According to the Bloomberg report, Gemini Trust, the cryptocurrency exchange run by Cameron and Tyler Winklevoss, purchased about $4 million in credits to help offset the carbon emissions footprint of the Bitcoin it holds in custody. Gemini Trust made a donation of $ 4million to the Climate Vault. The nonprofit purchased the permits, which will prevent more than 341,000 metric tons of carbon from entering the atmosphere.
Gemini plans to continue to offset its carbon footprint.
The crypto exchange plans to continue to offset its carbon footprint until only renewable energy is used in securing the Bitcoin network, Chief Executive Officer Tyler Winklevoss said in an interview. “We want to build a better world” with crypto. It’s also important to be sustainable as we navigate into that vision,” Winklevoss said. The offsets cover Bitcoins held in Gemini’s so-called hot wallets that are used in transactions and cold wallets, which store the coins for the long term.
Crypto firms move towards clean energy following criticism over massive energy consumption.
Gemini’s Green initiative comes as the crypto industry grapples with reducing its environmental footprint while seeking to broaden its appeal to more institutional investors. Earlier this year, Elon Musk-led Tesla had announced to discontinue BTC payments citing environmental concerns. This decision attracted criticism for bitcoin as its mining process includes running specialized machines that consume massive energy. The outcry against crypto led many firms to take the initiative to adopt a more environmentally friendly approach. Earlier, China also announced a crackdown on crypto mining for the same reason, which led many bitcoin mining firms to move out of China and seek clean energy sources for the mining process.