Crypto exchange operators FTX and BitMEX have committed to becoming carbon neutral through donations.
FTX CEO Sam Bankman-Fried did the math of how much „dirty electricity” bitcoin, ether, and other proof-of-work coins consume to mine. The calculation considered various factors, including mining and electricity costs. Based on this calculation, Bankman-Fried came up with a ratio of $0.0026 for every $1, meaning for every $1 spent to mine a proof-of-work coin, $0.0026 worth of carbon is emitted.
To that end, FTX decided that it would donate $0.0026 for every $1 its clients pay in blockchain or gas fees to become carbon neutral.
FTX estimates that it will pay roughly $60 million in blockchain fees this year, which would imply about $150,000 in carbon offsetting costs. But given the uncertainty in the calculations, the exchange operator has decided to cover all bases by donating $1 million this year to carbon offsetting organizations, including Cool Earth.
Using the same math, BitMEX
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