Winklevoss’ Gemini buys carbon credits to cut Bitcoin’s CO2 footprint

The Winklevoss twins, known for their courtroom battle over Mark Zuckerberg’s Facebook shares, have found another way to make money off the success of Bitcoin. The duo, who are both CEO and co-founder of Gemini, have announced a new initiative to buy carbon credits. They will purchase carbon offsets from a company that has a plan to reduce carbon dioxide emissions by investing in clean energy technology.

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The Winklevoss twins aren’t the only ones in crypto capitalizing on the opportunity to reduce carbon dioxide emissions. The Gemini Exchange, a cryptocurrency exchange owned by the Winklevoss brothers, has joined forces with Zero Carbon Project to invest in cryptocurrency miners that are designed to cut our collective carbon footprint.

The Winklevoss twins, famous for their legal troubles with Mark Zuckerberg over the creation of Facebook, have founded a cryptocurrency exchange that’s shaking up the market.

Gemini, a major cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is tackling the environmental problem of Bitcoin (BTC) by buying carbon credits.

On Thursday, the company announced a long-term initiative to integrate climate action into its operations by partnering with Climate Vault, a nonprofit based at the University of Chicago.

As part of this initiative, Gemini plans to purchase carbon credits for nearly 350,000 tons of carbon to offset the non-renewable energy consumed by Bitcoin miners and contribute to decarbonizing the Bitcoin network.

According to the announcement, under the partnership, Gemini will purchase carbon credits directly from the state’s cap-and-trade markets and set them aside. In this way, Gemini prevents other market players from using these carbon credits to emit CO2, thus reducing the overall supply of carbon credits. According to Gemini, the resulting reduction in permitted emissions is equivalent to nearly one billion kilometers driven by a passenger car.

Gemini will continue to work with Climate Vault as part of its ongoing campaign to reduce and ultimately eliminate carbon emissions from bitcoins stored at Gemini, the report said. Gemini has also committed $1 million through the Gemini Opportunity Fund to support businesses and projects focused on sustainability through the Gemini Green environmental program.

Related: UN considers blockchain technology as tool to fight climate crisis

As bitcoin becomes the main store of value, it is essential to ensure its sustainability for future generations. We are proud to partner with Climate Vault to offset our commitment to the exploitation of non-renewable resources and contribute to the decarbonization of Bitcoin, said Tyler Winklevoss, CEO of Gemini.

In early June, cryptocurrency-focused hedge fund One River Digital announced that more than 75 percent of the assets in its private Bitcoin fund were invested in a new carbon-neutral share class to offset Bitcoin’s environmental impact.While Bitcoin’s environmental footprint is an ongoing concern for its adherents, it’s not quite as bad as it’s made out to be. Gemini, the digital asset exchange launched by the Winklevoss twins, recently purchased a carbon credits fund to reduce its environmental impact.. Read more about how does bitcoin have a carbon footprint and let us know what you think.

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