As global leaders discuss what needs to be done to address the concerns surrounding climate change at the COP26 summit in Glasgow, Scotland, businesses throughout the world are looking to achieve carbon neutrality.
BitMEX revealed it purchased 7,110 metric tons of CO2 credits, valued at around $100,000, in partnership with AI carbon data tracking firm Pachama.
As for what cryptocurrency companies can do to reduce their impact, Reyes argued that a more sustainable approach to Bitcoin mining is to use more renewable energy.
In the face of a climate emergency, Greenpeace has increasingly been moving against polluting entities.
Speaking to Cointelegraph, Eric Berman, senior legal editor of U.S.
Players in the cryptocurrency space have done more than buy carbon credits to reduce their environmental impact.
However, most firms have not become CCA signatories, an act requiring a public statement of commitment to achieving net-zero carbon emissions from electrical operations by 2030.
In July, The Bitcoin Mining Council estimated that the Bitcoin mining industry was using 56% renewable energy in its power mix while using a “negligible amount of energy” when compared with the global energy consumption.
A trend is visible among key industry players with or without carbon offsets with a shift toward a more sustainable approach.
As the industry moves toward a greener future, cryptocurrency adoption may grow as some of those sitting on the sidelines may stop seeing the environmental impact as a concern surrounding their involvement in the industry.