ZUG, Switzerland, May 24, 2023 (GLOBE NEWSWIRE) -- Energy Web, an independent non-profit that develops open-source software for clean energy solutions, today announced the launch of Green Proofs for Bitcoin (GP4BTC), a first-of-its kind initiative to establish an independent, standardized energy measurement system for the Bitcoin mining industry.
GP4BTC will provide transparency into the decarbonization efforts of Bitcoin miners and hosting companies, supporting the industry on its journey to net-zero. As part of the solution, certifications will be issued to Bitcoin miners based on their clean energy use and contributions to grid stability via demand response. By delivering verifiable metrics that are consistent across companies and geographies, GP4BTC will provide recognition and reputational benefit for companies mining sustainably, as well as improved access to institutional finance and other returns on their investments into sustainability practices.
Speaking on the launch of the certification initiative, Amy Westervelt, Senior Delivery Lead and head of the GP4BTC initiative at Energy Web, said “Today Bitcoin is scrutinized for its electricity consumption and associated climate impact. 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.”
Launched with five certified miners, the GP4BTC certification platform and registry assesses miners via a Clean Energy Score and a Grid Impact Score, each of which are calculated based on operational information including location and energy consumption data. Together, these scores reflect miners’ procurement of renewable electricity, siting operations in regions with low grid carbon intensity, and their contributions to grid stability through demand flexibility.
Developed in partnership with over 35 miners, NGOs, grid operators, and other energy and crypto market participants, this approach to scoring is aligned with best practices for sustainability leadership in other industries, and to approaches to corporate ESG reporting in the financial sector and beyond.
“Until now, efforts to standardize clean energy procurement practices and drive collective action across the Bitcoin mining sector have been siloed and inconsistent,” added Westervelt. “While other electricity-intensive industries have benefited from custom decarbonization roadmaps, Bitcoin has largely been ignored, creating a negative feedback loop where climate-conscious miners are left to forge their own paths. Our goal is to create a virtuous cycle where clean mining is easier to define, pursue, and monetize—so that it eventually becomes the status quo.”
For miners, GP4BTC offers a solution for miners to provide evidence of clean energy practices. Using Energy Web’s privacy-first Green Proofs technology, miners retain full ownership and control of their data. For Bitcoin users and institutions, GP4BTC provides a one-stop-shop for discovering and validating miners' sustainability credentials so they can make data-driven decisions regarding commercial strategy and policy.
At launch, certified miners and data centers include Argo Blockchain, Cowa, DMG Blockchain Solutions, Hive Blockchain Technologies, and Gryphon Digital Mining.
DMG’s CEO, Sheldon Bennett, commented, “We are pleased to be included among the initial Green Proofs for Bitcoin miner participants. We believe Energy Web’s launch of Green Proofs for Bitcoin represents a real first step towards recognizing a broad swath of industry participants for powering their data center equipment utilizing primarily carbon neutral energy sources.”
“This initiative will settle the basis for long term sustainability within the Bitcoin mining industry. We are proud to contribute to the growth of the ecosystem and to have the ability to certify our commitment towards sustainability,” said Fiorenzo Manganiello, co-founder of Cowa.
“Decarbonization represents one of the main priorities for the sector, and by providing standardized and verifiable metrics, as well as acknowledging best practices with certifications, initiatives such as Energy Web’s Green Proofs for Bitcoin serve a fundamental role in driving industry standards. At Argo, sustainable mining has been at the core of our business model and growth strategy ever since our foundation. We are proud of our GP4BTC certification, and we look forward to contributing to the impact and success of this exciting initiative,” said Seif El-Bakly, Interim CEO at Argo Blockchain.
President and CEO of Hive Blockchain Technologies Aydin Kilic commented, “In our commitment to be green energy focused—which has been our mandate since HIVE went public back in 2017 as the first publicly traded crypto miner—we are glad to see the industry embracing this strategy, and advocates like Energy Web helping to validate and certify the renewable aspects of crypto miners. This makes our industry stronger. We hope that the public, along with policy makers and utility companies, realize that a large contingent of crypto miners are utilizing renewable energy.”
Gryphon Digital Mining’s CEO Rob Chang urges the Bitcoin mining industry to start providing concrete evidence of sustainable mining practices. “We need to move past pandering press releases and start offering tangible, coordinated, third-party certifications that confirm clean energy use,” Chang emphasized. “We believe in GP4BTC’s mission and proudly announce that Gryphon is one of the first recipients of its certification. As Bitcoin mining continues to grow, it is critical to prioritize sustainable practices and hold the industry accountable for its impact on the environment.”
Energy Web is keen to work with any Bitcoin miner or other party interested in using Green Proofs for Bitcoin. Miners and data centers can learn more about the solution and apply for certification directly at www.GP4BTC.org or by contacting gp4btc@energyweb.org.
About Energy Web
Energy Web is a global non-profit accelerating the clean energy transition by developing open-source technology solutions for energy systems. Our enterprise-grade solutions improve coordination across complex energy markets, unlocking the full potential of clean, distributed energy resources for businesses, grid operators, and customers. Our solutions for enterprise asset management, data exchange, and Green Proofs, our tool for registering and tracking low-carbon products, are underpinned by the Energy Web Chain, the world’s first public blockchain tailored to the energy sector. The Energy Web ecosystem comprises leading utilities, renewable energy developers, grid operators, corporate energy buyers, automotive, IoT, telecommunications leaders, and more. More information on Energy Web can be found at www.energyweb.org or follow us on Twitter @EnergyWebX
Media contact
Daniyal Ajdadi
Energy Web
daniyal.ajdadi@energyweb.org
Gavin Cahill
Sillion
Gavin.cahill@sillion.co.uk
+44 20 3858 7800
