The carbon footprint of cryptocurrency mining is enormous. Finding new solutions to offset this problem has not been straightforward. Australian trading platform Independent Reserve may have come up with a creative solution.
Several reports have been published regarding the climate impact of Bitcoin mining. It requires a ton of electricity to do so. As such, the carbon footprint of cryptocurrency mining is often a topic of debate. Actively searching for a solution is not all that easy.
The Double Play by Independent Reserve
Independent Reserve, the Australian exchange, tries its hand at doing its part. Their new “partnership” with Climeworks is rather novel. The latter firm, based in Switzerland, aims to capture CO2 from the air through proprietary technology.
The exchange will now try to capture at least 1 tonne of CO2 per year as well. It is the first step toward making the cryptocurrency industry “greener”. Such a novel effort alone will not be sufficient to make any real impact, however.
Independent Reserve acknowledges betting on one horse is never a smart idea. The Australian firm has applied for corporate membership of Trillion Trees.
This latter campaign will plant 1 trillion trees by 2050. In doing so, they aim to reduce global annual carbon emissions by up to a quarter. Without support from corporate members, such a vision is not viable.
During the first year as a corporate member, Independent Reserve will try to do its part. By planting 200 trees in various regions, the company will contribute to the efforts. Hundreds more trees will be planted annually, assuming their membership request is approved.