New York’s Famous Times Square Is Going Dark For Cryptocurrencies: But Why?

    A US-based blockchain company has announced that it will blacken billboards in New York City’s famous Times Square. In the statements made, it was stated that this blackout would be done to emphasize that cryptocurrencies are not that harmful to our planet and that a ‘green’ future is possible.

    Although cryptocurrencies are becoming more common day by day, many people have doubts about this issue. Experts state that these digital currencies can increase the already dangerous climate changes and cause great harm to our planet. In fact, some studies reveal that global Bitcoin (BTC) mining consumes more energy in a year than in some countries.

    Even so, there are companies that aim to create a more sustainable future by making blockchain technologies ‘green’. One of them, Algorand, a US-based ‘carbon negative’ blockchain company, is making a move to show that the technologies of the future are not so bad before the 22 April Earth Day, which is celebrated to draw attention to the effects of climate change.

    Times Square will go dark

    Times Square will go dark

    According to the news, Algorand, known for being a carbon-negative blockchain, will plunge the popular Times Square of New York City, USA into darkness, to save power, to refer to similar companies that harm the environment, and to raise awareness that these technologies can also be green. According to the statements, the famous billboards in the giant square will be dimmed for 60 minutes at 20:00 local time tonight (03:00 pm), thus saving 23.4 billion joules of energy in the region. (Equivalent to one day’s energy use of approximately 25 houses)

    Bitcoin; The use of proof-of-work technology is highly criticized due to the excessive processing power required, the energy consumed and the carbon footprint created. However, as an alternative to this, a method called proof-of-stake does not rely on computation and processing power; instead, it aims at digital asset ownership. For this reason, it is thought that the proof-of-stake protocol can make cryptocurrencies more environmentally friendly. Algorand is among the companies that benefit from this method. Let’s also add that Ethereum, the world’s second-largest cryptocurrency, is preparing to switch to proof-of-stake at the end of this year.

    In addition, it was stated that after the blackout, the message of protecting the planet for a green future will be given to people through screens. Algorand CEO Staci Warden also drew attention to the technology they used in his statements and said: “ We have a secure, fast and carbon-zero technology for everything from traditional payments, NFTs, decentralization to the metaverse. Algorand was built to achieve this. This is what sets us apart from other blockchains .”

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