“Our team has worked tirelessly to develop the protocol and we’re excited to see the impact it will have on the crypto industry and the fight against climate change. By creating a verifiably climate-positive asset, we’re harnessing the power of Bitcoin to drive the clean energy transition and combat climate change. In a statement released, Sustainable Bitcoin Protocol CEO and Co-Founder Brad Van Voorhees commented: “Bitcoin has long been criticised for its energy consumption, but we’re turning that perception on its head. Challenges include power draw, heat and sound. In many cases, mining can be cheaper than buying. As well, the company can boast the support and backing of a number of well known climate scientists, economists, NGOs, and academic institutions. In summary, advantages from mining at home include KYC-free bitcoin, strengthening the network by decentralizing the hash rate and helping to keep Bitcoin censorship-resistant. The first Sustainable Bitcoin Protocol transaction was done by CleanSpark, one of the better known sustainable Bitcoin miners in the United States. The higher the hashrate the more miners there are (or fewer but more efficient.
#BITCOIN EXPERT MINING HOW TO#
If you’re not sure how to choose the best Bitcoin mining hardware, focusing on energy efficiency is the best. In order to obtain an SBC, miners of bitcoin must undergo an audit of their energy use by a third party. Bitcoin mining is not carbon-free, despite claims circulating online. A high hashrate means that its more difficult to make a profit mining Bitcoin. Bitcoin mining hardware is essentially designed to convert electricity into BTC. The SBCs are created through three processes: adopting renewable energy such as hydro, solar and wind financially supporting renewable energy through the purchase and retirement of Energy Attribute Certificates and adopting CO2 reduction technology. The certificates are to be sold to institutional investors who will hold them alongside bitcoin, ensuring that their holdings are climate-positive and in line with their environmental goals.
To offset this, the start up Sustainable Bitcoin Protocol has created what it terms a Sustainable Bitcoin Certificate (SBC), a tokenized product “that captures the value of bitcoin mined using clean energy.” As the world becomes enamoured with Bitcoin so has the mining of the cryptocurrency been called out for the damage it does to the environment, a result of the intensive computing power required.
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