Crypto exchange BitMEX was one of the first in the sector to announce its carbon-neutral status, as well as promising to offset emissions from all bitcoin transactions to and from the platform.
In a candid statement, the company announced its intention to go beyond just offsetting emissions, citing the recent acquisition of 7,110 tons of CO2 credits, valued at nearly $100,000, in collaboration with carbon tracker Pachma.
Carbon credits are certifications issued by official regulators that allow companies to use one ton of carbon dioxide in an approach that enhances accountability and data tracking.
This is said to ensure the smooth operation of the platform in the upcoming calendar year, as well as any offsetting flows resulting from bitcoin transactions to and from the platform’s operating servers.
BitMEX discusses its philosophy of sustainable practice, and mentions the need for a unified approach:
“Overall efforts should include research on environmental impacts as well as basic education about the possibilities offered by coding technology.”
Global emissions and sustainability strategies were hot topics this week during the COP 26 global summit in Glasgow, Scotland.
Presidents and Prime Ministers from around the world have come together to discuss serious concerns about the insidious loss of our global habitat, and have consistently stressed the importance of keeping global warming temperatures below target.
In early October, Greenpeace President Jennifer Morgan spoke at the Reuters Impact conference about the growing trend of companies escaping responsibility for the planet by offering carbon credits, saying:
“There is no time for the clearing. We are in a climate crisis and we must phase out fossil fuels. These clearing schemes represent pure green water so that companies and oil companies can continue to do what they did and make money.”
Related Topics: The Key to Climate Change in Blockchain
Crypto Climate Accord is an environmental initiative backed by more than 150 organizations across the crypto, blockchain, technology and energy industries that emphasize to varying degrees their unity with the union of growth and sustainability in the crypto market.
Companies that have championed the cause and promised support through consultation, development and partnerships include CoinShares, Consensys, Web3 Foundation, Ripple, Enjin and Polygon.
However, these companies have not yet registered as CCA signatories, which requires a public commitment to achieve net zero electricity from electricity by 2030.
Several companies that have taken this action include Near Protocol, Pixl8, Argo Blockchain, and Gryphon Digital Mining, among others.