Energy Web, an independent non-profit organization that develops open source software for clean energy solutions, has launched Green Proofs for Bitcoin (GP4BTC). It is an initiative that seeks to establish an independent and standardized energy measurement system for the Bitcoin mining industry.
According to him release official, GP4BTC will provide transparency into decarbonization efforts of Bitcoin miners and hosting companies. Thus, it intends to meet the objective of supporting the industry on its path towards carbon neutrality.
As part of the project, Bitcoin miners will be awarded certifications based on their use of clean energy and their contributions to grid stability, through demand response. These certifications will provide recognition and reputational benefits to companies that carry out sustainable mining.
Important companies in the Bitcoin mining industry support the Energy Web project. Between them, Argo Blockchain, Cowa, Digital Mining Group, Hive Blockchain Technologies and Gryphon Digital Mining stand out.
“Bitcoin is currently under scrutiny due to its electricity consumption and its associated climate impact,” said Amy Westervelt, head of the GP4BTC initiative at Energy Web.
“Although major miners are adopting strategies to reduce their carbon footprint, the industry lacks a unifying definition of sustainable mining, as well as a shared framework to assess and verify miners’ sustainability practices. Green Proofs for Bitcoin seeks to provide this.”
Details on Sustainability Certification for Bitcoin Miners
The certification system GP4BTC evaluates miners using a Clean Energy score and a Network Impact score, which are calculated based on operational information such as location and energy consumption data. These scores reflect the miners’ purchase of renewable electricity, the location of operations in regions with low carbon intensity on the grid, and their contributions to grid stability through demand flexibility.
The GP4BTC initiative was developed in collaboration with more than 35 miners, non-governmental organizations, network operators, and other energy and crypto market participants. This scoring approach aligns with sustainability leadership best practices in other industries and with ESG (governance, social and environment) corporate reporting approaches in the financial sector, the Energy Web statement says.
As reported in previous CriptoNoticias publications, Bitcoin mining points more and more towards renewable energy. The adaptability of the miners in terms of location and the rapid response to demand that the activity allows are factors that play in their favour. In fact, there are already researchers who claim that Bitcoin mining uses more renewable energy than other industries.