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Southeast Asian project Asian Fintech (Afin) aims to promote sustainability by connecting users with Bitcoin (BTC) mining farms that use pure renewable energy.
Afin, a Singapore-based company, aims to tackle the impact of Bitcoin mining on the environment by utilizing pure renewable energy sources such as wind, solar and hydroelectric energy to mine Bitcoin. As a result, AFIN Coin (AFIN) was created to bridge the gap between cryptocurrency and sustainability, allowing users to be involved in cryptocurrency while being socially and environmentally responsible and accountable at the same time.
A growing discussion surrounding the mining of Bitcoin via proof-of-work mining has sparked questions on the impact of Bitcoin mining on the environment. Even though most Bitcoin mining operations have migrated to using renewable energy, the carbon footprint of mining Bitcoin is still vast and no one Bitcoin can be verified as being mined with the use of pure renewable energy.
“There is a growing discourse on the impact of Bitcoin mining on the environment. With Afin, we can connect users on our platform with reducing the carbon footprint of the crypto mining industry and increasing sustainability on the industry as a whole,” said the project.
A “Green Bitcoin”
Ever since Elon Musk tweeted back in May 2021 that Tesla would stop accepting Bitcoin payments due to the increasing usage of fossil fuels for Bitcoin mining and resume the use of Bitcoin as soon as mining transitions to more sustainable energy, there has been an increasing awareness of the impact on the environment due to Bitcoin mining.
Afin aims to solve this problem by mining Bitcoin through the use of renewable energy such as wind, solar and hydroelectric energy. Bitcoin mining farms will be situated next to the power grid that utilizes energy from pure renewable energy sources. The Bitcoin generated from this will be called “Green Bitcoin” under the Afin ecosystem.
In order to connect the holders of AFIN Coin to Green Bitcoin, Afin will provide a staking platform for holders of AFIN Coin to stake their AFIN Coin and receive Green Bitcoin. For clarification, this will be Bitcoin that is mined from pure renewable energy and on the Bitcoin blockchain, not wrapped Bitcoin (wBTC) or any kind that exists on another blockchain. Recipients of the Green Bitcoin will be able to trace and verify the creation of their Green Bitcoin on the Bitcoin blockchain themselves.
Connecting sustainability with cryptocurrency
Along with owning Green Bitcoin, additional use cases will include the redemption of electric vehicles, incentivizing EV charging and reducing the carbon footprint through carbon credits. “The goal of Afin is to reduce the carbon footprint of cryptocurrency mining and increase sustainability by connecting cryptocurrency with environmentally-friendly products and services,” said the project.
Many EV manufacturers in Southeast Asia have expressed interest in accepting cryptocurrencies for their products but are wary of the stigma surrounding the usage of fossil fuels involved in cryptocurrency mining. Afin solves this problem by directly connecting the purchases of EVs with renewable energy. In addition, EV charging stations in Southeast Asia will soon be able to accept AFIN as discounts for EV charging, thereby making the EV charging journey more sustainable and environmentally friendly.
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