Green Proofs for Bitcoin (GP4BTC) would act as a certification layer, allowing miners to communicate crucial data with other organizations.
According to Amy Westervelt, Senior Delivery Lead and Head of the GP4BTC effort at Energy Web, the register may be referred to by different organizations depending on the performance of the miners. The goal of the initiative is to increase openness and accountability in the Bitcoin (BTC) mining business.
“Today Bitcoin is scrutinized for its electricity consumption and associated climate impact. While leading miners are pursuing strategies to reduce their carbon footprints, the industry lacks a unifying definition of sustainable mining, as well as a shared framework for assessing and verifying miners’ sustainability practices. Green Proofs for Bitcoin seeks to provide this,” he stated.
Miners’ environmental effect has been increasingly questioned because of their excessive energy usage. The Biden administration has said that it is considering imposing a punitive tax on miners depending on their energy use. At the time of the debut, Argo Blockchain, Cowa, DMG Blockchain, Gryphon Digital Mining, and Hive Blockchain were all approved.
GP4BTC provides transparency into Bitcoin miners’ decarbonization efforts, assisting the industry on its way to net-zero emissions. The project certifies miners based on their use of sustainable energy and contributions to grid stability during demand response. It encourages sustainability and responsibility in the Bitcoin mining industry.
GP4BTC will grade bitcoin miners based on two measures that include the energy mix they use: their purchases of renewable energy credits (RECs) and involvement in demand response programs. RECs reflect ownership in the long-term viability of the power generated. Demand response solutions enable businesses to shut down during peak energy demand.
Registration is now available for free. According to Westervelt, Energy Web is contemplating instituting fees for miners seeking certification or consumers wishing to access the data.
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