Energy Web’s Green Proofs for Bitcoin: Pioneering Sustainable Mining for a Greener Future

Energy Web Blockchain’s Green Proofs for Bitcoin (GP4BTC) aims to provide transparency and recognition for the decarbonization efforts of Bitcoin miners and hosting companies. GP4BTC will issue certifications to miners based on their clean energy use and contributions to grid stability through demand response programs.

The initiative introduces two key scores: the Clean Energy Score and the Grid Impact Score.

The Clean Energy Score evaluates the proportion of a miner’s electricity consumption that is supplied by clean energy sources such as wind, solar, nuclear, and hydro. It calculates the score by multiplying the total electricity use at a mining site by the proportion of clean energy in the local grid mix supplying that site. The scores from all mining locations are aggregated and divided by the miner’s total electricity consumption across sites.

The Grid Impact Score recognizes miners that pursue sustainability strategies through market-based clean energy purchases and participation in demand response programs. It considers the emissions implications of a miner’s operations and the emissions mitigation potential of their renewable energy purchases, based on marginal emissions data. Additionally, it evaluates the miner’s contributions to grid stability through participation in demand flexibility programs. The net emissions impact of operations and renewable energy purchases accounts for 70% of the Grid Impact Score, while grid stability contributions make up the remaining 30%.

GP4BTC’s goal is to offer verifiable metrics that are consistent across companies and geographies. By doing so, it provides recognition and reputational benefits for companies engaged in sustainable mining practices. Furthermore, it improves their access to institutional finance and other returns on their investments in sustainability.

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.

Its solutions for enterprise asset management, data exchange, and Green Proofs, its 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