BitFury Partners With the UN to Reduce Greenhouse Gas Emissions in Kazakhstan
Bitfury is a company that is into the development of blockchain. The company is ready for a partnership with the United Nations Development Programme (UNDP) towards the conservation and increment of the forestland in Kazakhstan.
A report by the Astana Times on January 14 noted that the country has 29 million hectares of forest, with the majority facing the danger of illicit forest fires, logging and changes in land-use. According to the report, the focus of the project from the partnership is towards the reduction of Kazakhstan’s greenhouse gas emissions by 15 percent within the next decade. The reduction will help the country meet its commitments to the 2016 Paris Agreement.
An agreement will be signed by both Bitfury and the UNDP with the country to develop a forestland in the nation’s Pavlodar Region. The first task is to create 20 hectares for the consumption of the carbon dioxide released through the activities of the local coal-powered electricity providers to power the operations of Bitfury. They anticipate the offset of the company’s carbon footprint by 100–110%.
Meruyert Sarsembayeva at the Biodiversity Financing Initiative (BIOFIN) said a part of the land mass of the country is protected and the remaining are not included in Kazakhstan’s forest fund. Hence, the plan is to focus on unconsidered and unmanaged forests as they are subject to fires and illnesses. Neglecting them will lead to more emissions, said Sarsembayeva.
The partnership between Bitfury and the UNDP is under BIOFIN. The effort is to achieve some of the goals of BIOFIN towards the improvement of forest management practices by modifying legislation and to increase public awareness regarding emissions offsets.
Kazakhstan has been able to reduce the energy it consumes every year by 25 to 45 percent within the previous five years through a pilot aimed at heating residential buildings. The country achieved the reduction through the UN’s support.
Against the belief that the energy consumption in BTC mining is characterized by a high carbon footprint, a research published by the New Scientist says it is lower than thought. About seven months ago, the results of a study revealed that 74.1 percent of Bitcoin mining is powered by renewables.