‘Green’ Bitcoin solution launched by Energy Web
Image: MichaelWuensch on Pixabay
The ‘Green proofs for Bitcoin’ solution to decarbonise Bitcoin mining has been officially launched by the Energy Web Foundation.
The solution, which has been launched on Energy Web X and Polkadot, is aimed to decarbonise Bitcoin mining by bringing transparency and trust to miners using renewable energy to power their operations.
The initiative is designed to address the significant environmental impact of Bitcoin mining by providing a robust framework for sustainability.
Through a dual scoring system, miners can demonstrate their commitment to using non-emitting electricity sources and participating in demand response programmes that contribute to grid stability.
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The solution is also designed to help market participants such as financial services organisations build new Bitcoin products and services.
This means that the solution should not only showcase sustainable practices but also aid miners in aligning their operations with global decarbonisation goals.
New Bitcoin products and services
Bitcoin miners have been increasingly turning to ‘green’ options to power their operations, but they have lacked the means for monitoring or accounting.
The integration of the ‘Green proofs for Bitcoin’ solution with Energy Web X on the Polkadot network is asserted to mark a significant advancement in securing and validating sustainable mining practices.
Leveraging Energy Web’s decentralised worker nodes, the platform ensures a new layer of security and trust, enabling more rigorous verification of miners’ sustainable practices and energy usage.
This then enhances the robustness of the certifications awarded, paving the way for a new standard in environmental responsibility within the Bitcoin mining industry.
Bitcoin miners and solution providers that have achieved certification under the new system include Gryphon Digital Mining, Argo, DMG, Cowa and Hive.
The announcement comes on the back of a proposal at COP29 for a ‘solidarity levy’ on cryptocurrencies to provide funding for climate action and is considered to provide a beneficial alternative.
