Here is a 1 time post from an artist On his findings on bleaching beeswax using 35% hydrogen peroxide. which explains it best.
EncausticArtist
Default Re: bleaching beeswax?
Although this is a very old post, I thought I'd respond since it seems to be the only practical result that comes up on Google in reference to bleaching beeswax, and I would like to help someone in my position who had no other place to look. I'm a sculptor who uses beeswax as a material, and it is very important to me to have pristine-white wax. Sun bleaching is preferable, but in these cold, long Northeast winters, it's just not practical. So I did a little experimenting with some of the recommendations from this post, and settled on the following process which works very well and results in a beautiful ivory-white color. Like another member, I started with drug-store hydrogen peroxide (3% hydrogen peroxide dissolved in water), but found that this only lightened the wax a shade. I realized that the key is to use 35% hydrogen peroxide, which can be purchased online. I bought through Amazon. It cost me about $28 for a 32 oz. bottle, and with this I was able to bleach about 3 lbs. of wax. It's not cost effective to do on a large scale, but it suited me just fine.
Disclaimer: 35% hydrogen peroxide can be dangerous. Do this in a well-ventilated area, and keep the liquid away from bare skin, eyes, and mouth. if the peroxide comes in contact with your skin, rinse it immediately. Your skin will turn white and bubble, and you will feel a mild stinging sensation. It's not life -threatening, the stinging and whitening goes away quickly, but it's not pleasant. As far as vapor goes: for the most part this process is safe in small, well-controlled quantities because peroxide has a higher boiling point than water. The water in the solution prevents the peroxide from getting too hot. HOWEVER, when the water evaporates, you run the risk of boiling the peroxide, and the fumes can be dangerous. Do this in a well-ventilated area, and do not stand over the pot when removing the lid.
1. Thoroughly filter the wax. There's lots of ways to do this. I use a microfiber bag that is normally used for a shop-vac. I've also used a carbon filter that is used to filter air in ducts. I keep the wax under it's boiling point, and I use a heat gun to prevent the wax from solidifying and gumming up the filter.
2. Once you've filtered the wax and it has cooled and returned to it's solid state, place the wax and the hydrogen peroxide in about a 1:2 ratio into a pot with a tight-fitting lid, leaving plenty of room from the top of the pot.
3. Heat the peroxide low and slow (do not get the mixture too hot too quickly). I kept my flame super low and patiently waited for it to start simmering. Cover the pot tightly. I discovered that the bubbling process is important, it helps the peroxide penetrate the wax.
4. The wax will melt and the peroxide will simmer. It should foam and bubble briskly but it shouldn't overflow.
5. Be patient. Check periodically. It took my wax five or so hours to become white.
6. When the wax reaches the shade you like, turn off the heat and allow the mixture to cool. The wax will solidify and float on the top of the liquid.
7. Put on gloves to remove the solid wax from the pot. Rinse the wax thoroughly before touching with your bare hands. Touching the liquid peroxide can be dangerous (see my disclaimer above).
Thanks to all the members here for pointing me in the right direction, and good luck!
Link to thread on Bee Source
http://www.beesource.com/forums/showthread.php?208015-bleaching-beeswax&s=7648af44972e71a3f1a254de32bc7e12