The company is collaborating with Climate Vault, a non-profit founded at the University of Chicago, by making contributions to purchase carbon permits for nearly 350,000 metric tons of carbon as a significant first step on its path to offset its usage of the Bitcoin Network and help decarbonize Bitcoin.
Climate Vault will ultimately leverage the value of these “vaulted” permits to support the development of cutting-edge carbon dioxide removal technologies, further accelerating the removal of carbon from the atmosphere.
Therefore, Gemini calculates its “usage” of the Bitcoin Network as the portion of the mining process that it benefits from, as opposed to taking a transaction-based approach.
“As bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations.
“Slowing and ultimately reversing the total amount of CO2 entering the atmosphere is vital to preventing disruptive climate change.
About GeminiGemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens.
Climate Vault works with climate-conscious individuals and organizations to help protect current and future generations from the harmful effects of climate change by providing an innovative solution to reduce carbon emissions today.