NEW YORK--(BUSINESS WIRE)--Sustainable Bitcoin Protocol (SBP), a climate tech startup that is incentivizing the use of verified clean energy in bitcoin mining and bringing energy transparency to the sector, is excited to announce a new phase in their verification program–utilizing waste gas for bitcoin mining. By using what would have otherwise been wasted natural gas from flaring for bitcoin mining, miners can turn bitcoin into an impactful tool in the energy transition. In an effort to test the new waste gas methodology in the field, SBP is launching a new pilot with Crusoe Energy (Crusoe). Crusoe's Digital Flare Mitigation® technology reduces natural gas flaring and methane emissions in the oil fields by converting flared gas into electricity to power modular data centers. Utilizing a third-party audit, SBP will verify that Crusoe's waste gas procurement and technology meets a standard that is verifiably reducing greenhouse gas emissions and additive to the clean energy transition.
As a part of the pilot, SBP will award Crusoe with one Sustainable Bitcoin Certificate (SBC) for each bitcoin that Crusoe mines with wasted flared gas at their audited sites. Investors can utilize SBCs to add verifiable clean energy attributes to their bitcoin holdings. SBCs are a unique on-chain climate asset designed to reduce CO2e and drive renewable energy development. Sustainable Bitcoin Protocol aims to provide a platform for energy transparency in the bitcoin ecosystem to meet the requirements of institutional investors.
"We are thrilled to engage with Crusoe Energy to test our waste gas methodology and continue to advance our efforts to bring clean energy data transparency to the forefront of bitcoin mining," said Brad van Voorhees, Co-Founder, and CEO of Sustainable Bitcoin Protocol. "Crusoe's Digital Flare Mitigation® technology offers a brilliant solution to reduce greenhouse gas emissions, and our transparent process provides on-chain proof of their impact. The launch of our waste gas methodology pilot is a major step forward in our mission to promote the use of verified clean energy in bitcoin mining and build a more sustainable future for bitcoin and the Planet."
"We are excited SBP has launched a waste gas methodology and are eager to demonstrate the environmental impact of our methane reduction efforts through our Digital Flare Mitigation technology. This pilot will support our mission to provide clear and transparent data around the sustainability of our business through third- party verification," said Chase Lochmiller, CEO of Crusoe Energy. "We are proud to offer a sustainable solution to reduce greenhouse gas emissions, and SBP's certification process can provide institutional investors an opportunity to add these clean energy attributes to their holdings.”
About Sustainable Bitcoin Protocol
Sustainable Bitcoin Protocol (SBP) is on a “mission to unlock Bitcoin’s potential as our planet’s most sustainable and transparent asset class” and accelerate investment into the renewable energy sector. SBP incentivizes miners to verify their use of renewable and clean energy sources and issues them Sustainable Bitcoin Certificates (SBC) which can be sold to investors. In creating a transparency layer for the Bitcoin mining ecosystem, SBP forms the missing link between climate-conscious investors and the world's most critical monetary technology.
SBP’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Verda Ventures, Bitcoin Frontier Fund, and prominent angels in institutional finance. For more information about SBP or to become a partner, visit https://www.sustainablebtc.org.
Contacts
Investor Relations:
Matthew Twomey
matt@sustainablebtc.org
Media:
Elena Berkowitz
elena@sustainablebtc.org