Gemini’s Green Scheme and Strategy Business Manipulation
Another curious development last week was the announcement that the Gemini exchange will be purchasing hundreds of thousands of carbon credits to offset emissions from bitcoin mining, the initiative is called Gemini green and it'll involve a partnership with a nonprofit called the Climate vault.
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Gemini’s green scheme and strategy business |
for those unfamiliar carbon credits given by governments to companies that act green.
These can be traded on secondary markets and sold for a handsome profit case in point it's how Tesla makes most of its cash. Each common credit gives the holder the right to emit one ton of "CO2" this scheme ultimately results include just simply purchasing carbon credits from renewable energy-oriented companies to avoid carbon tax liabilities and other environmental sanctions.
interestingly enough Gemini is aware of this which is why all the carbon credits that you purchase will be pulled off the carbon credits market entirely and custody with the Climate vault nonprofit, this will essentially prevent polluters from milking the carbon credit system in the way that they have since it was established which is certainly a good thing.
That said it seems that the Climate vault will still sell some of these credits to fund companies and initiatives that are truly green and not clean based on some set of arbitrary government criteria.
Gemini hopes that this new setup will be at least enough to offset the carbon emissions created by any bitcoin exchange holds in their possession.
other crypto companies are taking similarly novel approaches a U.S. crypto mining company called stronghold digital mining has raised over $105M in a bid to use waste coal to mine cryptocurrency.
waste coal is essentially what it sounds like leftover materials from coal-burning that are often discarded and sometimes end up doing serious damage to the surrounding environment.
Stronghold has come up with a way to turn this waste coal into energy to mine bitcoin.
They had to have over 28k miners up and running by 2022.