Crypto Carbon Research Institute Launches, Backing PoS Over PoW Amid Bitcoin's Environmental Scrutiny
The Crypto Carbon Research Institute (CCRI) has emerged, focusing on publishing ESG reports for cryptocurrencies. It prefers Proof-of-Stake (PoS) over Proof-of-Work (PoW) networks, a stance influenced by growing concerns about cryptocurrencies' environmental impact, particularly that of Bitcoin.
Bitcoin's energy consumption, especially in the EU, has sparked calls for stricter regulations. Some crypto companies have allegedly influenced EU regulations to present their cryptocurrencies as 'greener', potentially leading to a ban on PoW. Alex de Vries, a Dutch central bank employee, calculated Bitcoin's CO2 emissions higher than those of countries like Austria and Portugal.
Tesla, once a Bitcoin advocate, bought $1.5 billion worth of Bitcoin and started accepting it for payments. However, it later halted this due to environmental concerns. Forbes explored the influence of companies like PayPal, Ethereum, Tron, Avalanche, and Polygon on Bitcoin's reputation. The EU is now developing sustainability standards for cryptocurrencies, with ESMA seeking methodology development. Blocktrainer.de suggests an anti-Bitcoin lobby involving crypto companies.
The CCRI, founded by co-authors of a paper on the topic, focuses on publishing ESG reports for cryptocurrencies. It prefers PoS over PoW networks. German DLC GmbH, which provides MiCA data points, emphasizes its independence and support for Bitcoin.
The Crypto Carbon Research Institute's founding comes amidst growing concerns about cryptocurrencies' environmental impact, particularly Bitcoin's energy consumption. The EU is responding with sustainability standards, while some crypto companies face allegations of influencing regulations. The CCRI's focus on ESG reports and preference for PoS networks reflect these concerns.
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