Gemini plans to offset Bitcoin carbon emissions with the launch of Gemini Green
- Gemini has purchased carbon credits worth $4 million to prevent over 340,000 metric tons of carbon from entering the atmosphere.
- The initiative will offset Gemini’s share of non-renewable Bitcoin energy consumption since the beginning of this year.
As concerns around the environmental impact of Bitcoin mining continue to mount, crypto exchange Gemini has announced the launch of Gemini Green, a long-term initiative to help decarbonize Bitcoin and incorporate climate-conscious practices into the firm’s activities.
While recent estimates suggest that up to 56 percent of Bitcoin mining is now being done using renewable energy, many Bitcoin miners continue to use non-renewable sources that emit carbon dioxide into the atmosphere. In an attempt to limit the harmful effects of the latter, Gemini has collaborated with Climate Vault, a non-profit that aims to eliminate carbon pollution, to purchase carbon permits and prevent almost 342,000 metric tons of carbon from entering the atmosphere.
These carbon permits, which cost the firm $4 million, will help offset its share of non-renewable Bitcoin energy consumption for the first half of this year. Climate Vault has acquired the permits from government-regulated cap and trade markets to remove them from circulation. The permits have been “vaulted”, effectively preventing other companies from using them and therefore reducing the overall amount of CO2 emitted into the atmosphere.
Gemini claims the resulting reduction in emissions equals nearly a billion miles driven by a typical passenger car. The firm plans to continue offsetting its carbon footprint until only renewable energy sources are used in Bitcoin mining.
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