Bitunivex.com has detailed the start of a green crypto project as the company ultimately wants to achieve an emissions-free status
Global cryptocurrency platform Bitunivex.com has outlined its intention to invest in green crypto until it becomes 100% green. The plan is to reduce emissions that result from trading cryptocurrencies. The company will invest an indefinite amount of its profits in the project until it achieves zero emission crypto transactions.
Bitunivex.com CTO Mos Bilondi explained the company’s move that cryptocurrencies are having an undesirable impact on the environment. He cited the massive electricity demand required to verify blockchain transactions. Since the majority of this electricity demand is covered by electricity, enormous amounts of CO2 emissions are generated.
“Trading in cryptocurrencies has a terrible impact on our environment. ” he said, “Every transaction that has to be confirmed in every single blockchain requires an enormous amount of electricity and computing power” […] And since most of the electricity comes from fossil fuels, we add a lot of CO2 every day. “
While the main goal of the Sydney-based crypto exchange company is to become 100% emission free, the goal is to keep investing in green crypto. The company regulated by AUSTRAC plans to produce enough green energy to facilitate the daily transactions in the project. As part of the project, solar and wind power plants are being built to generate green energy. The renewable energy is then fed into the grid. In addition, the company intends to feed the proceeds back into the project.
In addition, Bitunivex plans to provide free informative products to users in the form of newsletters to help them understand the importance of green crypto. The newsletters would also look at emissions, their effects and how they can be regulated.
Even with the green crypto project, Bitunivex.com doesn’t believe it will single-handedly encourage appropriate action against the environmental degradation from digital coin mining. As a result, the company would like to invite other regulated crypto exchanges such as Coinbase to support the initiative. The invitation approach is based on the company’s belief in the essence of the green crypto project towards customers and that they should demand it.
The project comes at a time when concerns about the impact of cryptocurrencies on the environment are growing. China is one of the countries taking steps to resolve the issue after recently forcing the closure of crypto operations in Inner Mongolia. The previously mature Bitcoin mining region was heavily dependent on coal-generated electricity.