We believe that the only responsible way to move forward as a society is taking care of the externalities of what we do and the technologies we develop.
First of all, we measured and offsetted our operation’s carbon footprint, under the CarbonNeutral® certification, and decided to start favoring relationships with suppliers that are following the same path.
We believe that any company that offers products or services must mitigate the environmental impact of its production, because not doing so is leaving garbage behind that someone else will have to collect in the future.
Therefore, we can proudly say that from today:
We are carbon neutral.
In addition, we implemented a mechanism that allows our customers to help mitigate the environmental impact of their bitcoin withdrawals. The money raised will be donated entirely to NGOs dedicated to the preservation of natural ecosystems that are in danger of disappearing because of human intervention. Below you will find a link to the projects.
For this, we used third-party calculations that estimated the carbon footprint of a Bitcoin on-chain transaction. You can find these calculations at the end of this site, in the Terms and Conditions of our Carbon Neutral initiative.
Here you can see some real time statistics of this initiative:
Preservation is the most cost-effective method for offsetting human carbon footprint, while aiming to save natural ecosystems before they are completely destroyed.
Thanks to a partnership between PIC Foundation and Buda.com, you can now help offset the carbon footprint of your Bitcoin withdrawal, by allocating funds to the conservation of ecosystems in danger of being destroyed by human activity.
Bitcoin is a revolutionary technology that is transforming the concept of “money”, and, with this, the foundations on which the global financial industry is built. And it’s revolutionary because it manages to do it in a decentralized way, without an owner or a single point of failure, thanks to the economic incentives, in the Bitcoin protocol, that attract thousands of people around the world that offer computational power in favor of the whole network, processing transactions and ensuring the accounting information of it. We call these computers "Bitcoin miners."
At the time of this study, Bitcoin mining consumes approximately 80 TWh of electricity per year, similar to the consumption of countries like the Philippines or Belgium.
No, it is fully used.
The Bitcoin network is extraordinarily efficient in the use of this resource, transforming practically 100% of electricity into security. This means that the greater the number of "mining" computers, the more secure, robust and reliable the network accounting is.
In other words, Bitcoin is secured by the laws of physics.
The intensity of Bitcoin mining depends on the economic value of the "reward" for mining, and this reward does not grow continuously.
First, the Bitcoin mining reward corresponding to “new bitcoins” is reduced by half every 4 years, which means that this reward tends to zero over time. For example, 10 years ago 50 new bitcoins were mined every 10 minutes, and as of May 2020, only 6.25 new bitcoins will be mined per block. This is where the maximum of 21.000.000 bitcoins comes from.
Secondly, the price of a bitcoin cannot increase forever, and, as a consequence, the reward for mining bitcoins have the same fate.
And thirdly, second-layer protocols, such as Lightning Network, allow the Bitcoin network to scale to thousands of transactions per second without the need of intensifying Bitcoin mining, nor changing the protocol regarding the block size.
In conclusion, Bitcoin mining and the adoption of the technology won’t grow hand in hand forever. And we haven’t even entered into the argument regarding the transition that we are having as a society from electricity based on fossil fuels (pollutants) to one based on renewable energy.
These 80 TWh per year of electricity consumed by the Bitcoin network are translated into security, which today, measured in “hashes per second” (or computational calculations per second), are equivalent to 1,200,000 - one million two hundred thousand- times the most powerful supercomputer, if we put it to mine bitcoins. This, in simple words, means that the Bitcoin network is by far the safest computer network ever created, and one virtually impossible to hack.
All of the above leads us to the fact that Bitcoin, like any other technology or industry, requires natural resources to operate, in this case mainly electricity, and the question we must ask ourselves is not how do we use less electricity? because we already know that this electricity translates directly into security for all users.
The true challenge and question we must ask ourselves is: what do we do with the externalities of this incredible and revolutionary technology.
We are convinced that the only responsible and sustainable way to live on this planet is by taking care of the environmental impact we have on the natural ecosystems we inhabit. Not doing so is mortgaging the future of the next generations with a debt that they probably won't be able to pay. In other words, we must collect our own garbage.
That's why we do this.
We hope that all the cryptocurrency companies in the world will join us in this initiative. At the same time, we hope that all cryptocurrency customers and users, whether from Buda.com or another company, will begin demanding and contributing to achieve a more sustainable industry. Let’s show the world that we can build a new and fairer financial industry, both for the people and our planet.