PayPal to Encourage Eco-Friendly Bitcoin Mining

The PayPal Blockchain research team has proposed a solution aimed at accelerating the transition of Bitcoin miners to clean energy sources.

In collaboration with EnergyWeb, the payment company’s specialists have developed a platform offering “crypto-economic incentives” to environmentally friendly Bitcoin miners.

These “green miners” will be accredited with specially marked public keys.

It is anticipated that Bitcoin transactions will be primarily directed to these miners due to lower fees. Additionally, they will receive BTC rewards from funds locked in a multisig address.

Eco-friendly miners will be motivated to process these transactions, as only they will have the right to receive incentives through their “green” key.

Bitcoin, as the leading cryptocurrency using the Proof-of-Work algorithm, has traditionally faced criticism for its high energy consumption and negative environmental impact.

In March, the American branch of Greenpeace published a report on the harm of digital gold mining. The community criticized the document for numerous factual errors.

Earlier, Norwegian authorities announced restrictions on Bitcoin mining in the country, allegedly due to greenhouse gas emissions.