TL;DR Breakdown:
- Ripple jointly invested $44 million to promote solar energy projects throughout the United States.
- This is part of its goal of decarbonizing crypto and reducing carbon emissions in the country.
Leading blockchain payment network Ripple has announced a $44 million joint investment with Nelnet aimed at fostering green energy throughout the United States. This is also coming as part of Ripple’s movement to decarbonize the cryptocurrency industry.
Ripple is decarbonizing crypto
Per the announcement, the investment was made for Nelnet’s solar energy business, and the majority of the funds will be contributed by Ripple. The goal is to offset over “1.5 million tons of carbon dioxide over 35 years” in the US by financing solar projects through Nelnet Renewable Energy.
The transition to green energy is a win for cryptocurrency and every other sector. Digital currencies, especially Bitcoin, are often criticized due to the massive amount of energy used in mining, most of which are sourced from fossil fuels. Some months ago, Tesla had to suspend accepting Bitcoin payments due to the cause.
Thus, the development is a step in the right direction to drive the future economic growth of cryptocurrency and other industries. While commenting on this, the Head of Social Impact at Ripple, Ken Weber, said:
As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems. We’re excited to work with Nelnet as we pursue our commitment to reduce the carbon footprint of financial services globally and to deliver on the promise of carbon-negative cryptocurrency industry.
How crypto miners are solving carbon emission
Back in May, after Bitcoin got heated following the criticism around its energy usage, the CEO of MicroStrategy, Michael Saylor, coordinated a consortium of US crypto miners and Elon Musk to promote the sustainability of Bitcoin and digital currencies at large. Known as the “Blockchain Mining Council (BMC),” this group aimed at fostering the use of renewable energy for mining.
In the second quarter of 2021, the council said the sustainable electricity mix had grown to 56%, meaning more miners are souring energy from renewable mediums.
