Russians To Turn Off Mining Equipment To Observe ‘Crypto Hour’
Cryptocurrency miners in Russia will observe “Earth Hour” on March 24 in their own way.
They have named it “Crypto Hour”, and will turn-off their mining equipment for one hour – from 8.30 pm to 9.30 (local time).
The campaign is led by Peter Dvoryankin, founder of International Investor Network CryptoLife. He made the call to all crypto miners in the world to create awareness about ecological mining, Russian news outlet Rambler reported.
Around 50,000 people have confirmed their participation in the hour-long blackout, while the international response to the call is not known.
The goal of the campaign is to create “ecological mining” maps that will show the most ecologically friendly places for crypto mining due to their proximity to renewable energy sources in areas with the right temperatures, according to Dvoryankin, who is also a member of the Russian parliament’s expert council for fintech development.
Dvoryankin added that the campaigns also calls for “the creation of systems to use the heat generated in the process of mining and develop less energy-intensive distributed ledger technologies.”
Digital currencies require a continuous flow of power to keep the network up and running round the clock. It is estimated that for crypto mining process, computers consume more than 50 terawatt-hours of electricity per year globally.
And if the current growth rates of electricity consumption do not decrease, experts predict that by 2020, the bitcoin network can consume electricity as much as the rest of the world utilize. Also, a large amount of heat is emitted due to mining, which also contributes to global warming, though marginally.
Earth Hour is a worldwide movement for nature organized by World Wide Fund to turn off all electricity for a single hour once a year to draw attention towards the negative impact on earth from rising energy consumption level.
by RTT Staff Writer
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