Unleashing the Power of the “Public Goods”-B² Network Enrolls in GreenBTC.Club

March 14th, 2024 — B² Network is the first Bitcoin-native Layer-2 solution based on zero-knowledge proof validation commitments and…

Unleashing the Power of the “Public Goods”-B² Network Enrolls in GreenBTC.Club, Fostering Sustainability in the Bitcoin Ecosystem via DePIN+ ReFi Narrative

March 14th, 2024 — B² Network is the first Bitcoin-native Layer-2 solution based on zero-knowledge proof validation commitments and introduces the inaugural Bitcoin DA layer, B² Hub. Today, B2 Network announced its collaboration with GreenBTC.Club, marking a significant step in fostering sustainability within the Bitcoin ecosystem. This initiative for public goods showcases B² Network’s proactive stance toward promoting blockchain sustainability. It emphasizes its continuous dedication to environmentally friendly practices and decarbonization, aligning closely with B² Network’s core values of innovation and responsibility.

In the last fifteen years, Bitcoin has evolved into a cornerstone of the cryptocurrency realm, garnering trust and backing from the community. However, this ascent has not been devoid of skepticism and critique. Chief among the concerns is Bitcoin mining’s substantial energy usage, tantamount to that of multiple medium-sized countries. This has triggered considerable environmental pressure due to carbon emissions, sparking ongoing debates. While discussions persist over whether the energy consumption of Bitcoin mining is justified when compared to the energy expended by traditional global banking systems in upkeeping their ledgers and transaction systems, the commitment of the Bitcoin community to embrace social responsibility has remained unwavering.

Reportedly, more than 70% of Bitcoin miners have been utilizing renewable energy to power their mining rigs in recent years. Clean energy now constitutes over 60% of the total energy consumption in Bitcoin mining. While this effort is commendable, it doesn’t stop there. Despite the significant use of clean energy, achieving zero emissions remains a distant goal. Historical Bitcoin mining energy consumption has resulted in notable carbon emissions. Arkreen is proud to be part of these initiatives, contributing as a community member to seek carbon neutrality for Bitcoin’s historical energy consumption. This involvement also fosters greater understanding and willingness among institutions and individuals with ESG goals to hold more environmentally friendly Bitcoin assets, further supporting the increasing societal value of Bitcoin.

GreenBTC.Club is an innovative platform dedicated to reducing the carbon footprint associated with Bitcoin mining through individual efforts of the global Web3 community. By leveraging a combination of Web3, DePIN(Decentralized Physical Infrastructure Networks), and ReFi (Regenerative Finance), it seeks carbon neutrality for Bitcoin’s historical energy consumption. This initiative aims to promote greater adoption of environmentally friendly Bitcoin assets among institutions and individuals with ESG objectives, thereby bolstering the increasing societal value of Bitcoin. The GreenBTC.Club concept initiated during the Hong Kong Web3 Festival in April 2023. Throughout the event, Arkreen and Hashkey engaged with communities both online and offline, greening a Bitcoin block with a height of 779089 through tokenzied renewable energy certificates. This year, GreenBTC.Club has enhanced its platform, introducing an inclusive voluntary climate action aimed at garnering community-wide support for greening all Bitcoin blocks.

GreenBTC.Club is an inclusive climate action network driven by the global community through DePIN+ReFi. It employs tokenized green certificate assets protocol deployed by Arkreen for on-chain issuance and offset, facilitating practical implementation. Arkreen utilizes its network of “Green Miners,” a collection of renewable energy data-collecting IoT devices, to securely record the energy data of each connected green energy generation resource (such as solar photovoltaic power facilities) onto the blockchain. Similar to traditional REC registration entities like The International REC Standard Foundation (I-REC), which issues one REC for every 1 MWh of renewable energy generation, Arkreen issues Arkreen Renewable Energy Certificates (AREC) based on renewable energy data. These certificates outline specific green generation details, with each AREC minted as an NFT on the blockchain. Beyond this, Arkreen also facilitates the redemption and tokenization of traditional RECs from entities like I-REC. This process transforms them into equivalent ARECs, seamlessly integrating traditional RECs into blockchain-based inclusive climate actions.These measures are crucial for reducing greenhouse gas emissions and promoting enduring environmental and social benefits.

ARECs can be directly used to offset an equivalent amount of carbon emissions from thermal-electricity consumption. However, as a supply side of REC, each AREC is tied to a specific location and quantity of energy generation, which may not always align with the location and quantity of electricity consumption on the demand side. In the case of Bitcoin, there’s an interesting observation. Bitcoin mining rigs are spread globally, with thousands of rigs simultaneously consuming electricity for mining and achieving consensus. Thus, it’s necessary to offset the carbon emissions resulting from global Bitcoin mining.

The emergence of the GreenBTC.Club application is built on the offsetting capabilities provided by ART, issued by Arkreen from green energy generation data (or traditional green certificates bridged into the system). Utilizing authoritative data from Cambridge Bitcoin Electricity Consumption Index, GreenBTC.Club calculates the electricity consumption associated with mining certain Bitcoin blocks. Individuals who voluntarily support the greening of Bitcoin have the option to choose one or more Bitcoin blocks for greening. Users already connected to the Arkreen Network can employ ART based on their own green energy generation data to green a Bitcoin block. Alternatively, those not yet connected to Arkreen or lacking sufficient ART for greening a block can pay a reasonable fee and authorize GreenBTC.Club to green a designated block on their behalf.

Certainly, greening efforts may not directly transform into a carbon sink for emissions from historical mining, but they play a role in promoting the sustainable growth of renewable energy and increasing its share in the overall energy landscape for the future. By garnering broad and meaningful community support for greening through effective actions, Bitcoin is poised to transform into a thriving ecological haven. Every contributor, regardless of the scale of their involvement, becomes a responsible member of the community as well as our society. The GreenBTC.Club will memorialize each participant’s greening endeavors by creating a Soulbound Token on the blockchain as a lasting record. This not only serves as a testament to the Bitcoin carbon offset progress but also signifies the impact of each participant’s climate action.

B² Network is teaming up with the GreenBTC.Club to showcase a proactive benchmark to enhancing sustainability within the Bitcoin ecosystem and establishing industry standards for web3 carbon neutrality.

Additionally, plans are underway to establish dedicated B² Network-branded zones on the GreenBTC.Club’s map(https://www.greenbtc.club/?channel=B2Network), extending invitations to the global B² Network community for involvement in pioneering ESG practices. This initiative marks a significant step forward for ESG innovation in the Web3 sphere, harnessing the power of Public Goods and dancing alongside the green Bitcoin ecosystem.

By Arkreen on March 14, 2024.