{"id":18945,"date":"2023-05-30T14:35:48","date_gmt":"2023-05-30T14:35:48","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-is-on-a-collision-course-with-net-zero-promises\/"},"modified":"2023-05-30T14:35:53","modified_gmt":"2023-05-30T14:35:53","slug":"bitcoin-is-on-a-collision-course-with-net-zero-promises","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-is-on-a-collision-course-with-net-zero-promises\/","title":{"rendered":"Bitcoin is on a collision course with \u2018Net Zero\u2019 promises"},"content":{"rendered":"<div>\n<p><strong>Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them.<\/strong><\/p>\n<p>With Bitcoin mining blamed for using as much power as an entire country, and politicians searching for easy targets to strike, the industry appears to be on a collision course with these global commitments to achieve net-zero emissions.<\/p>\n<p>While it\u2019s not possible to ban Bitcoin completely, lawmakers and regulators can tank the price and make life very difficult in the years ahead for the number one cryptocurrency.<\/p>\n<p>There are signs it\u2019s already happening.<\/p>\n<p>A report from the European Commission at the end of 2022 stated that EU countries \u201cmust be ready to block crypto mining,\u201d and the trading block\u2019s new MiCA rules were at one stage set to include a ban on Bitcoin mining. The recently adopted legislation still leaves this door ajar, however, aiming to \u201creduce the high carbon footprint of crypto-currencies\u201d by making service providers \u201cdisclose their energy consumption.\u201d<\/p>\n<p>Across the pond, the Biden administration has proposed a 30% excise tax on the power consumption of U.S. cryptocurrency mining operations. The tax would be imposed regardless of whether the power is renewable, with the administration arguing Bitcoin mining\u2019s power consumption of renewable energy will slow down the transition to Net Zero. That\u2019s in contrast to a New York moratorium on Bitcoin mining in 2022 that exempted firms powered by renewable energy.<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/;ID=169476;size=728x90;setID=601214;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-net-zero-2050-climate-change\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-net-zero-2050-climate-change\/;type=img.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-net-zero-2050-climate-change\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<p>The U.S. government appears to be taking to heart the White House Office of Science and Technology Policy\u2019s September 2022 report that claimed the environmental impact of producing cryptocurrencies could \u201cimpede U.S. efforts to combat climate change.\u201d<\/p>\n<p>Former member of the Bitcoin Mining Council and independent researcher Hass McCook doesn\u2019t mince his words about threats to ban mining.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cGovernments should focus on greening their grids, which miners rely upon, as opposed to trying to ban an unbannable technology.\u201d<\/p>\n<\/blockquote>\n<p>The Swedish government was behind last year\u2019s push to outlaw crypto mining in the EU and, last month, took steps to price Bitcoin miners out of the market by abolishing various tax incentives. Starting in July, Sweden will increase the electricity tax by 6,000% from 0.006 Swedish kronas ($0.0006) to an extraordinary 0.36 kronas ($0.035) per kilowatt-hour (kWh).<\/p>\n<p>\u201cGovernments around the world are actively looking at Bitcoin mining\u2019s energy consumption,\u201d explains Brad van Voorhees, co-founder and CEO of Sustainable Bitcoin Protocol, which incentivizes the use of renewables for mining.<\/p>\n<figure class=\"wp-block-image alignright size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"Skull\" class=\"wp-image-20132\" width=\"494\" height=\"330\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Skull-of-Satoshi.jpg\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Skull-of-Satoshi.jpg\" alt=\"Skull\" class=\"wp-image-20132\" width=\"494\" height=\"330\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>Artist Benjamin Von Wong created \u201cThe Skull of Satoshi\u201d sculpture. He says he\u2019s not anti-Bitcoin, he just wants to lower emissions. (VanWong)<\/em><\/figcaption><\/figure>\n<p>\u201cSweden has already imposed a 6,000% tax on energy for BTC mining, and the Biden administration has proposed a 30% tax, which would undoubtedly mean miners move offshore,\u201d he adds.