After a successful pilot, Edinburgh-based cryptocurrency platform Zumo has received government funding to continue its work on crypto decarbonization.
Zumo’s Zero Hero pilot project saw the acquisition of Renewable Energy Certificates (RECs) to offset the electricity consumption of bitcoin purchased through its app.
During the pilot period, bitcoins worth £1.5 million were covered by Zero Hero REC purchases, with a total of 850 megawatt hours of electricity compensated through the program – enough energy to drive an electric vehicle over three million miles.
Now, Zumo and its partner Zero Labs have received a grant from Innovate UK to further fund research into crypto decarbonization. The RenewableCrypto project will begin later this month and will see partners seek to find practical ways in which wallets and platforms can expand the use of renewable energy.
Kirsteen Harrison, Environmental and Sustainability Advisor at Zumo, said, “The results of our Zero Hero pilot project are extremely encouraging, showing both what is possible and a significant customer appetite for clean energy solutions.
Read Zumo’s Pilot Report here