Winklevoss’ Gemini buys carbon credits to reduce Bitcoin’s carbon dioxide footprint

Gemini, a major cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is responding to Bitcoin (Bitcoin) Environmental issues of buying carbon credits.

On Thursday, the company Announce Its long-term plan is to incorporate climate awareness measures into its business and cooperate with Climate Vault, a non-profit organization established by the University of Chicago.

Through this plan, Gemini plans to purchase nearly 350,000 metric tons of carbon credits to offset the non-renewable energy consumed by Bitcoin miners and help decarbonize Bitcoin on the Bitcoin network.

According to the announcement, the partnership will allow Gemini to directly purchase carbon licenses from government-related quotas and trading markets and erase them from circulation. In doing so, Gemini prevents other market participants from using these carbon credits to emit carbon dioxide, thereby reducing the overall supply of carbon permits. According to Gemini, the resulting reduction in allowable emissions is equivalent to a passenger car driving nearly 1 billion miles.

The announcement pointed out that Gemini will continue to cooperate with the Climate Vault to carry out a continuous campaign to reduce and ultimately eliminate the carbon emissions of Bitcoin held by Gemini. Gemini also allocated US$1 million through the Gemini Opportunity Fund to support sustainable development-focused companies and projects as part of its environmental protection plan Gemini Green.

related: The United Nations sees blockchain technology as a tool to deal with the climate crisis

“As Bitcoin becomes a major store of value, we must consider sustainability for future generations. We are proud to work with Climate Vault to offset our impact on non-renewable mining and decarbonize Bitcoin Make a contribution,” said Tyler Winklevoss, CEO of Gemini.

In early June, One River Digital, a cryptocurrency-focused hedge fund, stated that more than 75% of the assets in its Bitcoin private equity fund Committed to shifting to its new carbon neutral share class To offset the impact of Bitcoin on the environment.