According to Bloomberg’s report, the Winklevoss brothers, owner of Gemini Exchange, received a $4 million carbon loan to compensate for the environmental impact of their Bitcoin.
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The carbon credit Gemini has purchased will prevent more than 341,000 metric tons of carbon from being released into the planet’s atmosphere.
Currently, Gemini is holding 250,843 Bitcoins (BTC) on behalf of its clients. This equates to about $8 billion.
Gemini CEO Tyler Winklevoss stated that the company aims to help create a better world with a clean environment when using cryptocurrencies.
Cryptocurrency exchanges keep customers’ Bitcoins in hot wallets. This causes significant energy consumption as it requires the approval of miners.
Elon Musk Draws Attention to Green Energy
Tesla CEO Elon Musk previously announced that Bitcoin payments were suspended due to carbon emissions. Since then, Bitcoin’s environmental impact has become one of the key agenda items on the cryptocurrency agenda.
This event also caused the value of Bitcoin to drop drastically.
After this event, Musk and MicroStrategy CEO Michael Saylor met with representatives of major Bitcoin mining companies in the US and formed the Bitcoin Mining Council. US miners have committed to greater transparency about their operations and using as much green energy as they can find.
China has also recently started restricting cryptocurrency miners, depriving them of energy access. These developments caused the value of the asset to decline to the level of $ 28,000.
At the time of writing, Bitcoin is trading at $ 34,423 according to Coinecko data.