PayPal Proposes Incentives for Bitcoin Miners Using Clean Energy

The initiative, in collaboration with EnergyWeb, aims to reduce the environmental impact of bitcoin mining by rewarding miners who utilize low-carbon energy sources.

• PayPal's Blockchain Research Group, in partnership with EnergyWeb and DMG Blockchain Solutions, has developed a new program to encourage bitcoin miners to adopt cleaner energy practices.
• The program identifies 'green miners' through a validation platform and offers them additional bitcoin rewards for using low-carbon energy sources.
• Transactions for green miners will feature lower fees and an extra bitcoin reward locked in a multisig wallet, accessible only by miners using sustainable practices.
• Critics argue that while the initiative promotes cleaner mining, it may not significantly deter non-green miners due to the persistence of high transaction fees.
• The debate over Bitcoin's environmental impact continues, with some advocating for a shift from proof-of-work to less energy-intensive consensus mechanisms like proof-of-stake.

3 Articles

Blockworks Decrypt The Block