Gemini pledges to offset 350,000 tons of bitcoin-related carbon emissions

Jun 24, 2021 | The Block News | 0 comments

gemini-pledges-to-offset-350,000-tons-of-bitcoin-related-carbon-emissions

The crypto exchange and custodian Gemini announced Thursday that it plans to offset 350,000 metric tons of carbon through its new sustainability plan, dubbed Gemini Green. 

Gemini will be “making contributions” to purchase the 350,000 in offsets through the University of Chicago-based non-profit Climate Vault, according to a company release. In the future, Gemini will calculate what portion of the Bitcoin network it owns, the energy and carbon emissions associated with that, and then offset it through its partnership with Climate Vault.

“As bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations,” said Tyler Winklevoss, CEO of Gemini, in the statement. “We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin.”

In recent months, offsetting has become popular among crypto companies seeking to reduce their carbon footprints, such as the bitcoin mining firm Greenidge and the crypto exchanges FTX and BitMex. 

However, The Block’s reporting has found that carbon offsetting projects have faced criticism from environmentalists skeptical of their ability to actually reduce atmospheric carbon in the long term, and the difficulty of accurately calculating bitcoin carbon emissions compounds that issue.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Former Homeland Security agent joins Huobi Trust as COO

Former Homeland Security agent joins Huobi Trust as COO

Huobi Trust, a wholly owned subsidiary of Hong Kong-listed Huobi Technology Holdings, has hired former Homeland Security agent Robert Whitaker as its chief operating officer (COO). Whitaker began work at Huobi Trust last month as the firm's first COO, after a...

Fed governor says CBDCs remain ‘a solution in search of a problem’

Fed governor says CBDCs remain ‘a solution in search of a problem’

Chris Waller’s comments come after Jerome Powell said the Federal Reserve would be issuing a discussion paper on CBDCs. Chris Waller, a member of the Board of Governors of the Federal Reserve System, seems to think it’s unnecessary for the U.S. government to develop a...

Pin It on Pinterest

Share This