Crypto Caverns is proud to announce that we are going climate positive by offsetting double our carbon emissions via on-chain partner and climate action organization KlimaDAO through their Klima Infinity program.
KlimaDAO is a decentralized collective of environmentalists, developers and entrepreneurs, and is recognized as one of the most high-profile proponents of facilitating the nascent on-chain carbon market.
Klima Infinity is an opt-in incentive program and suite of tools to help organizations like Crypto Caverns become progressively climate positive by leveraging Web3 tokenized carbon assets and offsetting.
To date, KlimaDAO has stored over 15 million tonnes of carbon avoided or removed from the atmosphere in its treasury via tokenized carbon credits and is offering new decentralized products to democratize climate action.
Not only will this partnership help us offset our current and historic carbon emissions, but it will propel us as participants of the Web3 carbon ecosystem, and help catalyze finance into high-impact sustainability projects globally.
We’re not just one of the first miners to do this — we’re also one of the first infrastructures. None of the “greener” staking methods are offsetting, not even the majority of the nodes nodes on the Polygon Network where the KlimaDAO lives.
Crypto mining is often cast as the dirty, wasteful side of crypto. The environmental impact of crypto mining has been at the center of regulatory debates in the United States and Europe.
People like notorious Bitcoin energy critic and creator of Digiconomist Alex De Vries claim that miners are “the ideal customer for obsolete fossil fuels rather than renewables since these are both cheap and a source of constant power.”
But this couldn’t be farther from the truth. Hydropower was and continues to be a huge supply for energy for crypto miners all over the world. Miners are even signing deals with nuclear power plants, which often produce excess power at night, when the grid is less demanding.
Not just that but, according to Coinbase, miners are incentivized to find the cheapest energy sources available, which generally means excess power — electricity that would otherwise be wasted — and/or sustainable energy, which is plummeting in price.
Renewable energy sources tend to have excess supply and when the grid can’t support that power supply, the power goes to waste. In the case of natural gas, producers burn excess production, harming the environment and benefiting nobody. Crypto miners can convert this excess energy into value with no net increase in emissions.
Crypto mining can actually incentivize companies to build more green infrastructure by ensuring viable markets for renewable energy and ultimately, driving down the price of clean power. This could create a cycle that can contribute to the fight against climate change, not work against it.
The rapid expansion of cryptocurrency is difficult to ignore or cast aside. The global market is expected to reach $5.2 billion by 2026, according to a report by the market research organization Facts and Factors. Between July 2020 and June 2021 the global adoption of cryptocurrency surged by more than 880 percent.
That’s why what we are doing is so important. Going climate positive via an on-chain partner vs a web2 alternative makes obvious sense as a crypto company, and allows us to automate more easily and be more transparent.
We’re putting our money where our mouth is, not just for us, but the industry as whole. Let’s stop arguing about how clean Proof-of-Work is and start proving it.