BlockFills, a cryptocurrency financial services, and technology startup are collaborating with Isla Verde Capital to provide crypto miners with environmental credits to help offset their carbon emissions.
Crypto miners, particularly those on the Bitcoin network, have come under fire for their carbon footprint. The industry consumes as much energy as some small countries, and not all of it is renewable, which has irritated both environmentalists and government officials.
According to a news statement issued on Tuesday, BlockFills will provide carbon emissions offsets, renewable energy credits (RECs), and other carbon accounting instruments to miners through cooperation with Isla Verde, which specializes in such products. Renewable energy certificates (RECs) are certificates that represent the production of electricity from renewable sources.
“Miners are seeking sustainable solutions to their challenges in the energy industry, while also fighting public scrutiny over their consumption and carbon footprint,” Neil Van Huis, a partner, and director at BlockFills, said in the press release.
According to Ronnie Virissimo, co-Chief Investment Officer of Isla Verde, “it is becoming more critical that all groups, particularly those on the blockchain, are proactive about reporting on and minimizing their carbon footprint, with increased possibility for legislation and laws to be put in place.”
Last Monday, the White House Office of Technology and Science Policy issued a study calling for industry guidelines to be established to restrict the industry’s environmental impact.