<\/p>\n<p>\u201cThe tax will likely never pass in the U.S., but nonetheless, the sector should focus on clean energy use and data transparency to mitigate this risk.\u201d<\/p>\n<p>Others agree with van Voorhees that Net Zero is an opportunity to set Bitcoin mining on a new and more sustainable path. Morten R\u00f8ngaard is a member of the Nordic Blockchain Association and CEO of Reality+, a Web3 and blockchain company.<\/p>\n<p>\u201cThe collision between Bitcoin and Net-Zero commitments is a call to action. It\u2019s an opportunity to harness the power of innovation and renewable energy, steering both towards a greener and more inclusive landscape,\u201d he says.<\/p>\n<h2 id=\"h-good-cop-bad-cop\"><strong>Good cop, bad cop<\/strong><\/h2>\n<p>The focus on Bitcoin mining power usage was given additional impetus after Ethereum moved to proof-of-stake last year and saved 99.95% of its energy consumption as a result. While Bitcoiners believe PoS stands for \u201cpiece of shit,\u201d the success of the blockchain\u2019s energy transformation has made Bitcoin look like it is stuck in a corner using anachronistic tech.<\/p>\n<p>There are now groups demanding changes to Bitcoin\u2019s underlying protocol as well.<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img decoding=\"async\" alt=\"Change the Code\" class=\"wp-image-20139\" width=\"494\" height=\"494\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Change-the-code-1024x1024.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Change-the-code-1024x1024.jpg\" alt=\"Change the Code\" class=\"wp-image-20139\" width=\"494\" height=\"494\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>The Change the Code lobby group is using the Merge to lobby for changes to Bitcoin. (Change The Code)<\/em><\/figcaption><\/figure>\n<p>Greenpeace\u2019s Change the Code Not the Climate (Clean Up Bitcoin) lobby group is pushing to change Bitcoin\u2019s consensus mechanism from proof-of-work, to proof-of-stake.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWe know a basic software code change would reduce Bitcoin\u2019s energy use by 99.9%. If only 30 people \u2014 the key miners, exchanges, and core developers who build and contribute to Bitcoin\u2019s code \u2014 agreed to reinvent proof-of-work mining or move to a low-energy protocol, Bitcoin would stop polluting the planet. So why isn\u2019t Bitcoin changing its code?\u201d<\/p>\n<\/blockquote>\n<p>This is misinformation, however, given the Bitcoin community needs to agree on a change, rather than a small group of just 30 people. The Bitcoin community split over the much smaller change of increasing the block size in 2017, leading to the Bitcoin Cash and Bitcoin SV forks, so the chances of an agreement to change the fundamental nature of the technology are hard to envisage at this point.<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>This is how to make \u2014 and lose \u2014 a fortune with NFTs<\/p>\n<\/p><\/div>\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Crypto Indexers Scramble to Win Over Hesitant Investors<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<p>The industry\u2019s big hope to date has been that progressively moving away from fossil fuels to rely more on sustainable and renewable power, such as wind, solar and hydroelectric power, will placate governments.<\/p>\n<p>But as the Swedish and U.S. governments have said, that may not be enough. For governments and regulators trying to comply with their international climate change commitments, there will be a bunch of hard decisions to be made. Even a mining industry 100% powered by renewable energy could be a target, as that emissions-free energy could be freed up at the stroke of a pen to help a more politically valuable industry, like manufacturing, meet emissions targets.<\/p>\n<h2 id=\"h-how-much-power-does-bitcoin-use\"><strong>How much power does Bitcoin use?<\/strong><\/h2>\n<figure class=\"wp-block-image alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Power stations\" class=\"wp-image-20134\" width=\"466\" height=\"311\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-pixabay-221012.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-pixabay-221012.jpg\" alt=\"Power stations\" class=\"wp-image-20134\" width=\"466\" height=\"311\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>It\u2019s probably just water vapor. (Pexels)<\/em><\/figcaption><\/figure>\n<p>The Cambridge Bitcoin electricity consumption site estimates Bitcoin network power demand and is updated every 24 hours and works with all major actors to cut down on carbon emissions. It conducts \u201cexperiments\u201d to evaluate Bitcoin\u2019s environmental footprint assuming the worst-case scenario.