It is hard to imagine a world without air conditioners, vehicles or the internet. Technology has had a great impact on our world and the people who inhibit the earth today. People are living longer because technology has allowed medical research to advance. Those people are able to live anywhere in the world, in any type of housing imaginable and are able to do things that even 30 years ago seemed impossible. And technology advancements do not appear to be stopping anytime in the near future. Even though technology has advanced our capabilities and allowed us to live fuller lives, it does come with a price.
One of the greatest technological advances known to man was the invention of electricity. Now, hundreds of years later, almost everything we do requires electricity. And as we do more and more, we need more and more of it. Unfortunately, producing that electricity which helps us live better lives can be detrimental to the environment. Most of our electricity is generated from non-renewable sources that pollute our air and water.
As the demand for electricity increases, the damage to our planet also increases. And even though we love our world, we are not willing to give up the luxuries electricity provides. So, what can we do if our current and projected energy demand is not sustainable for the environment? Enter blockchain, ironically another budding technology that uses a lot of electricity.
When a technology as powerful as blockchain comes together with environmental passionate startups such as GEAR, a more sustainable energy cycle and greener world are possible. Here is how blockchain just might be the savior that our planet has been waiting for.
Cleaning Up the Crypto Mining Space
Blockchain is the backbone of the world’s booming digital currency craze, which is slowly taking over the good old fashioned dollar bill. The energy required for mining cryptocurrencies is significant, and most of the current mining farms are using electricity from non-renewable, greenhouse gas emitting sources (coal, petroleum-based fuels and other fossil fuels). But what if those mining farms changed into a closed loop green energy and renewable network that invested in green energy farms to generate clean energy that fed into cryptocurrency mining facilities? Essentially, the rise of blockchain could continue without impacting our environment. Our world could continue to innovate and create without the detrimental effects on our air and water. It not only sounds great, but should ultimately be the responsibility of those creating cryptocurrency and blockchain projects.
Nothing can change the fact that we need more energy to fuel our lives, especially as technology continues to advance. Cryptocurrency mining demands an extremely high (and ever-increasing) amount of electricity. And while no one wants to slow down innovation, something must be done to protect the environment. As blockchain promises to take over the innovation of the world, those blockchain companies need to commit to doing it in a green way.
Green energy production has become one of the missions of GEAR. The founders have dedicated their company to the growth of global green energy production and environmental wellbeing. “Our theme over the past few years has been ‘From Resources to Regenerative, meaning that we want to take a dirty industry known from extracting things from the earth and innovate it into something that can be used to give back to the earth instead,” explained Vik Pathak, the Vice-President of GEAR. And the mined cryptocurrency of the GEAR project will be reinvested back into creating green energy assets such as solar, wind, tidal and biomass.
Green Energy Innovation Research and Development