Earlier this year, we announced our plan to enable carbon-neutral non-fungible tokens (NFTs) by 2030, and that plan is now full steam ahead.
Though we dedicate ourselves to promoting blockchain technology to allow free, transparent markets for everyone, we must bring the ecological impact of the technology's carbon footprints to the forefront of that conversation.
Currently, the cryptocurrency market cap hovers around $1.5 trillion, and the industry collectively uses approximately 150 TWh (Terawatt hours) of electricity annually—more than Poland, Norway, Egypt, or Sweden. To paint a somewhat different picture, Disneyland uses 1 TWh of electricity per year.
But we don't believe there should be a tradeoff between the benefits of blockchain technology and the sustainable future of our planet.
With that mindset, we are proud to join the Crypto Climate Accord and share that our JumpNet blockchain is now carbon-negative.
“We are happy to see Enjin join this fast-growing community of companies that want to build solutions to decarbonize the crypto sector. The race is on for someone like Enjin to lead the way with delivering proof of green NFTs while promoting standard energy and carbon industry practices.”
— Doug Miller, Global Markets Lead at Energy Web
The Crypto Climate Accord (CCA) aims to decarbonize the cryptocurrency industry by prioritizing climate stewardship and serving as the backbone for the industry’s transition to net-zero greenhouse gas emissions by 2040.
Toward that end, the Accord has outlined two explicit interim objectives:
The CCA is actively working on backing the development of open-source software that crypto producers, together with grid operators and renewable energy companies, can install to prove the origin of the electricity they use to mine crypto.
In turn, this will build stronger relationships with regulators, showing support for decarbonization efforts while eliminating concerns among policymakers and regulators about the overall energy use of crypto and blockchain.
Activities under the Accord are focused on quickly closing the gap between today’s industry emissions and industry-wide decarbonization for all blockchains, service providers, and other activity like NFTs.
We are delighted to work with the Crypto Climate Accord and join more than 50 other companies in mobilizing a course of action to make our growing industry 100% renewable, as soon as possible.
"Move quickly" is one of the CCA's core principles for good reason. In the fast-moving, forward-thinking blockchain space, we are uniquely poised to develop real-time solutions for real-world challenges.
Launching JumpNet, which consumes 99.99% less electricity than Ethereum, was a first important step toward our plan to enable carbon neutral NFTs by 2030.
Now, 9 years ahead of schedule, we've made JumpNet carbon-negative.
Thanks to Beyond Neutral, we've been able to purchase carbon credits to offset more carbon than JumpNet produces for the next five years, a model we intend to continue through all future operations of the blockchain.
You can view our offset certificates, which target conservation and sustainability projects across the world, on the Verra Registry:
We estimated our impact and required offset credits with the following simple formula: 5 nodes (network validators) x 700 watts x 24 hours x 365 days = 30,000 kWH.
The nearly 1.8 million blockchain assets that exist on JumpNet are now carbon-negative, and brands like Microsoft and Product Hunt can continue to distribute thousands of NFTs to their communities, without concern for environmental impact or fees.
JumpNet is our direct response to the immediate challenge faced by our ecosystem and industry, offering a completely green, cost-efficient solution for creators, developers, and brands to mint and distribute NFTs.
But it's only just the start.
Looking ahead, we will work closely with Parity Technologies to fast track the development of Efinity as a sustainable Polkadot parachain.
And in the close future, we are honored for the opportunity to speak on a panel hosted by the United Nations Interregional Crime and Justice Research Institute (UNICRI).
Alongside Crypto Climate Accord signatory Gryphon Digital Mining, we will explore how blockchain technology can be leveraged to bridge inequality, support vulnerable communities, and contribute to a sustainable future.
We welcome you to join us on July 8 for this important discussion! Registration and details for the webinar can be found here.