Bitcoin’s Carbon Footprint: Cryptocurrency-Based Companies are Going Carbon Neutral

Bitcoin’s Carbon Footprint: Cryptocurrency-Based Companies are Going Carbon Neutral

Two weeks after Elon Musk’s infamous tweet about Tesla ending BTC acceptance for its vehicles due to Bitcoin’s carbon footprint, two leading global exchanges (FTX and BitMEX) have announced that they would go completely carbon neutral.

San-Francisco-based trading platform FTX asserted its commitment to the green cause via a tweet on Friday. Although the exchange argued that Bitcoin wasn’t the largest consumer of electricity, it acknowledged that the benchmark cryptocurrency has a crucial role in the “green future.” The FTX Twitter handle noted that:

“BTC isn’t the biggest user of energy, but we take our impact on the world seriously. To that end: FTX is committed to being carbon neutral.”

Also, the exchange noted that it would donate $1 million this year to some prominent carbon offsetting organizations. Sam Bankman-Fried, the exchange’s chief executive officer, stated that:

“Together, we can make the world a better place, and it doesn’t mean we have to give up what we believe in.”

Shortly after this announcement, BitMEX took to Twitter, emulating FTX’s move. The Seychelles-based cryptocurrency exchange announced that it would take affirmative measures towards carbon neutrality, adding that it would soon start a CO2 offsetting regime.

BitMEX promised to donate $0.0026 for every $1 of blockchain fees paid by its users as a show of commitment.

The exchange also noted that offsetting the carbon footprint of cryptocurrency is a decent start to a greener future, noting that:

“We are currently researching which organizations would be the most effective to partner with, and we also commit to publishing details of how much and who we donate to.”

More Companies Commit to Reducing Bitcoin’s Carbon Footprint

Last week, Greenidge Generation Bitcoin Mining, a behemoth BTC mining company, announced that it would become carbon neutral in 2021 and beyond and invest in US-based renewable energy sources.

The firm added that it would sell CO2 allowances through auctions and invest the capital generated in renewable energy and energy efficiency.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.