HashKey Group & Arkreen Join Forces for GreenBTC.Club, Reach Carbon Neutrality for Bosera HashKey Bitcoin ETF
Hong Kong, April 30, 2024 — GreenBTC.Club today announced its partnership with HashKey Group (“HashKey” ), a leading end-to-end digital asset financial services group in Asia, to launch the “Bitcoin ETF Greening Initiative.” This initiative aims to “green” the Bitcoin blocks held by the Bosera HashKey Bitcoin ETF, achieving carbon neutrality of the fund’s holdings and promoting the sustainable development of the Bitcoin ecosystem.
This initiative for public goods of GreenBTC.Club and Hashkey clarify the unprecedented synergy between environmental protection and BTC digital assets. Web3 empowers public goods in unprecedented ways, paving the way for a brighter future for humanity and the world. As a visionary project, GreenBTC.Club aims to advocate for widespread and deep support from the global community to “green” the Bitcoin blocks, laying the foundation for Bitcoin’s transformation into a thriving ecological haven.
Over the past fifteen years, Bitcoin has gradually become a cornerstone of the cryptocurrency realm. However, the immense electricity consumption and carbon emissions generated by Bitcoin mining have sparked considerable criticism and discontent. Reportedly, more than 70% of Bitcoin miners have been utilizing renewable energy to power their mining rigs in recent years. Clean energy now constitutes over 60% of the total energy consumption in Bitcoin mining. While this effort is commendable, it doesn’t stop there. Despite the significant use of clean energy, achieving zero emissions remains a distant goal. Historical Bitcoin mining energy consumption has resulted in notable carbon emissions.
The launch of the Bosera HashKey Bitcoin ETF will undoubtedly promote the stable development of “green” digital asset in Hong Kong. Shareholders of the Bosera HashKey Bitcoin ETF will become “green” digital asset holders, supporting ESG development. GreenBTC.Club and Hashkey calls for joint efforts from the Bitcoin community to eliminate the historical carbon emissions caused by Bitcoin mining. This involvement also fosters greater understanding and willingness among custody, and trading shares, more individuals with ESG goals to hold more environmentally friendly Bitcoin assets, further supporting the increasing societal value of Bitcoin.
The GreenBTC.Club concept initiated during the Hong Kong Web3 Festival in April 2023. Throughout the event, Arkreen and Hashkey engaged with communities both online and offline, greening a Bitcoin block with a height of 779089 through tokenzied renewable energy certificates. After the launch of the Bosera HashKey Bitcoin ETF in Hong Kong, GreenBTC.Club has further upgraded to establish a Hashkey ETF-exclusive area, creating a voluntary climate action platform for ETF holders to participate in greening all Bitcoin blocks.
GreenBTC.Club is an inclusive climate action network driven by the global community through DePIN+ReFi. It employs tokenized green certificate assets protocol deployed by Arkreen for on-chain issuance and offset, facilitating practical implementation. Arkreen utilizes its network of “Green Miners,” a collection of renewable energy data-collecting IoT devices, to securely record the energy data of each connected green energy generation resource (such as solar photovoltaic power facilities) onto the blockchain. Similar to traditional REC registration entities like The International REC Standard Foundation (I-REC), which issues one REC for every 1 MWh of renewable energy generation, Arkreen issues Arkreen Renewable Energy Certificates (AREC) based on renewable energy data. These certificates outline specific green generation details, with each AREC minted as an NFT on the blockchain. Beyond this, Arkreen also facilitates the redemption and tokenization of traditional RECs from entities like I-REC. This process transforms them into equivalent ARECs, seamlessly integrating traditional RECs into blockchain-based inclusive climate actions.These measures are crucial for reducing greenhouse gas emissions and promoting enduring environmental and social benefits.
ARECs can be directly used to offset an equivalent amount of carbon emissions from thermal-electricity consumption. However, as a supply side of REC, each AREC is tied to a specific location and quantity of energy generation, which may not always align with the location and quantity of electricity consumption on the demand side. In the case of Bitcoin, there’s an interesting observation. Bitcoin mining rigs are spread globally, with thousands of rigs simultaneously consuming electricity for mining and achieving consensus. Thus, it’s necessary to offset the carbon emissions resulting from global Bitcoin mining.When greening Bitcoin blocks, arkreen supports further conversion of ARECs into equivalent but homogeneous ERC-20 Tokens ART (Arkreen Renewable-energy Tokens). By burning ART, flexible amounts of globally indiscriminate carbon emissions from electricity consumption can be offset, precisely meeting the global greening needs of Bitcoin.
The emergence of the GreenBTC.Club application is built on the offsetting capabilities provided by ART, issued by Arkreen from green energy generation data (or traditional green certificates bridged into the system). Utilizing authoritative data from Cambridge Bitcoin Electricity Consumption Index, GreenBTC.Club calculates the electricity consumption associated with mining certain Bitcoin blocks. Individuals who voluntarily support the greening of Bitcoin have the option to choose one or more Bitcoin blocks for greening. Users already connected to the Arkreen Network can employ ART based on their own green energy generation data to green a Bitcoin block. Alternatively, those not yet connected to Arkreen or lacking sufficient ART for greening a block can pay a reasonable fee and authorize GreenBTC.Club to green a designated block on their behalf.
Certainly, greening efforts may not directly transform into a carbon sink for emissions from historical mining, but they play a role in promoting the sustainable growth of renewable energy and increasing its share in the overall energy landscape for the future. By garnering broad and meaningful community support for greening through effective actions, Bitcoin is poised to transform into a thriving ecological haven. Every contributor, regardless of the scale of their involvement, becomes a responsible member of the community as well as our society. A dedicated “Green Bitcoin ETF” section will be established on GreenBTC.Club, offsetting the carbon emissions generated by historical energy consumption of Bitcoin mining. Investors will have the chance to receive a unique NFT, serving as a permanent on-chain record supporting Bitcoin carbon neutrality and representing their participation in carbon reduction through public welfare actions.
This joint initiative by GreenBTC.Club and Hashkey to green Bitcoin’s historical energy consumption for the Bosera HashKey Bitcoin ETF aims to encourage widespread involvement in personal sustainability and assume more social responsibility among the broader Bitcoin community, establishing a benchmark for illuminating green digital assets. We sincerely invite the global Web3 Climate Actors for involvement in pioneering ESG practices. harnessing the power of public goods and dancing alongside the green Bitcoin ecosystem.
About HashKey Group
Established in 2018, HashKey Group is Asia’s leading end-to-end digital asset financial services group that upholds the principle of “compliance first”. Headquartered in Hong Kong and with operations in Singapore, Tokyo, and Bermuda. The Group has a wide range of businesses that provide retail investors, large institutions, family offices, funds, and professional and accredited investors with innovative investment opportunities and end-to-end solutions in the fields of digital assets and the Web3 ecosystem.
Our core businesses include HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong SFC; HashKey Capital, a global asset manager investing exclusively in blockchain technology and digital assets; HashKey Cloud, a leading provider of global Web3 infrastructure ; HashKey Tokenisation, a tokenisation services provider; and HashKey NFT, a Web3 incubation and community operation service provider, among others. To learn more about HashKey Group.
About Arkreen Network
Arkreen Network is a Web3-enabled data network for globally distributed renewable energy resources connection and monetization driven by a vision of a carbon-neutral Earth. Enabled by Web3 (economics) and IoT plus Blockchain (tech), Arkreen Network aims to build up this infrastructure in a DePIN way from bottom-up by incentivizing climate actors in ReFi applications. You can learn more at www.arkreen.com
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