Energy Web, a non-profit organization, has announced the establishment of a complimentary sustainability registry for Bitcoin miners, taking into account their energy use and effects on electricity grids, as per a press release. The initiative, known as Green Proofs of Bitcoin (GP4BTC), will function as a certification layer, providing transparency about miners' energy profiles based on their preferences for disclosure, said Amy Westervelt, the GP4BTC initiative head and Senior Delivery Lead at Energy Web, in a statement to CoinDesk.
At its launch, the program certified Argo Blockchain (ARBK), Cowa, DMG Blockchain (DMG), and Gryphon Digital Mining and Hive Blockchain (HIVE).
In light of rising concerns about their environmental footprint due to extensive energy consumption, miners are facing growing scrutiny. The Biden administration, for instance, has recently proposed implementing a penalty tax on miners based on their energy consumption.
The GP4BTC initiative will rank bitcoin miners using two criteria that take into consideration their energy mix: their acquisition of renewable energy credits (RECs) and their engagement in demand response programs. RECs signify the possession of the sustainability characteristics of electricity generated, while demand response programs enable firms to switch off during periods of high energy demand.
While the registry is currently free, Energy Web may consider charging miners seeking certification or users who want to access the data in the future, according to Westervelt.
Westervelt suggested that the GP4BTC might be updated to include metrics relating to the use of waste gas. "Today, we're starting with something that aligns closely with how other companies are permitted to make claims about renewable energy purchases," Westervelt stated.
Energy Web is a non-profit offering blockchain-centric solutions to participants in the energy market aiming to demonstrate the sustainability of their products. The firm has been collaborating with a group of miners to enhance transparency about their energy sources, under a project known as the Crypto Climate Accord.