Winklevoss twins-owned Gemini crypto exchange has purchased $4 million in carbon credits to offset the carbon footprint generated by Bitcoin transactions under its custody. The crypto exchange has also created a subsidiary in the form of Gemini Green in association with a non-profit organization Climate Vault,
Gemini will donate the purchased amount to the Climate Vault that has purchased the permits, for preventing 341,000 metric tons of carbon from entering the earth’s atmosphere. The decision by Gemini comes amid growing environmental concerns from energy consumption by the Bitcoin network. Winklevoss said,
“We are just playing our part to address the ESG conversation and component of Bitcoin that a lot of people have heard about, and they can come to Gemini and use Gemini Green custody, and they can fulfill their ESG mandates,”
Bitcoin network carbon emission concerns have two sides one which believes the network uses a lot of energy and wastes it, but has the potential to overcome the issue, especially after the recent Chinese crackdown. The other side believes people with such accusations don’t understand the working of the network and how the energy is used to provide security and decentralization.
Would Gemini’s Initiative Encourage Others
The Bitcoin energy debate has created a rift between the Bitcoin community and Elon Musk who last month announced Tesla would not accept Bitcoin payment owing to environmental concerns. The Bitcoin community has called it a fad and an attack on Bitcoin as they claim people are presenting only one side of the story. They claimed the network is cleaner than any other financial organization with over 50% of its energy coming from renewable sources.
Trending Stories
Michael Saylor recently announced the formation of a Bitcoin mining council and headed its first meeting a few days back. The recent move by Winklevoss twins could potentially encourage other exchanges and organizations to follow the trend.
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- PlanB: Bitcoin (BTC) Is Creating A Bottom For The Next Bull Market
- Shiba Inu Holders Increase Amid Market Crash, But There’s A Catch
- LUNA Crash: South Korea Toughens Up Investigations Over Terra (LUNA) Crisis
- Avalanche (AVAX) Slumps 5% In Minutes On Fears Of Terra Dump
- Breaking: Luna Foundation Guard Reserves Decimated By Terra Crash
- Breaking: Luna Foundation Guard Member Says Terra Reserves En Route
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Founder Says A Terra Bailout Should Target These Holders
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
