PayPal has collaborated with a couple of other firms to roll out rewards for Bitcoin’s ‘green mining’ in a bid that could incentivize Bitcoin miners willing to turn sustainable.
PayPal has recently published a blog, detailing its new reward program for Bitcoin miners willing to shift to green mining. The company’s Blockchain Research Group has undertaken the initiative. The Blockchain Research Group has partnered with DMG Blockchain Solutions and Energy Web. The program aims to help Bitcoin miners economically and make mining environmentally sustainable.
The blog claimed that Bitcoin mining was responsible for 85 million metric tons of annual carbon dioxide emissions. It said the new project would help Bitcoin miners successfully transition to clean energy. The project will provide economic incentives if the miners use low-carbon energy resources.
The PayPal Blockchain Research Group also published a paper that shared details on the project’s workings. It noted that Energy Web has developed a validation platform for miners. ‘Green miners’ on the platform could obtain public keys, also known as ‘green keys.’
They will also get accreditations for their sustainable mining. Moreover, the green keys will act as their identity for the rewards.
The miners will also get preferential access to on-chain transactions which will have locked BTC in multisig payout address. The green miners will be able to mine these on-chain transactions and become eligible for the BTC rewards at these addresses.
The blog said, “Sustainability is a significant topic of conversation for nearly every emerging and established industry in the world, and we aim to support the role of crypto in a sustainable future.”
Meanwhile, PayPal has been an active proponent of crypto. Its stablecoin, the PYUSD, is also useful for smooth cross-border transactions.
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