Jun 16, 2021 by Andrei Calina

The latest concerns among Bitcoin miners are related to the environment, as it’s not a secret that the proof-of-work mechanism used to produce new coins and verify transactions requires important amounts of energy. Add the fact that Tesla CEO Elon Musk recently revealed that his company will once again accept BTC as payment, as long as it’s mined used green energy, after initially declaring that they won’t accept it, due to the network’s “increasingly rapid use of fossil fuels.”

Many Bitcoin mining companies started thinking about going green, most of them planning to rely on fully renewable energy sources. And now, a way of actually proving this is being discussed!

ESG ratings, the best solution so far?

Bit Digital CEO Bryan Bullett announced that his company recently submitted for an ESG (environmental, social, and corporate governance) review, adding that is the international ESG framework will eventually be used by companies, institutional investors will be able to both track and verify Bitcoin miners’ environmental standards and adherence.

“Our ESG rating will be provided by Apex Group ESG Ratings & Advisory, a well-known ESG specialist. Apex met our requirements for an independent process to ensure relevance and consistency surrounding ESG and shares our commitment to creating ESG transparency for investors.”

A trend to look forward to

Sure, Bit Digital could be a pioneer among Bitcoin miners, as no other company underwent an ESG review from a third-party firm, but we’re expecting others to follow the same path in the near future.

Clean energy Bitcoin mining company Gryphon Digital Mining is already using 100% hydroelectricity, achieving complete carbon neutrality and considering obtaining an ESG rating as soon as their first mining machines will be launch, at the beginning of August.

Finally, it will surely be challenging for many Bitcoin miners to receive an ESG score, since large amounts of data should be disclosed. Nevertheless, this seems to be a trend that is here to stay and most miners will surely follow it!