Climatecoin: The first “carbon-zero” cryptocurrency

Jan 23, 2018, 7:00 AM EST
(Source: Namecoin/flickr)
(Source: Namecoin/flickr)

Cryptocurrency mining is a power-hungry process with a negative impact on the environment. A new virtual currency, named Climatecoin, seeks to encourage participation in the crypto market while ensuring that it remains a “carbon-neutral” cryptocurrency.

Climatecoin tokens are linked to “carbon credits,” which owners can buy on the Carbon Trade Exchange (CTX), and the purchase money will be routed to fund environmental businesses and initiatives to offset emissions, writes Futurism.

While “voluntary carbon offsets” may be worth considering given the pace of climate change and environmental degradation, many believe such programs serve no more than being a public relation exercise.