CoinCorner, a UK-focused bitcoin exchange  company, announced that it is now a carbon-neutral Bitcoin company. The project was conducted by the company’s in-house research team and aims to offset all emissions produced by CoinJar, both directly and indirectly.

The Bitcoin industry has received criticism over the years with regards to the energy usage around Bitcoin mining. Bitcoin is becoming greener and developments such as the Lightning Network are working to make it one of the most efficient payment rails in the world. We know CoinCorner going carbon neutral may seem like a small step in the grand scheme of things, but we believe it is necessary and will strive towards being a completely renewable energy company.”
– CoinCorner CEO, Danny Scott

Further, in order to offset the negative impact of Bitcoin mining, CoinJar partnered with two environmental charities and pledged to plant a minimum of 6,000 trees a year.

Dave Boylan, part of the research team here at CoinCorner, said, “Greenhouse gas (GHG) emissions are typically recorded within three scopes:

  • Scope 1: Direct emissions produced by the functioning of a company.
  • Scope 2: Emissions produced indirectly from a company.
  • Scope 3: Emissions that a company is not directly responsible for but those that are created up & down the value chain. This is where Bitcoin mining comes in.

Scope 1 and 2 emissions are fairly easy to calculate as they include tangible, easily measured emissions such as employee travel and electrical and heating usage.

Scope 3 emissions are far more difficult to estimate as we must take into account things like our web hosting and data centers, our use of the bitcoin network, as well as all our banking and software partners.”

Danny added, “We hope that other Bitcoin businesses will follow suit and consider becoming carbon-neutral too.”

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