Non-Profit Organization Energy Web Starts Sustainability Registry for Bitcoin Miners

Non-profit organization Energy Web said its starting a free sustainability registry for bitcoin miners, which takes into account their energy inputs and impact on electric grids, according a press release.

The project, Green Proofs of Bitcoin (GP4BTC), will act as a “certification layer, that can be referenced by lots of different organizations based on what the miner wants to share,” Amy Westervelt, Senior Delivery Lead and head of the GP4BTC initiative at Energy Web, told CoinDesk.

Argo Blockchain (ARBK), Cowa, DMG Blockchain (DMG) and Gryphon Digital Mining and Hive Blockchain (HIVE) were certified at launch.

Miners have been increasingly scrutinized for their environmental impact due to their high energy consumption. Most recently, the Biden administration said that its looking to impose a punitive tax on the miners based on their energy consumption.

GP4BTC will score bitcoin miners on two metrics that take into account the mix of energy they use: their purchases of renewable energy credits (RECs) and their participation in demand response programs. RECs represent ownership of the sustainability of electricity produced. Demand response programs allow firms to power off at times of peak energy demand.

The registry is free for the time being. Energy Web might introduce a fee for miners looking to get certified or for users looking to access the veri, Westervelt said.

GP4BTC will be iterated upon, perhaps to include metrics on the use of waste gas. “As of today, we’re just starting with something that’s very aligned with how other corporations are allowed to make renewable energy purchase claims,” said Westervelt.

Interested  Former BitMex CEO Arthur Hayes Calls His Maelstrom Capital a ‘Very Patient’ Fund

Energy Web is a non-profit that provides blockchain-based solutions to energy market participants looking to prove that the sustainability of their products. The firm has been working with a consortium of miners build transparency around their energy sources, known as the Crypto Climate Accord.

Comments are closed.

Verification: 3c77fa839e7c2e69