How exactly should we be gauging the real environmental impact of cryptocurrencies? Where do we turn for our information? How do we interpret it? And how do we move forwards on this important issue, together?
At Zumo, we’re open and transparent about the environmental challenges facing the crypto industry. We believe it’s time for the crypto industry to address the need for decarbonisation, and we’re committed to demystifying the information surrounding this vital topic.
It doesn’t mean we have all the answers, but we are standing up to tackle the issue. As the world looks on, the cryptocurrency sector must play its part in ensuring industry-wide decarbonisation. And we believe this is an opportunity for the industry as a whole to engage in debate and showcase what industry-wide decarbonisation looks like.
What have we achieved on the decarbonisation journey so far? What have we learnt? And where are we headed next?
Decarbonising crypto is a debate that has reached its tipping point from talk into action. In our latest report, we summarise all our key findings and learnings from the Zumo journey to date - including the headline outcomes of our pathfinder ‘Zero Hero’ pilot implementation project - through a practical, solutions-focused lens.
With your help, Zero Hero covered £1,500,000 of bitcoin purchases, with 850 MWh of renewable energy certificates bought to compensate - enough energy to drive an electric vehicle for over three million miles.
Now, we’re excited for the next chapter, and to continue our decarbonisation journey supported by a new phase of government funding from Innovate UK.
As part of our commitment to explore the issue openly, provide a voice for sustainability in crypto and facilitate collective action, in September 2021 Zumo organised a ‘Decarbonising crypto’ round-table that brought together expert voices from across the sector to gather opinions and perspectives from solution providers, industry participants and environmental research on key questions of methodology, benchmarking, collaboration and technology.
The resulting ‘state of play’ report is one of the first to comprehensively deconstruct the methodologies and assumptions quantifying the environmental impact of cryptocurrencies, providing a point of departure for decarbonisation discussions, and laying the foundation for further action and collaboration in the crypto space.