DMG Blockchain Solutions Inc. has announced a strategic collaboration with PayPal and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions.

PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD (PYUSD) stablecoin with Paxos Trust Company in August 2023 for efficient transactions. Energy Web, an independent non-profit that develops open-source software for clean energy solutions, launched its Green Proofs for Bitcoin (GP4BTC), a first-of-its kind initiative to establish an independent, standardized energy measurement system for the Bitcoin mining industry, of which DMG was one of the first five companies to receive a Clean Energy Score. DMG, with its focus on a carbon neutral bitcoin mining pool and technology to move bitcoin between users without adding carbon to their transactions, brings its unique technology stack and experience in Bitcoin Core software engineering.

PayPal, Energy Web and DMG, each with its own domain expertise, are proud of the success in testing achieved so far and are keen to let the wider community review the progress in this ?Green Mining Initiative.? In working with PayPal, DMG hopes to establish a new industry standard for blockchain applications in financial services, propelling the industry towards adopting more environmentally sustainable technologies. It represents a proactive approach towards addressing the environmental concerns associated with cryptocurrency operations, thereby contributing to the decarbonization of the global economy.

Read about the collaboration among DMG, Energy Web, PayPal: Sustainable Innovation.