Cryptocurrency exchange Gemini has revealed a new initiative called Gemini Green to fight bitcoin (EXANTE: Bitcoin) carbon footprint. According to an announcement, the New York-based exchange wants to "empower the individual" through the cryptocurrency market sustainably.
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The exchange has already spent over $4 million to purchase carbon permits. Thus, Gemini wants to offset the carbon emissions related to its usage of the Bitcoin Network from January 1 to June 30, 2021.
"These carbon permits will prevent 341,965 metric tons of carbon from entering the atmosphere — the equivalent of nearly a billion miles driven by a typical passenger car," the exchange added.
Gemini notes its average daily bitcoin balance reached 250,843 BTC, or approximately $8.5 billion at current prices. The Gemini Green initiative follows the recent negative trend related to criticism of bitcoin mining after Tesla suspended payments in the cryptocurrency. According to Elon Musk, Tesla CEO, the decision was made taken due to the company's concerns about the impact bitcoin has on the environment.
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