Crypto exchange operators BitMEX and FTX have recently committed to going carbon neutral through donations. FTX will be donating $1 million to offset emissions, whereas BitMEX revealed a few hours later after the announcement by FTC that it is planning to donate a portion of its withdrawal fees. FTX and BitMEX Crypto Exchange Planning to go Carbon Neutral Sam Bankman-Fried, the CEO of FTX recently did the calculations of how much energy is consumed by the proof-of-work coins such as Bitcoin, Ethereum, and other coins to mine. The calculation considered a lot of factors, including the extraction of these coins and electricity charges. Bankman-Fried came up with a ratio of $0.0026 for every $1 based on this calculation, meaning for every $1 spent to mine a proof-of-work coin, $0.0026 worth of carbon is emitted. To that end, FTX decided that it is going to donate $0.0026 for every $1 that its clients pay in gas fees or blockchain to go carbon neutral. Considering the same calculation, BitMEX said that: “It is also going to donate at least $0.0026 for every $1 of blockchain fees our client’s payout.” Exchanges Commit to Become Carbon Neutral Following the lead of the FTX exchange, BitMEX wrote a blog post that noted that there had been huge scrutiny on cryptocurrencies and energy consumption recently with wildly diversifying views and accuracy of information. The post concluded by motivating other crypto firms to go carbon neutral and said: “Carbon offsetting is not the only answer to concerns relating to the environmental footprint of crypto, but it’s certainly a good start. We believe that crypto is a huge force for good in the world, but the industry has to come together and tackle challenges that risk sidetracking our positive intentions.” The environmental impact of cryptocurrency has been a hot topic over the last week after the announcement made by Elon Musk that Tesla is going to stop accepting payments in Bitcoin.
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