At the 2022 World Economic Forum, the constant theme of crypto’s carbon footprint was the need for a clear and balanced understanding of the issue. It was agreed that there has been an over-judgment of the consensus mechanisms for crypto mining and education. However, careful policymaking can mitigate it.
Brett Harrison, the president of FTX.US, said that “crypto tribalism” is a hindrance to eco-friendly crypto mining. He compared it to politics. He said that a vocal minority can obscure the majority, but there is a united effort in the background. He said, “Practitioners must tell real stories.”
Lauren Woodman, CEO of DataKind, spoke about the need to “get everybody to the table.” While crypto mining operations can be disruptive to some energy systems, anchor energy clients allow for infrastructure construction in other locations.
Denelle Dixon, CEO, Stellar Development Foundation said that picking one winner from the many consensus mechanisms “defeats blockchain’s purpose,” which is multichain, multiasset interoperability. Energy efficiency should not be valued only for energy consumers. It should be valued equally for all.
Anthony Scaramucci, Skybridge Capital managing partner, equated antifragility with decentralization and said that crypto mining was still in its early stages. He also pointed out that it is “too early to pick a winner.”
Harrison raised the practical aspect of the question. Harrison stated that “all of us on this platform agree on the necessity for regulation,” adding that responsible regulation does not mean banning technology but solving problems.
Robert Wardrop, a management practice professor at Cambridge University and director for the Cambridge Centre for Alternative Finance, believes education must be accompanied by regulation. He stated:
“Trusting technology is trusting its governance.”