Hong Kong Crypto Exchanges Seek to Wash Hands of Dirty Power Problem

Amidst all the fuss about cryptocurrencies’ carbon footprint, crypto.com, the Hong Kong-based crypto exchange has announced its plans to go carbon-negative within 18 months. Thanks to the influence of Elon Musk, the CEO of Tesla, this step was following the carbon-neutral initiatives launched by Hong Kong-based crypto exchanges FTX and Seychelles-registered BitMEX.

For your information:

  • Elon Musk displayed his concern for the environment in a tweet saying Tesla would suspend using bitcoin as a payment method for vehicle purchases because of the high carbon footprint of bitcoin mining. This was followed by Elon’s meeting with cryptocurrency miners to work on reducing the carbon emissions of cryptocurrency mining.
  • Among many initiatives taken by crypto.com to reduce the carbon footprint of bitcoin mining, the plans include an assessment of the carbon emissions of cryptocurrency trading, deposits, withdrawals, and even the activities not related to crypto trading as part of a carbon counterbalancing and sequestration program.
  • Earlier this month, FTX announced plans to donate $1 million to carbon counterbalancing organizations this year. “If for every US$1 you spend on gas/blockchain fees, you donate US$0.0026 to Cool Earth, you’ll be roughly carbon-neutral”, as stated by the CEO of FTX, Sam Bankman-Fried in a statement.
  • BitMEX announced to donate $0.0026 for $1 spent on blockchain fees by its customers.
  • Various environment groups and activists have described carbon offsetting as a distraction from genuine solutions to climate change, following the failure of carbon offsetting.

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