Carbon farming isn’t worth it for farmers. Two blockchain companies want to change that
Can the tech that powers cryptocurrency spark a regenerative ag revolution?
When the price of Bitcoin skyrocketed at the end of 2017, analysts crunched the numbers and concluded that the cryptocurrency was set to consume the entire global energy supply by the end of 2020. “Mining” Bitcoin involves solving increasingly complex mathematical equations that secure the network in exchange for newly-minted cryptocurrency—which incidentally requires lots of energy. Huge server farms have popped up around the world for the express purpose of generating the virtual cash, from China to upstate New York, where one town put a moratorium on new commercial cryptocurrency mining operations to protect “the City’s natural, historic, cultural and electrical resources.”
But in spite of Bitcoin’s eco-unfriendly reputation, some organizations propose using blockchain, the technology that makes the cryptocurrency possible, to power a regenerative agricultural revolution. The ultimate goal is to reverse the flow of carbon dioxide into the atmosphere until atmospheric levels fall to a degree that scientists agree will stabilize the climate.
Regenerative agriculture describes a range of farming practices that prioritize soil health and biodiversity over short-term gains that can be derived from tilling and weeding, heavy pesticide use, or artificial fertilizers. Advocates of regenerative agriculture have long argued that holistic land management is better for the farmer and for the earth, but the movement has recently gotten a boost from interest in one of its other benefits: carbon sequestration.