Crypto miners have been invited to join this year’s Earth Hour campaign by turning off some of their hardware between 8:30 and 9:30 pm on March 24. The initiative to take part in the WWF’s annual event comes from the Russian crypto community. The “Crypto Hour” organizers hope to focus attention on the need for eco-friendly blockchain technologies.
The Crypto Hour
The “Crypto Hour” will take place within the World Wildlife Fund annual event known as the Earth Hour. The WWF campaign encourages people and businesses to turn off electric lights for one hour each year, usually in the last days of March. This year miners from Russia and around the world have been invited by Russian mining and blockchain experts to do the same – switch their equipment off at exactly 8:30 pm on March 24.
By joining the initiative, crypto miners will demonstrate their social responsibility and commitment to caring for the planet, the organizers told Rambler. They hope “Crypto Hour” will make them think about how to greenify the blockchain technologies they work with.
According to some estimates, the bitcoin network consumes up to 50 terawatt-hours of electricity a year, and the rate is increasing. On top of that, mining cryptocurrencies releases a lot of heat. Cooling the powerful specialized hardware requires more energy.
The organizers of the “Crypto Hour” will urge authorities to create an “eco mining map” showing locations where mining farms can be built close to renewable energy sources. They will insist on taking measures to stimulate the flow of investments in eco-friendly mining projects in the Russian Federation.
“We are calling for the development of systems that utilize the heat generated from mining, and the implementation of less energy-intensive distributed ledger technologies”, said Petr Dvoryankin, founder of Cryptolife, an international network of digital assets investors. Dvoryankin, who is one of the organizers of “Crypto Hour”, is a member of the expert council in the Duma working on the legal framework for the country’s fintech sector.
With cheap electricity and cold climate, Russia offers good opportunities to conduct profitable crypto mining operations. The country’s power generating facilities can produce 40% more electricity than what the local market needs. Improving energy efficiency, in both households and companies, remains a major challenge for Russia’s economic development.
The Earth Hour
This year’s Earth Hour is between 8:30 and 9:30 pm local time, on March 24. The event started in Australia in 2007. Now it’s held annually in more than 7,000 cities around the world. It symbolizes the commitment of individuals, communities, businesses and organizations to the planet and its future.
The motto of Earth Hour 2018 in Russia is “Vote for Nature”. The campaign is raising awareness about conservation issues like the protection of natural reserves, the development of alternative energy sources, the introduction of separate collection of waste and its recycling. Participants are invited to vote for the most important environmental initiative.
The 2018 event is expected to be the biggest to date. According to preliminary estimates, 30 million Russians will take part in the campaign this year.
Do you think that many crypto miners will join the “Crypto Hour” initiative? Share your expectations in the comments section below.
Images courtesy of Shutterstock.
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Author: Lubomir Tassev