Certain cryptocurrencies such as Bitcoin, Ethereum, Polygon, are energy intensive; Creduce’s Shailendra Singh

Even as cryptocurrencies seemed to have captured to imagination of many across the world, the section offlate has come under criticism, as its mines consume large amounts of energy. Bitcoin, reportedly, consumes around 91 terawatt per hour of electricity annually. In conversation with FE.com’s Ritarshi Banerjee, Shailendra Singh, founder, Creduce, talks about how cryptocurrencies contribute towards socio-environmental factors and how the company aims to build a carbon-free environment for trading.(edited excerpts) 

How does the energy consumption by crypto mining contribute towards socio-environmental factors?

The native cryptocurrencies run on parallel servers, which are energy intensive because of their mining feature. The minting and mining of each cryptocurrency consumes a lot of energy in terawatts. We can’t say about the environment-friendly factor because it varies from cryptocurrency to cryptocurrency. Certain cryptocurrencies such as Bitcoin, Ethereum, Polygon, are energy intensive. They consume carbon by offsetting their energy consumption via the elements of fossil fuels. Blockchain technology consumes less energy than all the pre-existing technologies in the world. 

What is the business strategy of Creduce, and how does it aim to contribute towards a carbon-free environment?

Creduce’s technology was established with the aim of helping companies go carbon-free. We started with the aim of helping energy renewal companies get carbon credits from international registries. Last year, we converted from a partnership firm to a full fledged private limited organisation. We have developed more than 50 million carbon credits, estimated at $600 million in the current market. The company aims to contribute towards the Indian government’s carbon-free initiative by the year 2025. We have around 500 clients, 14,000 megawatts of renewal projects and three lakh hectares of forestry projects, which should help with the creation of more than 100 million carbon credits. By 2030, we aim to create at least one billion carbon offset programs within the Indian subcontinent.

What is Creduce’s revenue projection for FY23?

For FY23, we aim to achieve between Rs 800 to 1,200 crores, on the basis of the carbon credits which are up for trade. From the perspective of business verticals such as consulting, project development, carbon trading and our launched cryptocurrency, we are hoping for growth. Our Satluj Jal Vidyut Nigam Limited created carbon…

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