The crypto exchange and custodian Gemini announced Thursday that it plans to offset 350,000 metric tons of carbon through its new sustainability plan, dubbed Gemini Green.
Gemini will be "making contributions" to purchase the 350,000 in offsets through the University of Chicago-based non-profit Climate Vault, according to a company release. In the future, Gemini will calculate what portion of the Bitcoin network it owns, the energy and carbon emissions associated with that, and then offset it through its partnership with Climate Vault.
"As bitcoin emerges as a dominant store of value, it's imperative that we incorporate sustainability for future generations," said Tyler Winklevoss, CEO of Gemini, in the statement. “We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonizing of bitcoin.”
In recent months, offsetting has become popular among crypto companies seeking to reduce their carbon footprints, such as the bitcoin mining firm Greenidge and the crypto exchanges FTX and BitMex.
However, The Block's reporting has found that carbon offsetting projects have faced criticism from environmentalists skeptical of their ability to actually reduce atmospheric carbon in the long term, and the difficulty of accurately calculating bitcoin carbon emissions compounds that issue.