Cryptocurrency company BlockFills announced that it is working with Isla Verda Capital to offer carbon offset products to miners using renewable energy sources.
Cryptocurrency Tech Company BlockFills Prepares to Give Miners Loans
The financial services and technology company operating in the cryptocurrency space stated that it is working with Isla Verde Capital to offer crypto miners environmental loans that will help them offset their carbon emissions.
First bitcoin Crypto miners, especially miners, face serious criticism for their carbon footprints.
The fact that the crypto industry consumes as much energy as some smaller countries, and that not all of this energy is renewable, is troubling environmentalists and officials.
The company plans to sell carbon offset tools to miners to eliminate this negative situation.
“While miners are dealing with challenges in the energy sector, they are also struggling with public scrutiny over their carbon footprints,” BlockFills executive Neil Van Huis said in a statement.
Isla Verde chief investment officer Ronnie Virissimo stated that all groups on blockchain should be more effective in reporting and reducing their carbon footprints.
The company Sustainable Bitcoin Protocol is developing a product on the blockchain for miners to document their energy use.
The company’s head of strategy, Elliot David, said that miners cannot claim to be using clean energy unless they generate electricity from renewable sources.
Also last week, the White House Office of Technology and Science Policy released a report calling for standards to be set to limit the industry’s impact on the environment.
*Not investment advice.
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