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PayPal Proposes Rewards for Eco-Friendly Bitcoin Mining

Key Takeaways

  • PayPal partners with Energy Web and DMG Blockchain to launch a project rewarding Bitcoin miners using sustainable energy;
  • The "Green Proofs for Bitcoin" platform certifies miners as "green" by evaluating their use of clean energy, allowing them to earn extra rewards;
  • PayPal’s initiative aims to promote eco-friendly Bitcoin mining practices.
PayPal Proposes Rewards for Eco-Friendly Bitcoin Mining

PayPal has proposed a new project in partnership with Energy Web and DMG Blockchain Solutions to promote sustainable Bitcoin (BTC) mining.

The initiative, announced in a recent PayPal blog post, introduces a system where Bitcoin miners using sustainable energy sources can earn special "green keys," which link to their public keys and certify them as "green miners."

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The green certification would be managed through the Energy Web’s “Green Proofs for Bitcoin” platform, which evaluates miners based on their use of clean energy and their overall impact on the grid.

The project proposes a mechanism where on-chain transactions would be preferentially routed to green miners by attaching lower fees but with an additional Bitcoin reward, which would be "locked" in a multisig payout address and accessible only to them.

PayPal’s Blockchain Research Group has tested this system with miner DMG Blockchain Solutions, focusing on how low-fee transactions perform under different conditions. They noted that transactions could be delayed or even dropped, which potentially opens more opportunities for green miners.

Further development could involve using private networks like the Lightning Network or using smart contracts to enhance this incentive system. However, PayPal acknowledges that these options might increase complexity and need more sophisticated implementation strategies.

Overall, PayPal's initiative seeks to align financial incentives with environmental sustainability, encouraging BTC miners to shift toward greener practices.

Another recent development by PayPal is its update that allows US customers to make international money transfers without transaction fees.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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