If people weren't so invested in seeing this magnificent technology succeeding, stories like this would've likely already decimated the industry in its entirety. Instead, what we're seeing are people trying to address the tech's flaws through innovation and green energy adoption.

For example, people are now situating themselves in areas known for their green energy infrastructure, like geothermal energy and hydroelectric power, and use them instead for their mining facilities.

And that's just regarding cryptocurrency. When it comes to the blockchain, there are other areas to which the technology could be used to have a more direct impact in combating climate change.

Earlier this year, the United Nations had announced the formation of a new group called the Climate Change Coalition. And with this new coalition, they are aiming to begin using blockchain technologies - also referred to as distributed ledger technology (DLT) - to help monitor and address the effects derived from climate change.

As mentioned in their announcement:

"[The coalition] will cooperate to support the rapid advancement of DLT solutions to address climate change across mitigation and adaptation through enhanced climate actions, including but not limited to the measurement, reporting and verification (MRV) of the impact of all sorts of intervention, and the mobilization of climate finance from diversified sources."

In other areas of the world, new startup companies are emerging under the singular goal of using the blockchain as a major tool to combat climate change. For example, Brooklyn startup LO3 Energy is using the blockchain to help rooftop solar owners to auction off their surplus power and distribute it to other apartments in the area.

Another example would be the Chinese firm Energy-Blockchain Labs, which is working alongside IBM, using the blockchain to help better regulate carbon trading schemes and increase transparency throughout the entire process.