Australian crypto exchange Bitunivex.com has announced plans to offset its carbon footprint by investing in green crypto initiatives, with aims to eventually become 100% green.
Fast Facts:
- The company will start the project — dubbed “green crypto” — by building solar and wind power plants and connecting them to the grid, then reinvesting any proceeds back into the project.
- Bitunivex.com aims to not only offset emissions for their transactions but to continue the project to offset the emissions of crypto mining and liquidity to become a 100% clean crypto source.
- Blockchain technology can be incredibly energy-intensive as each transaction requires computational power, as does the “mining” of new coins on proof-of-work networks such as Bitcoin
- Recently, cryptocurrency’s environmental impact has come under scrutiny as Elon Musk announced Tesla will no longer accept BTC as a form of payment for its vehicles, and the China has begun shutting down crypto mining in Inner Mongolia, a region that relies on coal-generated electricity, due to environmental concerns.