Stakeholder engagement plan mining bitcoins

Share Who is involved in the blockchain network? However, the technology has become far more widespread in recent years and is now impacting a vast range of industries. Increasingly, business leaders and other professionals are incorporating the technology and its applications into their strategies. Blockchain technology can be viewed as a collection of components or layers.

Stakeholders from the protocol layer 1 Developers Developers create and optimize the blockchain protocols that serve networks and design the architecture of blockchain systems. The protocol layer is mostly concerned with cryptographic keys that will interact with the networks, either public or private.

In public blockchain networks, anyone can see the digital ledger, edit and audit it, and participate in consensus. The developer can override, edit, or delete entries on the chain. Major research focuses include market efficiency and economics, asset pricing and valuation, transactions and anonymity, monetary theory and policy, and principles and applications of the technology.

They add transactions, bundled into blocks, to the network by solving complex mathematical problems and require considerable computing power and electricity. This is provided via tokens in the form of cryptocurrency.

Cryptocurrency trading can occur in two ways Via leveraged derivatives. You speculate on the price movements without actually buying coins. Trading cryptocurrency coins via an exchange. With this method, you open a position by putting up the full asset value.

Subsequently, you store the coins in a wallet. Stakeholders from the application layer For more insight into the workings of blockchain, the online short course from MIT Sloan School of Management offers an in-depth view into the technology and its applications in business.

Blockchain Technologies: Business Innovation and Application 1 Entrepreneurs These people create the applications, products, or services that utilize blockchain protocols and networks. Entrepreneurs and start-ups will have an end goal of making a profit, but blockchain entrepreneurs — particularly in the cryptocurrency sphere — are often motivated by an anti-establishment approach to, and distrust of, traditional systems.

Many corporations recognize the value of blockchain in building trust and transparency around recruitment, certification, commercial transactions, and data security, as well as increasingly important factors like sustainability and ethical sourcing. The idea is that aggregating uncensored public opinion on future events can provide a more reliable forecasting tool. Their opportunities are broadly divided into two sets Cryptonetworks: Investors gain exposure to blockchain protocols via equity, simple agreement for future tokens, or tokens themselves.

Ecosystem, picks and shovels, or infrastructure: These are more conventional venture capital investments in companies with predictable cash flows. Where do you come in? On the request to the EPA to understand the environmental risks and pollution associated with the Bitcoin mining industry, the BMC pointed out that there were no pollutants, including carbon dioxide, released from digital asset mining rather, the associated emissions were from electricity generation.

The BMC pointed out that digital miners purchase electricity from the grid just like industrial buyers. On the denial of extension for the Ameren and Greenidge digital asset mining facilities to continue operating the coal ash ponds on their properties beyond a mandatory deadline, the BMC responded that this issue was about energy generation and not the data centers that contain digital asset miners.

The letter to the EPA pointed out that efforts were underway to reopen closed gas and coal facilities to power the digital mining industry and would undermine efforts to combat the climate crisis. On the assertion that a single Bitcoin transaction could power the average US home for a month, the BMC responded that broadcasting a single BTC transaction requires no more energy than a tweet or a google search.

The letter asserted that less energy-intensive cryptocurrency mining technologies, such as Proof-of-Stake PoS , are available and have The BMC pointed out that PoS was not a mining technology but a technique for determining authority over a distributed ledger. The letter stated that PoW contributed to significant greenhouse gas emissions and electronic waste from obsolete hardware. The letter claimed that coal-fired power plants emit air pollutants and leak toxic contaminants into US waterways.

The BMC responded that this was taking place at power generation facilities and not from crypto mining. The BMC pointed out that there is already a regulatory framework to handle waterways pollution and contamination. From the assertions in the letter to the EPA and the responses given by the BMC, it is evident that closer stakeholder engagement of all parties is necessary to pave the way forward.

