A partnership agreement is set to be concluded between Blockchain development firm Bitfury and the United Nations Development Programme (UNDP), with respect to the project of conserving and increasing forestland in Kazakhstan.
Bitfury and the UNDP are scheduled to sign an agreement later this month with the Kazakh Ministry of Ecology, Geology and Natural Resources to create a forestland in the nation’s Pavlodar Region.
Aimed to help the country reduce its greenhouse gas emissions by 15 percent over the coming decade, and thus fulfill its commitments in the 2016 Paris Agreement, the project targets creating 20 hectares that will consume the carbon dioxide generated by the local coal-powered electricity providers to fuel Bitfury’s operations.
As for the role of cryptocurrencies in conserving the environment, a New Scientist’s research argued against the perception that Bitcoin mining is irreconcilable with tackling climate change. Last June, a study found that 74.1% of BTC mining is powered by renewable energy resources.