BitMEX (an exchange of cryptocurrency) has verified its earlier promise to attain carbon-neutrality. It has been announced by the exchange on Tuesday that it has the strategies to counterbalance the environmental footprint caused by the Bitcoin transactions done through it. It assured to have collaborations with companies devoted to utilizing novelty to minimize the environmental impact created by cryptocurrency. Several debates have been done regarding energy consumption and cryptocurrency. The recent data shows that BItcoin itself utilizes more electricity than a lot of countries. Such massive figures put focus on the reason why Elon Musk (the CEO of Tesla) stopped the acceptance of Bitcoin for the purchases of his company’s cars in May. The reason behind his move was the fast utilization of fossil fuels to do bitcoin (BTC) mining.
BitMEX pledges to incorporate sustainability
According to the recent announcement thereof, BitMEX has entered the list of earliest exchanges enabling blockchain transactions to be carbon-neutral. The platform has declared to have bought CO2 credits up to 7,110 tonnes (valuing up to US$100,000). This move is intended to respond to the environmental footprint created by the transactions of Bitcoin. And in addition, BitMEX is to be powered by servers during the next year. It has been further disclosed by the exchange that the subsequent ideas are to turn to a carbon-neutral exchange as securing only CO2 credits is not sufficient. BitMEX plans to invest in the research regarding the accurate environmental impression created by Bitcoin as well as the other such cryptocurrencies.
BitMEX is collaborating with Pachama (a company that utilizes technology for the monitoring of ecosystems as well as forest restoration, for the credits of carbon. It is also in favor of various reforestation and anti-deforestation projects running in several countries. The exchange additionally focuses on the requirement of being honest regarding the negative environmental effect caused by the utilization of blockchain technology. And more significantly, it is doing something to tackle such concerns.
The controversy regarding offsets
Though several firms such as BitMEX are struggling to counterbalance the negative effects thereof on the environment, it is believed by some people that it is even then of no use. Jennifer Morgan, the Executive Director of Greenpeace, is one among such people as saying during an interview conducted by Reuters that the tendency of such companies is increasing in escaping the planetary role thereof by adopting carbon credits.
