PayPal Proposes Crypto Rewards to Accelerate Sustainable Bitcoin Mining

2024-4-24 21:14

In a pioneering move to foster sustainability in the blockchain industry, PayPal’s Blockchain Research Group, in partnership with Energy Web and DMG Blockchain Solutions Inc., is incentivizing Bitcoin miners to adopt green energy practices. 

This initiative leverages cryptoeconomic incentives to encourage using low-carbon energy sources, a crucial step given Bitcoin’s significant environmental impact. 

Accelerating Sustainable Bitcoin Mining

Annually, Bitcoin mining is estimated to produce 85 million metric tons of carbon dioxide. This emphasizes the need for sustainable practices in Proof-of-Work (PoW) networks.

The proposed system rewards miners who verify transactions using renewable energy with additional Bitcoin, using a mechanism where transactions are preferentially routed to “green miners.” 

These miners, identifiable through public keys designated as “green keys,” will receive transaction fees and locked BTC rewards. This setup promotes greener mining practices and enhances the overall efficiency and security of the Bitcoin network.

Bitcoin Electricity Consumption. Source: University of Cambridge

Parallel to this green initiative, PayPal has announced significant changes in handling non-fungible tokens (NFTs). Starting May 20, PayPal will withdraw buyer and seller protections for NFT transactions over $10,000. The decision was made due to concerns about verifying order fulfillment and the high volatility in the NFT market. 

Transactions under this amount will still be protected, provided they meet certain conditions. 

Furthermore, in a strategic collaboration with Singapore-based Triple-A, PayPal is set to enhance digital payment diversity by integrating its stablecoin, PYUSD, into Triple-A’s offerings. Scheduled for launch by the end of June, this integration aims to bolster PayPal’s presence in the cryptocurrency market. Particularly, as Triple-A’s payment volumes continue to surge.

“PayPal has the firepower to make it available to a lot consumers at one go. Nobody has this power today,” Triple-A CEO Eric Barbier said.

Read more: 7 Best Crypto Platforms To Buy PayPal Stablecoin (PYUSD)

This suite of initiatives by PayPal highlights a strategic approach to addressing the environmental impacts of cryptocurrency mining and adjusting policies for responsibility and innovation in the blockchain space.

The post PayPal Proposes Crypto Rewards to Accelerate Sustainable Bitcoin Mining appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97105.8 (-0.02%)
Объем 24H $41.349b
Изменеия 24h: -0.03 %, 7d: -5.18 %
Cегодня L: $96041.94 - H: $97458.26
Капитализация $1923.187b Rank 1
Цена в час новости $ 66749.99 (45.48%)

bitcoin mining paypal alongside footprint reduce move

Источник: beincrypto.com

bitcoin mining → Результатов: 126


Фото:

Bitcoin mining CEOs agree on $250k price target for 2028 halving

Bitcoin mining executives from top firms gathered at the HC Wainwright Bitcoin Mining Panel on Sept. 10 to discuss industry trends, challenges, and the future of Bitcoin. The panel, moderated by Anthony Scaramucci of SkyBridge Capital, featured CEOs from prominent mining companies, including Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings.

2024-9-12 14:15


Фото:

Bitcoin Mining Emissions – Surprise New Research Findings

As the need to be more eco-friendly becomes ever more apparent, cryptocurrencies have often been sharply criticized for their environmental impact. Being the most well-known of them, Bitcoin has inevitably become tainted with a reputation for the high resource usage required for Bitcoin mining, However, newly released research might paint a slightly different picture and could start changing perceptions around these issues.

2024-9-10 15:17


Bitcoin’s Tightrope: Lower Mining Rewards And Fees Threaten Market Stability — Kaiko

Recent developments in the Bitcoin mining industry suggest a significant financial squeeze due to decreased network fees and halved block rewards. These factors are shaping the economic space for companies validating Bitcoin transactions and could potentially force some into selling their digital assets prematurely to remain solvent, according to Kaiko Research. Related Reading: Germany Shakes […]

2024-7-3 08:00


Is Bitcoin Mining ‘Dangerously Centralised’? What New Research Shows

Recent findings from BitMEX Research have reignited concerns about the centralization of Bitcoin mining. Their study, which cites insights from Bitcoin analyst Alex Bergeron, points out that a single entity now controls the Coinbase outputs for approximately 47% of the network hashrate—a significant concentration that suggests a shift toward oligopolistic tendencies within the Bitcoin mining […]

2024-4-30 12:00


Фото:

The future of Bitcoin mining post-halving, according to GoMining

The phenomenon of the Bitcoin halving is a cornerstone event in the crypto world, fundamentally altering the economic landscape for miners and investors alike. Occurring approximately every four years, this event reduces the reward for mining new Bitcoin blocks by half, a mechanism designed to control the supply of Bitcoin and mimic the scarcity-driven value […] The post The future of Bitcoin mining post-halving, according to GoMining appeared first on CryptoSlate.

2024-3-26 17:30


From Missouri to Texas: Southern US Becomes Bitcoin Mining Hotspot

Missouri is gunning to become a hub for Bitcoin mining, thanks to a new bill by State Rep. Phil Christofanelli. This legislation, aiming to integrate cryptocurrency miners into the energy economy, joins CleanSpark's expansion in Mississippi and Riot's massive investment in Texas, signaling a significant shift in the Southern US towards embracing digital asset ventures.

2024-2-9 14:00


Bitcoin Community Accuses BBC Of Sensationalism In Controversial Mining Article

A recent article published by the BBC has sparked a heated debate among cryptocurrency enthusiasts and critics regarding the environmental impact of Bitcoin (BTC) mining.   The piece, titled “Every Bitcoin payment ‘uses a swimming pool of water,’” raised concerns about the water consumption associated with the mining process.

2023-12-2 03:00


Bitcoin Mining Potential Highlighted In Top Science Journal

A new peer-reviewed research paper has emerged, shedding light on the potential symbiosis between Bitcoin mining and renewable energy initiatives. Dennis Porter, CEO and co-founder of Satoshi Act Fund, a non-profit educational organization dedicated to informing policymakers and regulators about Bitcoin mining’s benefits, and president of Satoshi Educate, shared his insights via X, underscoring the […]

2023-11-9 22:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

HBO Claims It Has Unmasked Bitcoin Creator Satoshi Nakamoto

HBO announces a documentary aiming to reveal Bitcoin creator Satoshi Nakamoto, stirring major excitement and curiosity in the cryptocurrency world. The post HBO Claims It Has Unmasked Bitcoin Creator Satoshi Nakamoto appeared first on BeInCrypto.

Coinbase CEO Brian Armstrong Counters Bitcoin IOU and cbBTC Controversy

Analysts and experts have dismissed the IOU claims, asserting that ETFs fully own the underlying Bitcoin and that recent price fluctuations are driven by market participants. The post Coinbase CEO Brian Armstrong Counters Bitcoin IOU and cbBTC Controversy appeared first on BeInCrypto.

Bitcoin Mining Halt Triggers 20% Electricity Price Surge in Norwegian City

Experts argue that this rise in energy bills highlights how Bitcoin mining can contribute to lower overall energy costs by distributing fixed grid expenses across a broader user base. The post Bitcoin Mining Halt Triggers 20% Electricity Price Surge in Norwegian City appeared first on BeInCrypto.