In a recent revelation, cryptocurrency analyst Chico Crypto highlighted an important partnership that could reshape Bitcoin mining. At the heart of this is PayPal's bold move to promote greener practices in the industry.
Sounds very exciting, but what exactly is it? Let's take a look at the details below.
join forces for good
PayPal has partnered with Energy Web and DMG Blockchain Solutions Inc. What is their goal? Encourage miners to switch to lower-emission energy sources. Through Energy Web's Green Proofs for Bitcoin Initiative, miners can now earn sustainable mining certifications, paving the way to a greener future.
EWT token – endless possibilities?!
In the collaboration, Chico Crypto pointed out the importance of the EWT token, the native currency of Energy Web Chain. These tokens, used for transactions in the energy sector, could accelerate Bitcoin's path to sustainability. With PayPal and Blackrock's interest in the energy sector, demand for EWT could surge.
Also read: Bitcoin miners may react differently after halving!
Paradigm shift in climate change accounting
Additionally, Chico Crypto unveiled a partnership with PayPal and South Pole Global and the Crypto Carbon Ratings Institute, which co-developed the Crypto Climate accounting framework. Created with input from PayPal's Blockchain, Crypto, and Digital Currency (BCDC) team, this framework lays the foundation for greenhouse gas accounting within the cryptocurrency value chain.
In particular, Southpole Global's involvement in the D-REC initiative and Energy Web's pivotal role in this area highlight the interconnectedness of these partnerships and their potential impact on sustainability efforts. doing.
sustainable venture
Interestingly, BlackRock's involvement in sustainable aviation fuel (SAF) initiatives highlights the company's participation in the World Economic Forum and RMI's 'Clean Skies for Tomorrow' initiative. This effort aims to create a system of SAF certificates (SAFc). BlackRock's interest in SAF and mention of SAFC in its TCFD report has led to speculation that the company is using Energy Web's network to support its sustainability goals. ing.
Did you know that? Wall Street turns to virtual currency! BNY Mellon invests in Bitcoin ETF
face the critics
Critics claim that Bitcoin mining has negative effects on the environment, including air and water pollution and excessive energy consumption. According to the report, Bitcoin mining consumes 127 terawatt hours (TWh) per year, more than the energy usage of Argentina. A New York Times analysis reveals that Bitcoin miners collectively use about seven times the energy that Google uses each year to operate globally.
Could Energy Web become the go-to solution for sustainable cryptocurrency mining? Let us know what you think.
