Although some experts view carbon offsets as a form of greenwash, they could play a critical role in the industry’s progress to carbon neutrality.
Tesla started receiving Bitcoin payments earlier this year and put in a $1.5 billion investment into cryptocurrency, then stopped accepting payments in BTC over concerns of the growing use of fossils such as coal for mining bitcoin and transactions.
To support these efforts, BitMEX a cryptocurrency exchange came out to announce carbon-neutral status and promised to clear off all emissions of Bitcoin transactions between the platform and its customers.
As part of the exchange, the right effort needs to be included in both types of research which include the educational and environmental impact on the potentials of crypto technology.
To reduce cryptocurrency companies’ impact, Reyes said that the best approach to Bitcoin mining would be the use of more renewable energy.