In an apparent bid to celebrate World Earth Day, a non-profit crypto fundraising platform today announced the launch of its patent-pending carbon offset initiative, where every crypto transaction will support verified carbon offset projects.
How is the mining process related to cryptocurrency The Log On Blockchain harnesses significant energy and contributes to global carbon emissions.
Therefore, Pledge Crypto was prompted to commission the award-winning environmental consulting firm, Three Squares Inc., to conduct a cryptocurrency environmental impact assessment to quantify the carbon emissions of cryptocurrency transactions. Pledge Crypto platform, the company said in a statement issued here.
James Citron, CEO of Pledge, said, “At Pledge, we fundamentally believe that unlocking crypto donations will provide a new source of funding for nonprofits around the world, but to do this process in a sustainable manner. Is required.”
“Inspired by our core values of care and community, we wanted to respond to environmental concerns about crypto, which is why we are proud to lead the way with the first patent-pending invention of its kind to ensure This ensures that Pledge Crypto will be the most accessible way for not only donors to donate their digital assets and for nonprofits to receive them, but also the industry. In the most environmentally conscious way possible.”
The eight most commonly used cryptocurrencies were evaluated in depth to determine the amount of emissions associated with a single transaction. This in-depth analysis factors in the total estimated energy of the cryptocurrency, which corresponds to the most recently published trading volume.
A weighted electricity emission factor was derived based on a regional breakdown of transaction locations worldwide. Multiple data sets were also used to ensure optimal data integrity.
While final emissions will vary depending on the energy used, location and currency being donated, Pledge estimates that approximately every 100 donations will generate approximately 2.6 tonnes of carbon dioxide (CO2) emissions. To offset this environmental impact, Pledge will cover 100 percent of the carbon footprint of each donation transaction at no additional cost to donors or nonprofits using Pledge Crypto.