{"id":42948,"date":"2021-05-21T17:42:59","date_gmt":"2021-05-21T14:42:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42948"},"modified":"2025-08-31T01:25:14","modified_gmt":"2025-08-30T22:25:14","slug":"ftx-and-bitmex-to-channel-part-of-fees-to-carbon-offsetting","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-and-bitmex-to-channel-part-of-fees-to-carbon-offsetting\/","title":{"rendered":"FTX and BitMEX to channel part of fees to carbon-offsetting"},"content":{"rendered":"

Cryptocurrency exchanges FTX and BitMEX plan to<\/a> donate a small percentage of transaction fees to organizations that offset carbon emissions.<\/p>\n

FTX Chief Executive Officer Sam Bankman-Fried calculated Bitcoin’s carbon footprint based on electricity costs and network fees. He estimates that for every dollar spent on PoW mining, the amount of carbon offset required costs $0.0026.<\/p>\n

The exchange decided to allocate $0.0026 from every dollar of transaction fees paid by its clients.<\/p>\n

FTX estimated that in 2021 they would spend $150 000 on carbon offsets from $60 million in fees. Given the uncertainty of the calculations, the exchange operator decided to allocate an additional $1 million to environmental organizations, including Cool Earth.<\/p>\n

BitMEX supported the initiative. It also decided to donate \u201cno less than $0.0026 for every dollar of fees.\u201d<\/p>\n

\n

We\u2019re committing to carbon neutrality and joining @SBF_Alameda<\/a>\u2018s initiative on this. It\u2019s a start, and we encourage the crypto industry to get behind us: https:\/\/t.co\/iv4Gnzv0Ei<\/a> pic.twitter.com\/hhGrB6fWAz<\/a><\/p>\n

\u2014 BitMEX (@BitMEX) May 21, 2021<\/a><\/p>\n<\/blockquote>\n