'Crypto Hour' To Draw Attention To Growing Crypto Power Consumption


On March 24, 2018, at 20:30, the organizers of «Crypto Hour» will urge miners to switch off their mining equipment for a single hour, according to Rambler.ru.

A Russian environmental action group of specialists in mining, cryptocurrency and lock group have organized «Crypto Hour» within the framework of the «Earth Hour» organized by the World Wildlife Fund (WWF) taking place at the same time to demonstrate social responsibility and environmentalism.

The «Crypto Hour» organizers want to make participants concentrate on ways to economize technology. More than 50 terawatt hours of electricity are spent annually to support the bitcoin network. Unless the current increase of electricity consumption doesn't decrease, experts claim that by 2020 the bitcoin network could consume as much power as the rest of the world's electricity consumption combined.

Mining activity also emits a great quantity of heat, which leads to additional costs for cooling.

«Crypto Hour» organizers want to urge governments to make maps of «ecological mining,» which refers to locating mining facilities close to renewable sources of energy, and to encourage investments in ecological mining projects in the Russian Federation.

Peter Dvoryankin, the initiator of the Crypto Hour, wants the effort to encourage the creation of systems to utilize the heat generated in the process of mining and develop less energy-intensive technology in the registry. Dvoryankin is the founder of the International Network of Professional Investors in Digital Assets «CryptoLife,» and a member of the Russian State Duma expert council on legislative support for the development of financial technologies.

Environmental Action Sought

«Earth Hour — 2018,» an annual environmental action organized by the WWF is intended to draw attention to the need for a responsible attitude to the planet's character and resources. The WWF action, under the slogan «Vote for nature,» will focus on three environmental issues: protection of reserves, development of alternative energy and the creation of a system for separate collection of garbage and its recycling.

«Earth Hour» campaign participants will vote for the most important environmental initiatives and form a collective message to the Russian president. The action is expected to be the biggest in the event's history with around 30 million people taking part in Russia.