Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

The United Nations Approve Blockchain as a Climate Saviour

CryptocurrencyJun 26, 2021 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
The United Nations Approve Blockchain as a Climate Saviour

  • The United Nations is set to use blockchain technology in its ongoing attempts to tackle the issue of climate change.
  • Blockchain technology is the driving force behind cryptocurrencies, which have come under fire for their excess energy usage as of late.
  • In related developments, a miner has raised $105 million to recycle waste coal into cryptocurrencies.
  • The news is a huge win for blockchain technology which will trickle down to cryptocurrencies.

Climate change has always been at the top of the United Nations’ agenda as well that of nationstates in the last decade. The United Nations have seemingly found their answer, and to many this time, in a rather unlikely form.

On Sunday the United Nations approved the use of blockchain technology to tackle climate change-related issues amid a spike in carbon emissions in the mining of cryptocurrencies. Miners are already working to reduce carbon emissions through technological advances.

Blockchain to the Rescue

Blockchain technology will be utilized by the United Nations to help countries solve climate issues. In a post on the UN’s website on Sunday, the UN revealed that it will continue to explore the uses of blockchain technology to access reliable data on greenhouse gas emissions among other information.

The UN has also stressed that the technology behind cryptocurrencies and digital assets can be used to fix the global concern of climate change.

The United Nations stressed that “cryptocurrencies and the technology that powers them can play an important role in sustainable development, and improving our stewardship of the environment.”

The United Nations has expressed confidence in blockchain due to the transparency in working against fraud, funding climate-related projects, and clean energy markets.

Cryptocurrency’s Bad Record and the Proposed Solution

Cryptocurrencies have been taking heat due to the ever-increasing energy use and requirements of mining activities. Recently, Elon Musk revealed that, due to high energy usage from coal in mining Bitcoin, Tesla (NASDAQ:TSLA) will temporarily recede from accepting Bitcoin as a form of payment.

The decision sent the price of bitcoin falling to below $40,000, and it hasn’t recovered since. The amount of energy spent mining Bitcoin is more than the energy usage of the entirety of Argentina according to a Cambridge University report.

However, the development of large solar-powered mines, which have been backed by Jack Dorsey, will go a long way in changing the tide. Criticisms of crypto, and the drive to become more energy efficient, will trickle down to other sectors, making it a big win for efforts against climate change.

Blockchain solutions can also provide a transparent way for nations to take action, while the decentralized nature of cryptocurrencies will lead to the widespread adoption of solar mines and new forms of energy.

On the Flipside

  • The shift to alternative sources of energy is expensive and is unlikely to be adopted worldwide.
  • The crypto market, which was booming earlier this year, has been on a downward trend due to the closure of mining activities in China, with some experts stating that it may not recover anytime soon.

Mining Corporation Raises over $100 to Turn Coal Waste into Crypto

In other developments, US mining corporation Stronghold Digital Mining has raised a whopping $105 million from two private securities to finance its project which turns coal waste into crypto.

According to the company, waste coal will be converted to energy similar to a large hydropower plant, which will then be used to mine bitcoin. The majority of the world’s coal waste was deposited in the 19th and 20th century, and this is a good development to turn it into cryptocurrencies.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

The United Nations Approve Blockchain as a Climate Saviour

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Srinivas Rao Nooli
Srinivas Rao Nooli Jun 26, 2021 10:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very good information
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email