<\/p>\n<p>By using the latest annual power consumption estimates of 143.63 TWh and, assuming that all this energy comes exclusively from coal, and is generated in an inefficient coal-fired power plant, the Bitcoin footprint would be 11 million metric tons of carbon dioxide emissions. That\u2019s around 0.35% of the world\u2019s total annual emissions.<\/p>\n<p>Bitcoiners point out that the network uses less power than the banking system (200 TWh) and a majority of the power used by the industry is renewable. They also claim mining can incentivize renewable electricity generation and make marginal green power projects viable.<\/p>\n<p>But even taking these factors into account, mining still uses a ton of power, to which Bitcoiners argue that it\u2019s energy well-spent securing the hardest and best money known to humanity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">If you are anti-<a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Bitcoin<\/a> mining you have positioned yourself against one of the world\u2019s best technologies for advancing electrification and carbon free energy. <\/p>\n<p>There is no technology available and ready today that can push us towards the future better than <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\">#Bitcoin<\/a> mining.<\/p>\n<p>\u2014 Dennis Porter (@Dennis_Porter_) <a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1656889233867673605?ref_src=twsrc%5Etfw\" target=\"_blank\">May 12, 2023<\/a><\/p>\n<\/blockquote>\n<p>But non-Bitcoiners tend to look at the power use of the alternatives. The site estimates that Ethereum is using around 6.76 GWh per year. In other words, Bitcoin is using 21,000 times more power per year.<\/p>\n<p>According to the Crypto Carbon Ratings Institute, before its transition to proof-of-stake, a single Ethereum transaction used 200.05 kWh of electricity, on par with how much the average U.S. household uses in 6.7 days.<\/p>\n<p>According to Digiconomist, that consumption is now as low as 0.03 kWh, and the carbon footprint stands at 0.01 kgCO2, which is equivalent to the energy used when watching two hours of YouTube.<\/p>\n<p>(Please don\u2019t email us to point out that the network uses the same amount of power regardless of the number of transactions \u2014 we know, it\u2019s just illustrative).<\/p>\n<p>Digiconomist\u2019s Ethereum Energy Consumption Index highlights just how radically different PoW power consumption is to PoS.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Ethereum Energy Consumption Index\" class=\"wp-image-20189\" width=\"745\" height=\"444\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/ethereum1.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/ethereum1.png\" alt=\"Ethereum Energy Consumption Index\" class=\"wp-image-20189\" width=\"745\" height=\"444\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>Ethereum\u2019s energy consumption plummeted after it moved to proof-of-stake in 2022.<\/em><\/figcaption><\/figure>\n<p>U.K.-based Block Dojo describes itself as \u201cthe largest Bitcoin blockchain incubator in the world,\u201d but in fact, it\u2019s based on the Bitcoin fork Bitcoin SV. It claims to be responsible for 24% of all blockchain investments in the United Kingdom. Chairman James Marchant says the energy use of Bitcoin is an opportunity for other blockchains like Bitcoin SV.\u00a0<\/p>\n<figure class=\"wp-block-image alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-20140\" width=\"409\" height=\"273\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-leeloo-thefirst-8358047-1.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-leeloo-thefirst-8358047-1.jpg\" alt=\"\" class=\"wp-image-20140\" width=\"409\" height=\"273\"  \/><\/noscript><\/figure>\n<p>\u201cThe total energy use versus the number of transactions BTC can process per day is catastrophic. BTC does not implement the protocol as per the Satoshi white paper. We are seeing developers and entrepreneurs turning to a scalable blockchain solution away from BTC, and Net-Zero objectives is one of several key reasons for this,\u201d he says.<\/p>\n<h2 id=\"h-movement-for-change\"><strong>Movement for change<\/strong><\/h2>\n<p>The people driving the crypto industry forward are likely to be the younger demographic, Generation Z, which is increasingly sensitive to climate change concerns.<\/p>\n<p>But the industry is not hiding its head in the sand, with bodies like the Bitcoin Mining Council attempting to address such concerns.