Altcoins
Are Blackrock and Paypal buying these Altcoins?
In a recent revelation, crypto analyst Chico Crypto highlighted an important partnership that could reshape Bitcoin mining. At the heart of this project is PayPal’s bold move to promote environmentally friendly practices in the industry.
This sounds exciting, but what is it? Let’s get into the details below.
Joining forces for good
PayPal partnered with Energy Web and DMG Blockchain Solutions Inc. Their goal? Encourage miners to switch to low-emission energy sources. Thanks to Energy Web’s green evidence for Bitcoin Through this initiative, miners can now obtain certifications for sustainable mining, paving the way for a greener future.
EWT Tokens – Unlimited Potential?!
Among the collaborations, Chico Crypto highlighted the importance of EWT tokens, the native currency of Energy Web Chain. These tokens, used for transactions in the energy sector, could accelerate Bitcoin’s journey towards sustainability. With PayPal and Blackrock’s interest in the energy sector, demand for EWT could explode.
Read also: Bitcoin miners may react differently after the halving!
Paradigm shift in climate accounting
Additionally, Chico Crypto learns about PayPal’s partnership with South Pole Global and the Crypto Carbon Ratings Institute, who jointly developed a Crypto Climate Accounting Framework. This framework, developed with input from PayPal’s Blockchain, Crypto and Digital Currencies (BCDC) team, lays the foundation for accounting for greenhouse gases within cryptocurrency value chains.
Notably, South Pole Global’s involvement in the D-REC initiative and Energy Web’s central role in this space highlight the interconnectivity of these partnerships and their potential impact on sustainability efforts.
Sustainable businesses
Interestingly, BlackRock’s involvement in sustainable aviation fuel (SAF) efforts highlights its participation in the World Economic Forum and RMI’s Clean Skies for Tomorrow initiative. This initiative aims to create a SAF certificate system (SAFc). With BlackRock’s interest in SAF and the mention of SAFCs in its TCFD report, speculation is circulating that the company is using Energy Web’s network to support its sustainability goals.
Did you know? Wall Street is going crypto! BNY Mellon invests in Bitcoin ETFs
Faced with criticism
Critics claim that Bitcoin mining has harmful environmental effects, such as air and water pollution, as well as excessive energy consumption. Reports suggest that Bitcoin mining consumes 127 terawatt hours (TWh) per year, exceeding the energy consumption of Argentina. A New York Times analysis points out that Bitcoin miners collectively use about seven times the energy Google consumes each year for its global operations.
Could Energy Web become the essential solution for sustainable cryptocurrency mining? Tell us what you think!