Cryptonews Bitcoin News

Here’s Why Bitcoin Miners Should Pay Attention to COP26

Bitcoin

Cryptocurrency Ecology

Mining Politics

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

October 23, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

British Chancellor of the Exchequer Rishi Sunak. Source: A video screenshot, Youtube/ Evening Standard

The COP26 climate summit, currently being held in Scotland – albeit without key leaders from Russia and China in attendance – has thus far made no direct reference to bitcoin (BTC) or altcoins. But there may already be key takeaways from the decision already taken that could impact the industry, particularly miners.

Wednesday was dubbed “finance day” at COP26, so many in the crypto community likely had their ears pricked in case of relevant developments. And although overt crypto-related statements were lacking, some of the policy pledges could well have a knock-on effect for the industry – much as was the case when the UK hosted the G7 summit in June this year.

The day was kicked off by the British Chancellor of the Exchequer Rishi Sunak, who announced that the “entire global financial system will be rewired for net-zero” carbon emissions.

regions reported local power-related issues, blamed mostly on miners.

As the day wound up, the COP26 President Alok Sharma and the UN’s Patricia Espinosa told attendees at a news conference that the Organisation for Economic Co-operation and Development could be well advised to update its analysis of how much money had actually been committed to bolstering change in poorer nations to reflect the pledges made in Glasgow.

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

China called the UK COP26 presidency an “unapologetically high-ambition” leadership.

Meanwhile, in somewhat lighter news, Greta Thunberg, the climate change activist who began the week by singing a refrain of “You can shove your climate crisis up your arse,” has decided to bin bad language. Instead, she says she will go “net-zero” on swear words from now on.

I am pleased to announce that I’ve decided to go net-zero on swear words and bad language. In the event that I should say something inappropriate I pledge to compensate that by saying something nice. #COP26
— Greta Thunberg (@GretaThunberg) November 3, 2021