The Winklevoss-led Gemini Exchange has launched Gemini Green, a long-term initiative with Climate Vault that aims to remove 350,000 tonnes of CO2 emissions caused by Bitcoin mining.
This initiative is a part of a long-term strategy with Climate Vault, a non-profit founded at the University of Chicago to help decarbonise Bitcoin. As part of the plan, Gemini is buying carbon permits directly from government-regulated cap-and-trade markets to shorten the supply and remove them from circulation to prevent miners from using these permits to emit CO2.
As Bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations. We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonising of Bitcoin.
Tyler Winklevoss
The Carbon Equivalent of a Billion Driving Miles
The amount of CO2 that Gemini plans to buy equals roughly a billion miles driven by an ordinary passenger automobile. Speaking about Bitcoin environmental effects, Michael Greenstone, co-founder of Climate Vault, said:
Slowing and ultimately reversing the total amount of CO2 entering the atmosphere is vital to preventing disruptive climate change. Climate Vault is providing a simpler, faster, and more reliable path to net-zero emissions, not just for traditional businesses, but now – thanks to Gemini – for the innovative world of cryptocurrency.
More crypto exchanges are vowing to go carbon neutral following environmental debates, largely initiated by Elon Musk, CEO of Tesla. After that, two leading crypto exchanges announced they would become carbon neutral, starting with the San Francisco-based FTX, stating that while there are bigger energy consumers, it is committed to reducing Bitcoin’s CO2 emissions.
BitMEX followed suit shortly after, announcing it would begin searching for organisations to partner. The company’s first step would be to donate US$0.0026 for every US$1 of blockchain fees its clients pay.
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