Carbon.Credit Exchange Mints Clean Bitcoin Offset As Ordinal NFT
PRESS RELEASE
Published March 27, 2023
Since its launch, Carbon.Credit has seen a massive response in the community.
—
Carbon.Credit, an innovative carbon credit and renewable energy credit exchange, has announced that it has successfully created a pure bitcoin renewable energy offset that can be traded and transferred on the bitcoin network as an Ordinal NFT. The new product called Clean Bitcoin (CBTC) will be available for trading on the exchange.
Bitcoin mining has been controversial due to its ever-increasing energy footprint. It currently takes between 300 and 400 MWh of electricity to mine a single bitcoin as a blockchain reward using the bitcoin proof of work protocol. This energy requirement stabilizes the underlying value of bitcoin and protects it from attack. However, people concerned about the climate impact have lobbied for miners to use renewable energy, and for investors to compensate their bitcoin with renewable energy credits.
“After listening to feedback from miners, energy producers, bitcoin investors and other stakeholders, we believe we have the solution that will meet the needs of market participants.” said Chris Mack, founder of Carbon.Credit.
CBTC Token’s mintage is backed by renewable energy credits based on the Cambridge Bitcoin Electricity Consumption Index (CECI). Owners will be able to identify the renewable energy credits (measured in MWh) that support the token. CBTC tokens are minted as Bitcoin Ordinal NFTs so that only the bitcoin network is required. CBTC tokens contain metadata that includes quantity designation to support large amounts efficiently. The metadata is transferred to IPFS to reduce the use of block sizes on the bitcoin network and optimize energy efficiency.
The entire bitcoin network is estimated to consume 121 TWh annually. Pure bitcoin can reduce the environmental impact of the network.
To learn more, visit: or email [email protected]
About Carbon. Credit:
Carbon.Credit is a primary marketplace and advanced secondary market exchange for carbon credits and energy credits. It helps developers of carbon sequestration and renewable energy projects by enabling the development, capitalization, financing and improvements of carbon-related assets.
Contact information:
Name: Adam Strongman
Email: Send email
Organization: Carbon.Credit
Website:
Release ID: 89092544
If you discover any issues, problems or errors in this press release’s content, please get in touch [email protected] to notify us. We will respond and rectify the situation within the next 8 hours.
COMTEX_427596953/2773/2023-03-27T00:09:49
