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PayPal, in collaboration with Energy Web and DMG Blockchain Solutions, has unveiled a plan to promote sustainable Bitcoin mining. Revealed in an April 22 blog post by PayPal’s Blockchain Research Group (BRG), the initiative involves “cryptoeconomic incentives” to push miners towards low-carbon energy sources. Miners using sustainable methods would receive “green keys,” linked to their public keys, allowing them to access lower fees and exclusive Bitcoin rewards in a secure payout method. This innovative approach aims to encourage more eco-friendly practices in the mining sector and stimulate ongoing dialogue and advancements in Bitcoin sustainability.
The proposal also includes a certification process through the Energy Web’s “Green Proofs for Bitcoin” platform, where miners can register and validate their energy usage and environmental impact. This system was tested with DMG Blockchain Solutions Inc., monitoring transaction efficiency at varying volumes. By prioritizing transactions for these “green miners,” PayPal hopes to enhance the environmental profile of Bitcoin mining, while maintaining ease of implementation and a decentralized framework. The company is now seeking feedback from the industry to refine this environmentally forward solution.
