining will use will equal the current global electricity utilization by the year 2020.
In February 2018, it was revealed that crypto miners in Iceland have already outstripped the country in terms of electricity consumption.
Earth Hour is an annual event that began in Australia but is now being observed in over 7,000 cities across the globe. March 24, 2018, between 8:30 pm and 9:30 pm local time is the Earth Hour for 2018.
The initiative is organized by Earth Hour, a World Wildlife Fund (WWF) movement that encourages people across the world to turn off all electric lights for one hour each year as a way of showing their commitment to environmental preservation. The event usually comes up during the last week of the month of March each year.
It remains to be seen whether Bitcoin miners will heed the clarion call as the process is a highly lucrative one and some miners might be against the idea of losing out on the potential to make huge profits.
There is also the fear of a 51% attack occurring during such a period due to the reduced number of active mining nodes.