New Sustainability Scoring System Is Here for Bitcoin Miners

According to the latest reports, it seems that there is a new sustainability system here for Bitcoin miners. Check out more details about this below.

A fresh certification scheme aims to facilitate the connection between eco-friendly bitcoin miners and companies seeking to collaborate with and fund them, in a larger push to encourage decarbonization efforts.

On Wednesday, Energy Web, a non-profit organization that explores blockchain’s potential in the energy sector, introduced Green Proofs for Bitcoin. This system is specifically tailored to the cryptocurrency mining industry and aims to provide a scoring mechanism.

More and more institutions are looking for sustainable investments and partnerships. Amy Westervelt, a senior delivery lead at Energy Web, believes that certification in sustainability could play a crucial role in the future of the crypto mining industry.

Westervelt told Blockworks in an interview that bitcoin mining has become a “pariah” of sorts in certain sustainability circles, and it is also important to note that here it is popular to hear calls for stopping such practices altogether.

Bitcoin miners claim to contribute to decarbonization through demand-response and load flexibility efforts, as well as utilizing stranded energy.

“But I think [the miners] sometimes focus too heavily on this really novel stuff … and maybe not enough time showing the sustainability world that mining is also already embracing this really bread-and-butter decarbonization strategy of [using] clean grids and making these market-based purchases of renewable electricity,” Westervelt said.

“So you might be located in a grid that’s not extremely clean, but you’re buying renewable energy from, say, a new facility somewhere else,” Wetervelt said. “That’s a way of making a renewable energy claim that I think has some room for improvement, but it is widely accepted today in corporate sustainability accounting.”

Stay tuned for more news from the crypto space.