Blockchain Firm Releases Low Power Mining Device to Fight CO2 Emissions
Climate change has become a buzzword even in the blockchain industry. In light of this, a new device helps compensate users for mining without wasting too much energy.
German blockchain-oriented firm Transcendence has recently presented a new device that helps crypto miners manifest their environmental responsibility by going green. The device, called Greenbox, is designed as a solution to energy-wasting blockchains. It is no secret that Bitcoin is by far the most energy-demanding distributed ledger network, which negatively affects the environment.
In September, the United Nations Climate Action Summit was held in New York. While Greta Thunberg received the majority of the attention due to her headline-making speech, the summit marked another important step in reducing greenhouse gas emissions. About 60 countries are expected to reveal “steps to reduce emissions and support populations most vulnerable to the climate crisis.”
Just recently, from Dec. 2 to 13, the U.N. Climate Change Conference was held in Madrid, Spain. The U.N. Secretary-General Antonio Guterres expressed his disappointment with the outcome of the meeting, saying:
“The international community lost an important opportunity to show increased ambition on mitigation, adaptation and finance to tackle the climate crisis.”
However, not everyone is indifferent when it comes to greenhouse gas emissions, a factor that leads to climate change.
The Greenbox device
The creators of Greenbox wanted to address the common problems of proof-of-work blockchains. The device is based on a blockchain solution known as TelosGreen. Greenbox allows owners to earn regular rewards for the authentication of users transactions on Telos blockchain.
In turn, the yields can be used to obtain carbon credits, compensating for the CO2 emissions of the mining rig.
Currently, the devices displayed on the official website are educational versions that will be donated to schools.
The Transcendence team is now working on Greenbox Home, which will be the company’s flagship product. This is a much larger device and will be based on a similar existing product, called the Bluebox Pro.
Greenbox use cases
The goal of Greenbox is to reduce CO2 emissions by providing passive income as motivation. The device is created to mine tokens without wasting too much energy. It can also act as a masternode host.
Here are a few use cases for Greenbox:
- According to creators, the Greenbox Home version uses about 570 times less electricity than a regular Bitcoin miner. In Germany, such devices would only generate net losses due to energy costs. Meanwhile, Greenbox generates monetary surplus. Thus, Greenbox performs the function of a mining device while consuming much less energy, which indirectly helps reduce CO2 emissions.
- The Greenbox Home device can also be used as a PC and be connected to a monitor through a VESA mount. This might be helpful in schools or social projects. Thus, users can avoid emitting unnecessary CO2 as well, as the device needs only 7 watts of energy.
The surplus of earnings generated with Greenbox can be converted to CO2 certificates. In this way, you can reduce global CO2 emissions as long as the box is running.
There is a larger compensation program for companies, which can use the Greenbox Pro model to offset their CO2 emissions.
For those unfamiliar, CO2 certificates prove that the owner of the certificate has reduced greenhouse gases such as CO2. A certificate represents 1 ton of greenhouse gases. You can sell such certificates to entities that seek to compensate for their excessive greenhouse emissions.
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