BitMEX, a Hong Kong-based cryptocurrency exchange owned by HDR Global Trading Limited, is going carbon neutral as part of its pledge to go the extra mile. BitMEX says it believes in working for cutting edge technological innovation and sustainable business practices.
“Bitcoin squeeze,” is a term used in the cryptocurrency world to describe when the price of Bitcoin falls and users are forced to sell their coins. BitMEX, a futures exchange for cryptocurrencies, has pledged to go the extra mile and help reduce CO2 emissions.
Exchange of cryptocurrencies BitMEX has announced its carbon-neutral status and pledged to offset emissions from all Bitcoin transactions to and from the platform, making it one of the first exchanges in the industry to do so.
In a forthright statement, the business said that it intends to go beyond just balancing its emission output, highlighting a recent purchase of 7,110 tonnes of CO2 credits, valued at nearly $100,000, in collaboration with AI carbon data monitoring startup Pachama.
Carbon credits are approvals provided by official legislative agencies that allow businesses to utilize one tonne of carbon dioxide in a way that promotes data accountability and traceability.
This, according to reports, will guarantee that the platform continues to operate for the next calendar year, as well as all offset emissions created by Bitcoin transactions to and from the network’s operating servers.
BitMEX underlined the necessity for an united approach while discussing their concept for sustainable practices:
“A comprehensive approach must involve not just environmental effect studies, but also basic teaching about the potential of cryptography.”
This week, at the globally aired COP 26 meeting in Glasgow, global emissions and sustainability measures have been prominent subjects of discussion.
Presidents and prime ministers from across the globe have convened to discuss major concerns about the slow extinction of our global ecosystem, emphasizing the necessity of keeping global rising temperatures below target levels.
Jennifer Morgan, Greenpeace’s Executive Director, talked forcefully about the rising trend of businesses dodging their planetary responsibilities via the acceptance of carbon credits at the Reuters Impact conference in early October.
“We don’t have time for offsets.” We are in a climate emergency, and fossil fuels must be phased out. These offsetting methods are pure ‘greenwash,’ designed to allow oil firms to keep doing what they’ve been doing while still making a profit.”
Related: The conversation around blockchain and climate change is missing the point
The Crypto Climate Accord is an environmental project backed by over 150 companies from the crypto, blockchain, tech, and industrial sectors, all of which have pledged their support in various ways for the crypto market’s development and adoption of sustainable operations.
Coinshares, Consensys, Web 3 Foundation, Ripple, Enjin, and Polygon are among the companies that have championed for the cause and committed assistance via consulting, development, and scaling partnerships.
These companies, however, have not yet signed on as CCA Signatories, which requires a public declaration of intent to achieve net-zero carbon emissions from electricity operations by 2030.
Near Protocol, Pixl 8, Argo Blockchain, and Gryphon Digital Mining are among the few companies that have taken this step.
BitMEX has announced that it will become carbon-neutral, and will pledge to go the extra mile in order to make this happen. BitMEX is a cryptocurrency trading platform, which was founded in 2014. Reference: monero tax evasion.
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