This is why Bitcoin miners should pay attention to COP26.

cryptoshitcompra.com/wp-content/uploads/2021/11/Es-por-eso-que-los-mineros-de-Bitcoin-deben-prestar.jpg »alt =» »width =» 1920 ″ class = »content- img »/> British Chancellor of the Exchequer, Rishi Sunak. Source: video screenshot, Youtube / Evening Standard

COP26 climate summit, which is currently being held in Scotland, albeit without the presence of key leaders from Russia and China, has so far made no direct reference to bitcoin (BTC) or altcoin. But there may already be key unsurts of the decision already made that could affect the industry, miners in particular.

Wednesday was dubbed ‘finance day’ at COP26, so many in the crypto community are likely to be on the lookout for any major developments. And while there was a lack of explicit statements related to cryptocurrencies, some of the political commitments could have a ripple effect for the sector, just as they did when the UK hosted the G7 summit in June this year.

day was opened by the British Chancellor of the Exchequer, Rishi Sunak, who announced that “the entire global financial system will be reconfigured to zero carbon emissions.”

This ambitious goal, Sunak explained, will use improved climate data, green sovereign bond issuance and “mandatory sustainability disclosures.”

latter could become a sticking point for cryptocurrency operators, especially miners, who may find themselves under increased pressure to switch to renewable forms of energy in countries that comply with COP26 protocols.

Since the term is somewhat ambiguous, it is difficult to say how deep these revelations can go. But it’s not impossible to imagine a scenario, considering the poor coverage Bitcoin has received this year on its high-carbon mining footprint, that players like exchanges could be scrutinized for offering Bitcoin-related services.

After all, the recent crackdown on mining and cryptocurrencies in China has been carried out primarily in the name of cleaning up the environment and respecting green commitments.

Sunak went on to say that the UK aimed to become the ‘world’s first net-zero aligned financial center’, adding that ‘it will be mandatory for companies to determine how they intend to decarbonize and go to net zero’.

finance chief said that an “independent working group” would oversee the process. Again, it is unclear at this stage whether cryptocurrencies and their carbon footprint will fit under the microscope. But as the Chinese example suggests, nothing is out of the question, particularly when it comes to political punctuation.

Sunak’s US counterpart, US Treasury Secretary Janet Yellen, made similar comments, saying there had to be a “total transformation” of carbon-intensive economies.

In their rush to appear like they are doing the right thing, major powers may be looking to chase the low-flying fruit of cryptocurrency mining, particularly if it can be shown that miners are not switching to carbon-free or low-carbon technologies. . can.

sticking point in all this may be that some of the world’s largest ‘carbon intensive economies’ have not traveled to Scotland.

Russia stepped in to partially fill the China-shaped hole in the BTC hashrate, but rejected the summit, as did China, previously the center of gravity of the global mining industry.

Regardless, Moscow may end up taking steps to keep the mining sector in check anyway, after regions reported local energy problems, mostly attributed to miners.

At the end of the day, COP26 President Alok Sharma and APatricia Espinosa told press conference attendees that the Organization for Economic Cooperation and Development may be worth updating its analysis of how much money is has truly committed to supporting change in the poorest nations to reflect the commitments made in Glasgow.

Sharma has taken aim at Beijing, criticizing China for announcing yesterday that the Middle Kingdom wanted to focus on the goal of avoiding global warming by 2 degrees Celsius, rather than aiming for a maximum goal of 1.5 degrees Celsius.

China called Britain’s COP26 presidency “impeccably ambitious” leadership.

Meanwhile, in slightly lighter news, Greta Thunberg, the climate change activist who started the week by singing a chorus of “You can shove the climate crisis up your ass,” decided to put the bad language aside. Instead, he says that from now on he will become “zero” in profanity.

___Learn more: – Dozens of “ESG companies” have “progressive exposure” to cryptocurrencies – Bitcoin miners adapt quickly as the EU evaluates “climate-friendly cryptocurrencies”

– Bitcoin miners, take note: Biden’s plan would remake the US electrical system – ‘A code red for humanity’ and a reminder for Bitcoin miners

– A closer look at the environmental impact of Bitcoin mining – Traditional investors sending an ESG signal that is also important to Bitcoin miners.

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