Ripple partners with Nelnet to reduce impact of crypto mining on the environment

Cryptocurrency mining has been a major issue for nations that hesitate while legalizing crypto mining. The major reason for this includes the environmental damage mining brings, simply called the crypto carbon footprint. To reduce this, Ripple has announced a partnership with Netnet Renewable Energy. 

A few months back, Elon Musk made a public announcement that Tesla won’t be accepting cryptocurrency payments. This brought a lot of regulation issues for cryptocurrency miners. There are more than 12k cryptocurrencies that exist in the market, many of which can be mined. 

Although Ripple’s token $XRP cannot be mined, almost every cryptocurrency works on the concept of mining for transaction validation.

Ripple and Netnet to fund solar power projects 

Ripple and Nelnet Renewable Energy, a subsidiary of Netnet, have joined hands to raise 44 million USD. The joined efforts of the two organizations focus on reducing the crypto carbon footprint by promoting solar-based mining equipment and technologies. 

Ken Weber, the person responsible for Ripple’s social impact, commented:

“Guaranteeing a clean energy future is a major priority across every industry, not only to drive future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, it’s evident that the technology will underpin our future financial systems.” 

The initiative might change how governments view mining

While governments like the Chinese government have banned mining activities due to their eco-friendly laws, Ripple and Nelnet plan to introduce eco-friendly solutions. Solar power usage is the primary concern for this partnership. 

The two firms plan to reduce the production of 1.5 million tons of carbon dioxide in the course of the next 35 years. 

Ripple Labs is a member of the Crypto Climate Accord, which plans to revolutionize cryptocurrency mining by reducing carbon emissions by financing solar power-based projects. Ripple has also joined hands with Energy Web and the Rocky Mountain Institute to continue to decarbonize cryptocurrency mining.