Australia’s Bitunivex exchange planning to go green

Bitunivex.com has detailed its launch of a green crypto project as the company aims to attain an emission-free status eventually

Global cryptocurrency platform Bitunivex.com has outlined its intentions to invest in green crypto until it becomes 100% green. The plan will involve cutting down on the emissions that result from trading in cryptocurrencies. The firm will invest an unspecified amount of its profits into the project until it achieves emission-free crypto transactions.

Explaining the company’s move, Bitunivex.com’s CTO, Mos Bilondi, said that cryptocurrencies have an undesirable effect on the environment. He cited the massive electricity requirements needed to verify blockchain transactions. He explained that since most of these power requirements are satisfied by electricity, there are huge volumes of CO2 emissions.

“Cryptocurrency trading has an awful impact on our environment,” he said, “each transaction that needs to be confirmed in every single blockchain takes a massive amount of electricity and computing power […] and since most electricity comes from fossil fuels, we are adding a lot of CO2 every day.”

While the main objective of the Sydney-based crypto exchange firm is to become 100% emission-free, the goal is to continue investing in green crypto. The AUSTRAC-regulated firm plans to produce enough green energy to facilitate day-to-day transactions in the project. The project will see the creation of solar and wind plants to produce green energy. The renewable energy will then be channelled to the grid. The company additionally intends to cycle back any proceeds gained from the same back into the project.

Furthermore, Bitunivex plans to provide free informative products to the users in the form of newsletters to help them understand the importance of green crypto. The newsletters would also elaborate on emissions, their impact and what can be done to regulate them.

Even with the green crypto project, Bitunivex.com does not believe that it will single-handedly stimulate adequate action against the environmental degradation resulting from the mining of digital coins. Consequently, the company is looking to invite other regulated crypto exchanges such as Coinbase to back the initiative. The invitational approach is based on the company’s belief in the essence of the green crypto project to the customers and that they should demand it.

The project comes at a time when there is growing concern about the effect cryptocurrencies are having on the environment. China is one of the countries making moves to handle the issue, having recently forced the closure of crypto operations in Inner Mongolia. The previously ripe Bitcoin mining region was highly dependent on coal-generated electric power.