Technology is at the center of the modern world, and people are living longer thanks to technology, and do things that were impossible a decade ago. Despite the advanced technology, of which we will see more to come in the future, it does come with a price. One of the greatest technological advancements known to man has to be the invention of electricity, and it powers over 95% of appliances in homes and offices across the world. Few people are willing to give up the luxury provided by electricity, but most of the electricity consumed in the world comes from non-renewable sources such as fossil fuels and water.
As more people connect to the grid, the environmental degradation increases, and the future looks bleak. In this light, the big question has to be what we ought to do if the current and energy demand of the future is not environmentally sustainable. Thanks to blockchain technology, businesses such as GEAR are seeking to promote a sustainable energy cycle leading to a greener world.
Cleaning Up the Cryptocurrency Mining Space
The rising interest in digital assets that is gradually shifting focus from the old-fashioned currencies is driven by blockchain technology. Mining cryptocurrencies requires a significant amount of energy only, which traditionally generated electricity, can provide. With the springing up of mining farms, there is need for them to consider shifting to a closed loop green energy and a renewable network that invest in green energy farms that generate clean energy. The goal is to have a situation where blockchain technology is allowed to scale up with reduced and eventual cease of affecting the environment.
Fact is we need more energy to fuel our lives, with most of it going to power technology. However, the world can continue on the advancing technology but without the detrimental effects, it already has on the environment, especially the water and air. The responsibility of cleaning up the cryptocurrency mining space lies with the creators of blockchain and cryptocurrency project creators.
Production of green energy is of most concern to GEAR, a green startup company. The founders have dedicated the company to growing the production of green energy for the overall environmental well-being. According to Vik Pathak, GEAR’s vice president, their theme is ‘From Resources to Regenerative’ and what this means is that they are taking on a dirty industry notorious for extracting things from the earth and innovate it into something that gives back to the earth.
When speaking to Forbes, Pathak, added that mining GEAR’s cryptocurrency would be curved back into the creation of green energy assets, including biomass, wind, solar, and tidal. It is calling on all other cryptocurrencies to go green and invest part of their profits into the research and development of renewable energy and green initiatives. According to Larry King, one of the members of GEAR’s advisory board notes that the GEAR token will nurture and incubate the cryptocurrency sector by pushing for the shift of focus from fossil fuels to the use of green energy and renewables.
Cryptocurrencies and blockchain are the current movers and shakers of the industrial revolution and its best survival tactic has to be in ensuring that they play their role in environmental conservation. With the initiative started by GEAR, we can only hope that more cryptocurrencies will step up to disrupt the way people consume energy and pave the way for greener and renewable energy.