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External stakeholders may include clients, customers, investors, suppliers, company partners, or shareholders. Once you have an idea for a project, identify who your stakeholders are and how involved they need or want to be. As the project progresses, you can adjust your SEP to meet their needs. How to use a stakeholder engagement plan A stakeholder engagement plan should not prompt your team to listen to some stakeholders while ignoring others. What it should do is guide you through the project planning process and help you communicate with those who desire it most.

For some stakeholders, buy-in and education is key. As you create your SEP, separate stakeholders into categories so you can communicate with them in the way that will be most beneficial based on their influence and interest levels. One benefit of an SEP is its collaborative nature. When you incorporate your SEP into work management software , your team can update the document as needed and assign ownership to different sections. This will also give you the freedom to share the plan between projects and people.

What to include in a stakeholder engagement plan Stakeholder engagement plans differ based on what team and stakeholder priorities. Interest level: Give stakeholders labels based on what level of interest or engagement they have in the project.

See the five levels of stakeholder engagement below. Influence level: Give stakeholders rating labels from very high to very low based on how much influence they have on the project. Use the steps below to get started. Identify your stakeholders Some stakeholders will be more engaged in your project from the start.

This level of engagement often comes from their motives. For example, an internal executive overseeing the project may be more engaged because their job depends on it. The Project Management Institute defines influence as how much power a stakeholder has over a project. When a stakeholder has high influence, they can control key project decisions and cause others to take action. The scale of stakeholder influence Very high: A stakeholder with very high influence has a significant amount of control over key project decisions.

High: A stakeholder with high influence can cause others to take action. Medium: A stakeholder with medium influence is often part of the decision-making process. Low: A stakeholder with low influence can offer opinions on decisions and express their concerns, but you may not always take their ideas into consideration. The four main stakeholder groups are: High interest and high influence. They are your key players and the most important on your stakeholder list. Make sure you check in with these stakeholders regularly and thoroughly educate them about the project.

These are the stakeholders that are most important to have on board. High interest and low influence. When you use a project management tool , you can keep high interest stakeholders in the loop without added effort. High influence and low interest. They can become more resistant if they're surprised by a project change, so make sure they have access to information when needed, and inform them of any work that might impact their project workflows.

Low influence and low interest. That way, you can provide key project details and they know they have the opportunity to get more involved. Read: What is a project stakeholder analysis and why is it important? Stakeholder Engagement Activities The final portion of the plan is essentially an outline of the various activities the project team will undertake to communicate with stakeholders, manage their expectations, and keep them engaged with the project.

This includes activities such as pre-planned meetings with stakeholders or key reports. This section of the document will also typically outline the types of communications that will be used throughout the project—including email, periodic meetings, conference calls etc. The first step in creating your stakeholder engagement plan is to clearly identify everyone who should be included. While there are multiple strategies you can use to create this list, Mills recommends starting with three specific tactics.

First, he suggests meeting with the project sponsor the person responsible for the success of the project in a one-on-one setting. Use this meeting to clearly identify their expectations for the project, as well as any risks or issues they may have with the outlined plan. Evaluate aspects like: Who were the stakeholders in that project? Should they be involved in this one? If not, who are their counterparts that should? Was anyone forgotten in the first project, who you know should be included in this one?

Finally, Mills recommends creating a mind map, which is a visual representation of those who may affect the project. Develop and devise effective means of interacting with each stakeholder. This plan should be tailored as necessary to each individual, taking into account their unique communication preferences as well as their level of engagement with the project.

Document your work. The final step in creating your stakeholder engagement plan is to actually document and codify the work. At this stage, Mills recommends that you share the document with your full project team so that everyone can verify and edit the collected information, and consider last-minute changes or additions.

An Integral Part of Project Management Due to the influence and power that stakeholders hold over the success of every project, stakeholder management is a truly integral piece of what it means to be a project manager.

Plan bitcoins engagement stakeholder mining global cryptocurrency mining market

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