CoinCorner, a UK-based bitcoin exchange, has announced that it is now carbon-neutral. The carbon-neutral project was led by the company’s internal research team and aimed to directly and indirectly offset all emissions produced by CoinCorner.
The use of energy in the vicinity of bitcoin mining has been criticized by the bitcoin industry year after year. Bitcoin is turning green and developments such as the Lightning Network are working to make it one of the most efficient payment trains in the world. CoinCorner Carbon Neutralization may seem like a small step in the grand scheme, but we believe it is necessary and will strive towards becoming a fully renewable energy company.
– CoinCorner CEO, Danny Scott
Further, to address the negative effects of bitcoin mining, CoinCorner has partnered with two environmental charities and has pledged to plant at least 6,000 trees a year.
Dave Boylan, part of the research team at CoinCorner here, said, “Greenhouse gas emissions (GHG) emissions are usually recorded in three areas:
- Opportunity 1: Direct emissions produced by the efficiency of a company.
- Scope 2: Indirectly generated emissions from a company.
- Opportunity 3: Emissions that a company is not directly responsible for but those that are created and down the value chain. This is where bitcoin mining comes in.
Scope 1 and 2 are fairly easy to diagnose because they include real, easily measured emissions such as employee travel and electrical and heating use. Scope 3 emissions are much harder to predict because we must consider issues such as our web hosting and data center, the use of the Bitcoin network, and all of our banking and software partners. We hope other bitcoin businesses will follow suit and consider being carbon-neutral.