By Shelly Melancon (Switzerland)
Following environmental concerns resulting from cryptocurrency mining, Gemini, a crypto exchange is taking actionable steps towards the use of clean sources of energy to mine cryptocurrencies, especially Bitcoin. Gemini issued an announcement on June 24 heralding the creation of an initiative geared towards introducing a climate-conscious approach in its operations. The centralized crypto exchange has partnered Climate Vault, a non-profit based body based in Chicago.
According to the announcement, the initiative is tagged Gemini Green and entails the donation of funds by the initiative which will be used to obtain permits for about 350,000 metric tons of carbon. Gemini and other parties behind the initiative see it as a giant stride towards eliminating carbon from the energy used in miming cryptocurrencies. Climate Vault has said that their main goal is to totally diffuse the concerns on environmental hazards that result from mining Bitcoin.
Winklevoss Brothers Make Donation Towards Initiative
The official announcement released by Gemini stated that the carbon permits would help in offloading the non-renewable power used by Bitcoin miners in mining the top crypto asset in order to secure the Bitcoin in Gemini’s care. To help fulfill the initiative’s goal, the Winklevoss twins (Cameron and Tyler) made a donation of $4 million and as promised by them will continue to make efforts to make Bitcoin mining clean-energy based.
China had on account of environmental hazards posed by Bitcoin mining operations banned activities relating to mining the digital asset in the country. The Asian giant had issued this ban since May and doubled its efforts on the ban by ordering power generation companies to cut power supply to the Sichuan Province where some miners resided. The ban had prompted an influx of miners to Texas, Serbia and other regions with favourable mining regulations.
Gemini Green Initiative To Ensure Sustainability on Mining
Tyler Winklevoss restated his commitment towards finding a clean source of energy for mining Bitcoin. The Winklevoss brothers are staunch believers of Bitcoin and have a large Bitcoin holding. Tokenhell had earlier reported this month that brothers had sworn they were going to hold Bitcoin until the price hits $500k. Tyler asserted that the initiative was necessary in order to ensure sustainability on the asset for future generations.
In May, Tesla had announced that it would discontinue Bitcoin payments for its electric vehicles in view of environmental concerns. Earlier this month, the firm’s CEO, Elon Musk had announced that Tesla would resume Bitcoin payments if 50% of the energy used in mining the asset becomes clean. As alternatives, some have suggested using volcanoes or cow manure as energy sources. El Salvador has proposed to use volcanoes to mine the asset following its landmark Bitcoin provision. A Bitcoin Mining Council headed by MicroStrategy’s Michael Saylor was set up late May to address environmental hazards and other issues.
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