Gemini buys $ 4 million in carbon offsets
The Winklevoss brothers created an initiative, with their partner Climate Vault, called Green Chain, with which they intend to contribute to the decarbonization of the bitcoin
Cameron and Tyler Winklevoss acquired about $ 4 million in carbon offsets in order to correct the CO2 emissions of the bitcoins in their custody. The amount was donated to its partner Climate Vault, in order to prevent the entry of 350,000 metric tons of carbon into the atmosphere.
With this measure, the Gemini exchange seeks a solution for the CO2 emissions produced by bitcoin mining. The Gemini green initiative was planted with its partner Climate Vault, a non-profit organization, which made it possible to purchase carbon permits directly in the limits and trade markets regulated by the government entity.
With the Gemini initiative, it calculates the energy used by miners on the bitcoin network. “We believe this custody-based approach more accurately reflects Gemini’s use of the bitcoin network rather than a transaction-based approach.” They explained.
The project also aims to raise awareness for the incorporation of sustainable practices in mining and lessen the consequences of the greenhouse effect.
For the Winklevoss brothers it is important to incorporate sustainability for future generations. They are proud to be partners of Climate Vault “to offset our exposure to non-renewable mining and contribute to the decarbonization of bitcoin”.
In addition to acquiring carbon credits, it has also stipulated, through the Gemini Opportunity Fund, 1 million dollars to promote the efforts of companies and non-profit organizations aimed at protecting the environment.
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