The non-profit organization Energy Web has announced the launch of a free sustainability registry for Bitcoin miners, named Green Proofs of Bitcoin (GP4BTC). This initiative is aimed at addressing the growing concerns over their environmental impact due to high energy consumption. The GP4BTC registry will track miners’ energy inputs and their influence on electric grids. This certification layer can be referenced by various organizations, depending on the data that miners choose to share.
At launch, several prominent mining companies, including Argo Blockchain (ARBK), Cowa, DMG Blockchain (DMG), Gryphon Digital Mining, and Hive Blockchain (HIVE), have been certified. This step comes at a time when Bitcoin miners are being increasingly scrutinized for their environmental impact, as evidenced by the Biden administration considering to impose a punitive tax on miners based on their energy consumption.
The GP4BTC registry will evaluate Bitcoin miners on two key metrics: their purchase of renewable energy credits (RECs) and their participation in demand response programs. RECs serve as proof of the sustainability of electricity produced, while demand response programs allow firms to turn off power during periods of high energy demand. By adopting these measures, miners can demonstrate their commitment to using cleaner energy sources and reducing their negative impact on the environment.
As of now, the registry remains free to use, although Energy Web might introduce fees for miners seeking certification or users wanting to access the data in the future. Amy Westervelt, Senior Delivery Lead and head of the GP4BTC initiative at Energy Web, said that the registry would be improved and possibly expanded to include metrics on the utilization of waste gas.
Ultimately, the goal of GP4BTC is to bring greater transparency to the energy sources used by Bitcoin miners and align their renewable energy purchases with those of other corporations. This initiative is supported by the Crypto Climate Accord, a consortium of miners working with Energy Web to provide blockchain-based solutions for energy market participants keen on proving the sustainability of their products. By offering miners a clear way to showcase their commitment to a greener future, GP4BTC hopes to pave a sustainable path forward in the crypto industry without compromising the exciting technological advancements and financial opportunities it presents.
Source: Coindesk
