By Energy Web, a non-profit organization committed to advancing clean energy solutions through open-source software, has recently introduced a uniform energy measurement system aimed at promoting sustainable bitcoin mining.
Pioneering the industry, the Green Proofs for Bitcoin (GP4BTC) initiative seeks to provide certifications to bitcoin miners based on their utilization of clean energy and their positive impact on grid stability through demand response.
The energy-intensive process of bitcoin mining, responsible for creating new bitcoins and validating transactions through blockchain technology, has faced considerable criticism due to its substantial electricity usage and the resulting environmental consequences.
By relying on power grids, bitcoin mining contributes to carbon emissions and places strain on these grids.
The objective of GP4BTC is to encourage and acknowledge sustainable bitcoin mining practices. Energy Web aims to provide certified miners with increased opportunities for institutional financing and other associated benefits as they prioritize investments in sustainability.
In a press release, Amy Westervelt, the head of the GP4BTC initiative at Energy Web, commented on the criticism surrounding bitcoin’s electricity consumption and its environmental consequences.
She highlighted that although certain prominent miners are making efforts to decrease their carbon footprint, the industry currently lacks a standardized definition and framework for evaluating sustainability. The Green Proofs for Bitcoin initiative aims to bridge this gap by providing a solution to assess and address these sustainability concerns.
The GP4BTC initiative evaluates miners based on two important scores: The Clean Energy Score and the Grid Impact Score. These scores take into account operational information, including location and energy usage, to assess miners’ adoption of renewable electricity and their ability to adapt to grid demands.
Energy Web states that the scoring system follows the established sustainability standards observed in other industries and aligns with corporate environmental, social, and governance (ESG) reporting guidelines.
The creation of GP4BTC has been a collaborative endeavor involving over 35 participants from various sectors, including miners, non-governmental organizations (NGOs), grid operators, and stakeholders from the energy and digital assets markets.
To kickstart the initiative, five bitcoin miners have already obtained certification for their sustainable practices. Notable among them are Argo Blockchain, Cowa, DMG Blockchain Solutions, Hive Blockchain Technologies, and Gryphon Digital Mining.
