BlockFills, a crypto financial services and technology company, is collaborating with Isla Verde Capital to provide crypto miners with environmental credits to help offset their carbon emissions.
Cryptocurrency miners, especially those on the Bitcoin network, have come under heavy criticism regarding their carbon footprint. The industry consumes as much energy as some small countries, but not all of it is renewable, which infuriates environmentalists and authorities alike.
BlockFills will sell carbon emissions offsets, renewable energy credits (RECs) and other carbon accounting instruments to miners through a partnership with Isla Verde, which specializes in such services, according to a Tuesday press release. . REC is a certificate representing the production of electricity from renewable resources.
Neil Van Huis, partner and director at BlockFills, said in a press release: “Miners are seeking sustainable solutions to the challenges of the energy industry, while at the same time facing increased public scrutiny of their consumption and carbon footprint. “I'm fighting against it,” he said.
“It is increasingly important that all groups, especially those on blockchain, actively engage in reporting and reducing their carbon footprint,” said Ronnie Vilissimo, Co-Chief Investment Officer of Isla Verde. “Regulations and rules are increasingly likely to be introduced.” . ”
Elliott David, head of strategy and partnerships at Sustainable Bitcoin Protocol, a company that develops on-chain products for miners seeking to certify their energy usage, said: As a result, we see miners taking a wide range of existing approaches, from doing nothing at all to purchasing high-quality RECs. We have seen it.
The Biden administration's Office of Technology and Science Policy released a report last week calling for industry to set standards to limit environmental impact.
Updated (September 13, 2022, 7:45 PM UTC): Adding a quote from David.
