Crypto analyst Chico Crypto chimed into the missed and one of the most significant partnerships. He highlighted PayPals innovative effort to promote green Bitcoin mining, aiming to encourage environmentally friendly practices in the crypto-mining industry.
Decoding Green Bitcoin Mining Partnership
This collaboration involves PayPal’s Blockchain Research Group, Energy Web, and DMG Blockchain Solutions Inc. Together, they aim to reward miners who use low-emission energy sources. Through Energy Web’s Green Proofs for Bitcoin Initiative, miners can receive certifications for sustainable mining, allowing them to prioritize on-chain transactions.
However, in the scope of these partnerships, the analyst points out one of the emerging factors the EWT tokens the native currency of the Energy Web Chain, used to pay for gas fees in the energy sector. This blockchain solution enables online control and management of electrical systems. Energy Web aims to certify top Bitcoin miners, exploring ways to use this accreditation to speed up Bitcoin’s decarbonization efforts.
PayPal’s and Blackrock’s Climate Initiatives, Can Pump EWT?
With PayPal and Blackrock showing immense interest in the energy sector, there is a buzz that it will be a good chance for EWT to rise.
Moreover, Chico Crypto uncovers PayPal’s partnership with South Pole Global and the Crypto Carbon Ratings Institute, which jointly developed a Crypto Climate accounting framework. This framework, crafted with input from PayPal’s Blockchain, Crypto, and Digital Currencies (BCDC) team, lays the groundwork for greenhouse gas accounting within cryptocurrency value chains.
Notably, South Pole Global’s involvement in the D-REC initiative and Energy Web’s pivotal role in this space underscores the interconnectedness of these partnerships and their potential impact on sustainability efforts.
Interestingly, BlackRock’s involvement in sustainable aviation fuel (SAF) efforts highlights its participation in the Clean Skies for Tomorrow initiative by the World Economic Forum and RMI. This initiative aims to create a system for SAF certificates (SAFc). With BlackRock’s interest in SAF and mention of SAFCs in its TCFD report, there’s speculation about the firm using Energy Web’s network to support its sustainability goals.
Negative Impact
Critics argue that bitcoin mining has detrimental environmental effects, such as air and water pollution, as well as excessive energy consumption. Reports suggest that bitcoin mining consumes 127 terawatt-hours (TWh) yearly, exceeding Argentina’s energy usage. A New York Times analysis highlights that Bitcoin miners collectively use about seven times the energy consumed by Google annually for its global operations.
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