  The energy consumption and related carbon emissions of cryptocurrencies such
as Bitcoin are subject to extensive discussion in public, academia, and
industry. As cryptocurrencies continue their journey into mainstream finance,
incentives to participate in the networks and consume energy to do so remain
significant. First guidance on how to allocate the carbon footprint of the
Bitcoin network to single investors exist, however a holistic framework
capturing a wider range of cryptocurrencies and tokens remains absent. This
white paper explores different approaches of how to allocate emissions caused
by cryptocurrencies and tokens. Based on our analysis of the strengths and
limitations of potential approaches, we propose a framework that combines key
drivers of emissions in Proof of Work and Proof of Stake networks.
