PayPal Makes Proposal to Incentivize Green Crypto Mining

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PayPal is offering incentives to bitcoin miners who proactively work towards reducing the environmental impact of their operations.

The PayPal Blockchain Research Group has collaborated with non-profit organization EnergyWeb to create a platform that validates and rewards bitcoin mining operations that consume less energy.

In a recent blog post, PayPal announced that this solution has been developed in response to concerns that bitcoin mining puts excessive pressure on local power grids and taxpayers in the United States.

Bitcoin mining involves solving complex mathematical puzzles to add transaction records to the blockchain of a cryptocurrency.

Miners with the fastest computers are rewarded with newly generated bitcoins.

However, the process requires a significant amount of energy, leading to criticism from environmental advocates.