Trying to contribute to cleaning up the wider industry’s image by taking action to address growing climate concerns over the carbon footprint of Proof-of-Work currencies like Bitcoin (BTC), is Crypto derivatives trading platform BitMEX, which has had its fair share of bad press over the past year.
There are ostensibly “wildly divergent views and accuracy of information” regarding the climate risks posed by some cryptocurrencies, BitMEX feels it has a “responsibility to take positive action,” according to Bitmex on an announcement on May 21.
Also, for every $1 of blockchain fees its users pay out, this action will take the form of an attempt to offset its carbon footprint by donating $0.0026. It is yet to be confirmed, which organization will be the recipient of these donations. Also, currently researching whom to partner with and will release further details in due course. The exchange posits.
“Carbon offsetting is not the only answer to concerns relating to the environmental footprint of crypto, but it’s certainly a good start […] the industry has to come together and tackle challenges that risk sidetracking our positive intentions.”
BitMEX has taken its $0.0026 figure from rough calculations published by Sam Bankman-Fried, the CEO of crypto derivatives exchange FTX and Alameda Research. Bankman-Fried’s suggestion, admitting “large error bars,” is that this sum should be enough for crypto firms to offset their carbon emissions.