The non-profit organization Energy Web has announced the launch of Green Proofs for Bitcoin (GB4BTC), a free sustainability registry for Bitcoin (BTC) miners. This registry aims to assess the energy inputs and impact of miners on electric grids.
According to the announcement, GP4BTC will serve as a “certification layer” that allows miners to share relevant information with different organizations.
Amy Westervelt, Senior Delivery Lead and Head of the CP4BTC initiative at Energy Web, explained that the registry can be referenced by various organizations based on the performance of the miners. The project is designed to provide transparency and accountability in the Bitcoin (BTC) mining industry.
Also, he added, “While leading miners are pursuing strategies to reduce their carbon footprints, the industry lacks a unifying definition of sustainable mining, as well as a shared framework for assessing and verifying miners’ sustainability practices. Green Proofs for Bitcoin seeks to provide this.”
At its launch, GB4BTC has already certified several companies, including Agro Blockchain (ARBK), Cowa, DMG Blockchain (DMG), Gryphon Digital MMining, and Hive Blockchain (HIVE). These certified companies have met the sustainability criteria outlined by the registry.
GP4BTC offers transparency on Bitcoin miners’ decarbonization efforts, aiding the industry’s path to net-zero. The initiative issues certifications to miners based on clean energy usage and contributions to grid stability throughout demand response. It promotes sustainability and accountability within the Bitcoin (BTC) mining sector.
GP4BTC introduces a scoring system for bitcoin miners, evaluating their energy mix based on two metrics. The first metric assesses their purchases of renewable energy credits (RECs), while the second metric evaluates their involvement in demand response programs. This approach aims to incentivize miners to adopt greener energy sources and contribute to the stability of the power grid.
At present, the registry is provided free of charge. However, Energy Web is considering the possibility of implementing fees for miners seeking certification or for users who wish to access the data, according to Westervelt.