Crypto exchange Gemini — owned by twins and former Facebook litigants Tyler and Cameron Winklevoss — has bought US$4 million in carbon credits to offset the environmental impact of its Bitcoin holdings, according to a report by Bloomberg.
Fast facts:
- The credits — equating to 341,000 metric tons of carbon — were purchased from the Climate Vault, a University of Chicago-based project that buys carbon emission permits from registered cap-and-trade systems.
- In an interview with Bloomberg, CEO Cameron Winklevoss said Gemini planned to offset its entire carbon footprint until the Bitcoin network is mined using 100% renewable energy.
- Gemini is not the only crypto exchange seeking to offset its carbon footprint. Hong Kong-based Crypto.com and FTX, and Seychelles registered BitMEX, among others, have announced plans to become carbon-neutral in recent months.
- The environmental impacts of crypto mining have been in the spotlight since Tesla founder Elon Musk announced that the electric carmaker would no longer accept Bitcoin as payment for its cars, citing the environmental impact of the mining process. Musk has since reversed course, saying the company will resume Bitcoin transactions once mining is carried out primarily using renewable sources.