<\/p>\n<p>Welcoming Bitcoin miners of all shapes and sizes \u2014 it accounts for about half the world\u2019s miners now \u2014 the Council is a voluntary forum that shares best practices and \u201ceducates the public on mining.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"BMC\" class=\"wp-image-20131\" width=\"337\" height=\"424\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Bitcoin-mining-council.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Bitcoin-mining-council.jpg\" alt=\"BMC\" class=\"wp-image-20131\" width=\"337\" height=\"424\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>The Bitcoin Mining Council is led by Michael Saylor (BMC)<\/em><\/figcaption><\/figure>\n<p>Its most famous, and first, member is MicroStrategy boss Michael Saylor, who arranged the first meeting of the Council and is a strong adherent for managing miners\u2019 energy use and employing sustainable alternatives.<\/p>\n<p>Its latest quarterly report (based on self-reports from a survey and then estimated across the remainder of the industry) suggests miners are currently using a 58.9% sustainable energy mix.\u00a0<\/p>\n<p>Renewable energy can potentially mitigate Bitcoin\u2019s environmental impact. There are many examples of mining facilities now powered by solar, wind or hydroelectric energy or using \u201cstranded\u201d energy or mining using flared gas that would otherwise be wasted. If the renewable energy lobby\u2019s claim that green power is the cheapest form of electricity, then miners will inevitably use more of it, explains McCook.\u00a0\u201cBitcoin mining is a perfectly competitive industry. This means players will do <em>anything<\/em> to maximize profit. <em>Anything<\/em>. This means they chase the cheapest possible electricity available. This is increasingly becoming renewable,\u201d he says.<\/p>\n<p>Darren Franceschini, co-founder of Fideum Group \u2014 a Singapore-based crypto funding company \u2014 agrees the industry is embracing wind and solar as much for economic reasons as anything else.<\/p>\n<p>\u201cWith fossil fuel prices soaring, miners are economically driven to achieve Net-Zero emissions,\u201d he says. Carbon pricing mechanisms and green energy subsidies could further promote the adoption of renewable energy sources within the mining sector.<\/p>\n<h2 id=\"h-will-regulators-believe-bitcoin-can-incentivize-renewables\"><strong>Will regulators believe Bitcoin can incentivize renewables?<\/strong><\/h2>\n<figure class=\"wp-block-image alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Planet B\" class=\"wp-image-20135\" width=\"477\" height=\"318\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-markus-spiske-2990650.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/pexels-markus-spiske-2990650.jpg\" alt=\"Planet B\" class=\"wp-image-20135\" width=\"477\" height=\"318\"  \/><\/noscript><figcaption class=\"wp-element-caption\"><em>There is a PlanB, however. (Pexels)<\/em><\/figcaption><\/figure>\n<p>Bitcoin advocates like Nic Carter argue that mining can play a role in growing the sustainable energy sector by using excess electricity capacity for energy efficiency or helping to finance renewable projects.<\/p>\n<p>\u201cThe need for electricity in the creation of Bitcoin is obviously a concern. At the same time, it is one of the best-use cases for excess electricity capacity vital in the renewables sector,\u201d says Toby Lewis, co-founder of Ordinals Bot. \u201cWith the right incentives, Bitcoin can become a financing mechanism for the renewable grid.\u201d<\/p>\n<p>The question is not whether or not this argument is correct \u2014 and it\u2019s a source of contention even in the crypto community \u2014 it\u2019s whether governments and regulators can be convinced it is.<\/p>\n<p>It will be a hard sell to convince lawmakers, but Josef T\u011btek, a Bitcoin analyst at hardware wallet provider Trezor, argues that Bitcoin mining is a net positive for climate change.<\/p>\n<p>\u201cContrary to some claims, Bitcoin mining is beneficial for the environment and bootstraps renewable energy generation,\u201d he says, noting mining pops up wherever there\u2019s cheap renewable power.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cFor example, just recently, we have learned that the kingdom of Bhutan has been mining Bitcoin with its hydroelectric stations for years.\u201d<\/p>\n<\/blockquote>\n<p>It will be interesting to see whether the result of a clampdown on mining by bigger countries will see mining nomads shift operations to crypto-friendly countries that provide sustainable power like Bhutan.