BitMEX cryptocurrency exchange was one of the first in the industry to announce its carbon neutrality and has committed to offsetting the emissions of all incoming Bitcoin transactions and going from the foundation.

In an open statement, the company expressed its intention to go beyond mere carbon offsetting, citing the recent purchase of 7,110 tons of CO2 credits worth approximately $ 100,000 in collaboration with the company as part of the company’s CO2 data tracker AI Pacama.

A carbon credit is a certificate of approval officially issued by lawmakers that enables companies to use one tonne of carbon dioxide in an approach that improves accountability and traceability of data.

According to reports, this will ensure the platform remains operational for the coming calendar year and offsets any emissions caused by Bitcoin transactions to and from the platform’s active servers.

In discussing their philosophy for sustainable practices, BitMEX reiterates the need for a unified approach:

“An overall effort should include research into environmental impacts, but also basic training on the possibilities that cryptocurrency technology opens up.”

Global emissions and sustainability strategies were hotly debated this week at the globally broadcast COP 26 Summit in Glasgow.

Presidents and prime ministers around the world have met to address significant concerns about the insidious collapse of our global habitat and have repeatedly stressed the importance of staying below the water level.

At the beginning of October, Greenpeace CEO Jennifer Morgan spoke at the Reuters Impact Conference about the growing trend for companies to evade planetary liability by introducing CO2 certificates.

“There is no time to catch up. We are facing a climate emergency and must phase out fossil fuels. These compensation programs are purely “cleanup programs” so that the oil companies can continue to do what they have been doing. benefit.”

Related: The focus of the blockchain climate discussion misses the point

The Crypto Climate Pact is an environmental initiative supported by more than 150 organizations from the fields of crypto, blockchain, technology and industry, all of which are committed to unity at different levels in order to combine growth and implement sustainable activities in the cryptocurrency market.

Companies that have endorsed the cause and are committed to helping through advisory, development, and scale partnerships include Coinshares, Consensys, Web 3 Foundation, Ripple, Enjin, and Polygon.

However, these companies have yet to register as a party to the CCA, a law that requires a public declaration of their commitment to achieve net carbon emissions from electricity activities by 2030.

Some of the companies that have taken this action include Proximity Protocol, Pixl 8, Argo Blockchain, and Gryphon Digital Mining, among others.

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