DMG Blockchain Solutions Inc. Announces Strategic Collaboration with PayPal and Energy Web to Decarbonize Bitcoin Blockchain

DMG Blockchain Solutions Inc. has announced a strategic collaboration with PayPal and Energy Web to explore ways to decarbonize the Bitcoin blockchain. This collaboration aims to develop methods for transacting on the Bitcoin network that would expand its use as a carbon-neutral payment rail, advancing its application in the industry.

The companies are working together to publish a research paper that will benefit users of the Bitcoin network who are interested in carbon-neutral options for their transactions. PayPal, known for its focus on developing new payment technologies, has integrated blockchain technology into its services and launched the PayPal USD stablecoin with Paxos Trust Company in 2023.

Energy Web, an independent non-profit organization focused on clean energy solutions, launched the Green Proofs for Bitcoin initiative to establish an independent energy measurement system for the Bitcoin mining industry. DMG was one of the first companies to receive a Clean Energy Score from this initiative.

DMG, with its carbon-neutral bitcoin mining pool and technology for carbon-neutral transactions, brings its expertise in Bitcoin Core software engineering to the collaboration. PayPal, Energy Web, and DMG are excited about the progress made so far and are looking forward to sharing their findings with the wider community through the “Green Mining Initiative.”

Sheldon Bennett, CEO of DMG, expressed his enthusiasm for the collaboration, stating that it complements their efforts to decarbonize the Bitcoin blockchain. Edwin Aoki, Chief Technology Officer of PayPal’s Blockchain, Crypto, and Digital Currency Group, highlighted the importance of reducing the carbon footprint of decentralized financial networks globally.

Jesse Morris, CEO of Energy Web, praised DMG’s innovative approach to blockchain sustainability and emphasized the significance of industry leaders actively engaging in sustainable initiatives.

The collaboration between DMG, Energy Web, and PayPal aims to establish a new industry standard for blockchain applications in financial services, promoting environmentally sustainable technologies. This proactive approach addresses environmental concerns associated with cryptocurrency operations and contributes to the decarbonization of the global economy.