<\/p>\n<p>The small hermit kingdom in the Himalayas is watered by glaciers in the mountains. It has huge stores of hydroelectricity, providing 30% of the country\u2019s GDP and literally fuelling the homes of nearly all of its 800,000 residents. According to Forbes<em>, <\/em>the country is following the example of El Salvador by becoming one of two countries to run a state-owned mining operation.<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Retire early with crypto? Playing with FIRE<\/p>\n<\/p><\/div>\n<div class=\"article-suggest__item\">\n<p>                            <span>Columns<\/span><\/p>\n<p>Wall Street disaster expert Bill Noble: Crypto spring is inevitable<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<p>Nick Jones, CEO of Zumo \u2014 a crypto-as-a-service platform \u2014 believes that crypto is well-placed to quickly reduce emissions.<\/p>\n<p>\u201cAll sectors need to rapidly decarbonize, and crypto has an opportunity to do this more quickly than most. Bitcoin\u2019s carbon footprint is due almost entirely to electricity consumption, and we have the technology to rapidly decarbonize.\u00a0Significant progress has been made, but there is still much to do,\u201d he says.<\/p>\n<h2 id=\"h-surging-demand-for-bitcoin\"><strong>Surging demand for Bitcoin<\/strong><\/h2>\n<p>The unexpected recent addition of NFTs and tokens to Bitcoin via Ordinals has created a huge wave of additional demand for the blockchain. Last month, the daily record for inscriptions using Bitcoin Ordinals was broken four times as users flooded the network with images, games and other content.<\/p>\n<p>Daniel Santos, co-founder of Gamepay, argues that Ordinals is the first successful protocol built on Bitcoin and will result in more adoption, which in turn will mean more mining and more power to be generated.<\/p>\n<p>\u201cGovernments will step in and regulate mining for sure, especially as Ordinals take hold. There will also be a drive for green energy, even if a lot of Bitcoin mining is done with green energy,\u201d he says.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cI suspect governments will require miners to have licenses to mine.\u201d<\/p>\n<\/blockquote>\n<p>Ordinals could be the proverbial straw that breaks the camel\u2019s back for Bitcoin and its energy consumption. Moreover, as the crypto winner begins to thaw, the demand for the currency is also expected to surge as the currency\u2019s price climbs.<\/p>\n<p>This is an issue that will run for years to come. Prepare for demonstrations against Bitcoin and more proposals to ban either the protocol or mining.<\/p>\n<p>While Bitcoin is unbannable, there is a need to address emissions and to be on the front foot in the public debate. Whether change comes from within the industry or via external intervention is a question the crypto community needs to urgently address.<\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img decoding=\"async\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" alt=\"Monty Mumford\" height=\"300\" width=\"300\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Monty-Mumford.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/Monty-Mumford.jpg\" alt=\"Monty Mumford\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Monty Munford<\/h2>\n<p>Monty Munford writes regularly for the BBC, The Economist and City AM and has been a tech columnist for Forbes and The Telegraph. He also runs a growth and visibility consultancy and has appeared at more than 200 events and conferences, interviewing figures such as Tim Draper, the late John McAfee, Sir Tim Berners-Lee, Steve Wozniak, Kim Kardashian, Guns N\u2019 Roses and many others.<\/p>\n<div class=\"author__follow body-l\">\n\t\t\t\t\tFollow the author \t\t\t\t\t\t\t<a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/montymunford\" target=\"_blank\">@montymunford<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them. With Bitcoin mining blamed for using as much power as an entire country, and politicians searching for easy targets to strike, the industry appears [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-18945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin is on a collision course with \u2018Net Zero\u2019 promises | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-is-on-a-collision-course-with-net-zero-promises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin is on a collision course with \u2018Net Zero\u2019 promises | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them. 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