For years, the negative environmental impact of Bitcoin has gone unnoticed. With a single tweet, Elon Musk altered this.
Tesla Inc. CEO Elon Musk has opened the door to what some see as a new market opportunity for crypto-“miners” with this new market opportunity with its green credentials. Some are attempting to sell “green Bitcoin,” coins whose blockchain transactions are verified by renewable energy-only computers. They are expected to purchase up to 10% of the premium.
It has no market knowledge,” said Sheldon Bennett, CEO of cryptocurrency miner DMG Blockchain Solutions Inc.
His company stated that he had discussions with “multiple banks and financial institutions” interested in purchasing Bitcoins to meet the growing demand for environmental, societal, and corporate governance compliance. “They keep saying it, if there’s an option, I’m willing to pay a fee for it.”
In recent years, the corporate world has become increasingly concerned with environmental issues – or, at the very least, with green issues. As a result of the shift, investors want to invest in renewable energy as the next big thing. Companies from all industries have pledged to reduce their carbon footprint. Furthermore, Biden’s administration has defined tough carbon goals and promised to fund new green technologies.
Even before Musk’s twitch of Bitcoin to tweet in the crypto world, industry participants were bracing for green reactions. DMG has recently joined Crypto Climate Agreement, a private-sector initiative aimed at decarbonizing the crypto industry by 2030, in addition to its Mining Pool focusing on renewable energy use. The Paris Climate Agreement inspired the formation of this group.
Paying a Green Bitcoin premium is not a novel idea, because money that does not rely on high-energy mining, such as Cardano and Polkado, already commands a premium.
“Many miners have been eyewitnesses to what has been going on in the coal industry.” “As a result, they will only implement projects with a negative carbon footprint. Others would prefer to co-locate wind or solar power plants.”
The Bitcoin price may influence miners’ willingness to bear potentially higher green costs. When times get tough, many green miners may be forced to use lower-cost dirty energy, according to Christopher Bendiksen, Research Head of CoinShares, a provider of digital asset investment services.
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