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Decarbbitcoin Labs is assisting Environmental Justice Communities in California by demonstrating the environmentally friendly value of Bitcoin mining.
DecarbBitcoin Labs, an environmentally-focused think tank created by Community Electricity, is taking a hands-on approach to combating climate change in California — and its first prototype is Bitcoin (BTC) mining.
Building on California’s Environmental Justice Program, Decarbbitcoin Labs is designing a first-of-its-kind prototype in Los Angeles aimed at not only decarbonizing the city but also demonstrating how green Bitcoin can be mined.
Austin Davis, co-founder of Community Electricity, tells Cointelegrapth that over $1 billion in money is going to Environmental Justice Communities around the state for numerous decarbonization projects, including renewable electrification of the real estate and transportation sectors. “These attributes represent lower cost and locally produced clean electricity, as well as, of course, minimising capex on asset implementation,” he said.
DecarbBitcoin Labs is combining all of these characteristics and adding them to a new approach based on Bitcoin mining. Davis elaborated:
“DecarbBitcoin Labs is implementing the first prototype of its kind in Los Angeles that will mine 100% Green Bitcoin at origin at a very competitive price for mining pools. The proof of value will be a 1MW block.”
Despite providing one of the most transparent monetary systems ever devised, Bitcoin has been heavily chastised for its carbon footprint. It is estimated that Bitcoin proof-of-work mining emits 45.34 megatons of CO2 per year.
California was one of the first states to codify environmental justice. The state also offers Environmental Justice Small Grants, which include up to $50,000 in support for non-profit neighbourhood groups.
DecarbBitcoin Labs, together with other blockchain-focused companies including Coinshares and ConsenSys, is a signatory to the Climate Crypto Accord. The Accord, whose mission is to reduce the carbon footprint of the thriving cryptocurrency sector, is modelled after the 2015 Paris Climate Agreement, a legally binding international convention on climate change signed by 196 countries.
Among the numerous efforts of the Accord is the aim of reaching net-zero carbon emissions by 2030.