Cryptocurrency exchange BitMEX has become one of the first exchanges in the sector to announce its carbon neutral status, in addition to committing to offset the emissions of all Bitcoin transactions to and from the platform.
In a sincere statement, the company expressed its intention to do its best to balance its emissions production, citing a recent purchase of 7,110 tons of CO2 credits, valued at approximately USD 100,000, in association with the carbon data tracking company Pachama.
Carbon credits are certifications of approval granted by official legislative bodies to allow corporations to use one ton of carbon dioxide in an approach that encourages accountability and data traceability.
This will reportedly ensure that the platform remains in operation for the next calendar year, as well as all offset emissions caused by Bitcoin transactions to and from the platform’s operating servers.
In discussing its philosophy of sustainable practices, BitMEX affirmed the need for a unified approach:
“A holistic effort should include research on environmental impact, but also fundamental education on the possibilities that crypto technology offers.”
Global emissions and strategies for sustainability have been hot topics of discussion this week amid the COP 26 summit broadcast globally in Glasgow, Scotland.
Presidents and Prime Ministers from around the world have come together to address important issues and concerns with the dangerous disappearance of our global habitat, continually highlighting the importance of staying below target levels for global warming temperatures.
In early October, Greenpeace CEO Jennifer Morgan spoke at the Reuters Impact conference on the growing tendency for corporations to evade their planetary responsibility by adopting carbon credits, passionately declaring:
“There is no time for compensation. We are in a climate emergency and we need to phase out fossil fuels. These compensation schemes are pure ‘green makeup’ so that the companies, the oil companies, can continue doing what they have been doing and make a profit. “
The Crypto Climate Accord is an environmental initiative supported by more than 150 organizations from the cryptocurrency, blockchain, technology and energy industries, todas committed in its unit in varying degrees to the trust, growth and implementation of sustainable operations in the cryptocurrency market.
Companies that have championed the cause and committed to supporting through advisory, development and scaling partnerships include CoinShares, Consensys, Web3 Foundation, Ripple, Enjin and Polygon.
However, these companies have not yet signed up as CCA signatories, an act that requires a public declaration of commitment to have achieved net zero carbon emissions from the electrical operation by 2030.
The few firms that have taken this action include Near Protocol, Pixl8, Argo Blockchain and Gryphon Digital Mining, among others.
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