PayPal's collaboration with EnergyWeb has boosted the trend of green Bitcoin mining. In the past 24 hours, the price of EnergyWeb Token (EWT) has soared 13.6%, injecting more vitality into this collaboration. This news is not only a major event in the field of digital currency, but also a milestone in environmental protection and sustainable development. Let's take a deeper look at this eye-catching collaboration and its far-reaching impact on the Bitcoin mining and green energy industries.

The collaboration between PayPal and EnergyWeb is a key step for the digital currency industry to go green. As the world's leading online payment platform, PayPal's collaboration with EnergyWeb, a blockchain platform focused on renewable energy, will inject new green power into Bitcoin mining. This collaboration not only promotes the sustainable development of the digital currency industry, but also sets an example for environmental protection worldwide. As one of the most well-known cryptocurrencies, the mining process of Bitcoin has always been controversial due to its high energy consumption and adverse impact on the environment. The collaboration between PayPal and EnergyWeb provides a more environmentally friendly and sustainable solution for Bitcoin mining.

With the price of EWT soaring 13.6% in just 24 hours, the market's optimism about this collaboration is evident. As the token of EnergyWeb platform, the price increase of EWT not only reflects the confidence of investors in the renewable energy industry, but also implies the market's recognition and expectation of the cooperation between PayPal and EnergyWeb. Changes in the digital currency market are often affected by various factors, and the entry of giant companies such as PayPal into the renewable energy field will definitely have a positive impact on the entire industry. This also means that more funds and resources will be invested in the green energy field, injecting more vitality into the earth's environment.

As the world's attention to sustainable development continues to increase, green energy has become an inevitable choice for future development. The cooperation between PayPal and EnergyWeb has set a good example for the digital currency industry and provided experience for other industries to learn from. The advent of the digital age has made people pay more attention to the sustainable use of energy and environmental protection. As a representative of digital currency, Bitcoin's green mining will become a future development trend. The cooperation between PayPal and EnergyWeb will open a new chapter in the transformation of the digital currency industry to green energy and contribute to global sustainable development.

In this era of change and innovation, the cooperation between PayPal and EnergyWeb is undoubtedly an eye-catching event. It not only links the digital currency and green energy fields together, but also injects new impetus into the global environmental protection cause. In the future, with the continuous development of the digital currency industry and the popularization of green energy, we believe that the cooperation between PayPal and EnergyWeb will usher in a brighter future. Let us look forward to witnessing the integration of green energy and digital currency and contribute to the future of the earth. PayPal and EnergyWeb will lead the new trend of green Bitcoin mining. Let us work together to create a better future!

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Coin Circle (120bTC.coM): The high energy consumption of the Bitcoin network has always been a hotly discussed topic. According to the Bitcoin Electricity Consumption Index of Cambridge University, the electricity consumed by global Bitcoin miners in 2023 is estimated to be 121.13TWh, which is the highest level since 2010 data, equivalent to the national electricity consumption of Argentina, and also exceeds the electricity consumption of Belgium of 93.8TWh.

PayPal joins hands with EnergyWeb to develop "Clean Energy Certification Platform" 

In order to promote mining companies to strengthen the use of green energy, the blockchain research team of the US payment giant PayPal, in cooperation with EnergyWeb and DMG Blockchain Solutions Inc. (DMG), a non-profit organization focused on accelerating energy transformation, recently proposed a plan to use crypto-economic incentives to encourage miners to adopt low-carbon energy, emphasizing that this not only provides rewards for Bitcoin miners who use sustainable energy.

According to a research report published by PayPal, PayPal and EnergyWeb hope to develop a "clean energy certification platform" that allows Bitcoin miners to obtain low-carbon certification for their mining activities. The specific process is as follows:

 The first step is to identify miners who use a sufficient proportion of low-carbon energy in their mining operations.

 After successful identification, the next step is to obtain their public keys and mark them as green keys.

 The green keys from different green miners are then aggregated into a multi-signature address (designated as a payment address) to distribute incentives denominated in Bitcoin to miners.

 In order to give priority to submitting transactions to green miners, on-chain transactions will be broadcast with low transaction fees. In addition, on-chain transactions will be attached with a UTXO, in which some bitcoins are locked in the multi-signature payment address as an incentive for green miners. Due to the low transaction fees, most miners will give up processing these transactions, but green miners who are eligible for additional incentives are willing to trade.

 When a green miner receives a transaction in the memory pool, the miner will need to include this transaction when packaging the block, include an additional redemption transaction in the same block (Figure D below) to consume the UTXO locked in the payment address, and successfully package the next block to get the Bitcoin reward.

PayPal said that it hopes that this research can improve and optimize the existing strong network by proposing new cryptoeconomic incentives.

However, the paper does not elaborate on the most important part of the additional Bitcoin reward; even if the reward is really obtained, whether there will be enough incentives to attract miners to join is also unknown? After all, miners around the world are now chasing cheap energy (some clean energy is inconvenient to transport, but it is cheaper locally, so miners will go there to set up points).

EWT soared 13.6% in the past 24 hours

Perhaps affected by this news, EnergyWeb's token $EWT performed well. According to Coingecko data, $EWT rose by more than 13.6% in the past 24 hours, and was temporarily reported at $2.32 before press time, with a market value of more than $116 million.

In 2022, when the global asset management giant BlackRock launched the Bitcoin Private Trust, it mentioned that EnergyWeb was helping to improve the transparency of Bitcoin green mining, which also inspired a significant increase in the price of $EWT.

In the same year, EnergyWeb launched its Green Proofs for Bitcoin program, which is a way for Bitcoin miners to prove that they use renewable electricity, and at that time, it had completed the initially drafted certification standards. Now, whether the cooperation with PayPal can attract more energy companies to adopt it is worth continuing to observe.

$EWT price trend chart in the past 24 hours