- MultiversX exceeds its carbon offset targets by 25%.
- Its Secure Proof of Stake consensus algorithm also saves energy.
- Offsetra’s partnership with MultiversX in driving climate-positive action.
Blockchain companies are facing intense scrutiny over their perceived environmental impact. However, some have decided to counter that narrative. Most recently, MultiverseX offset 25% more carbon dioxide (CO2) than its network creates. The move is part of a border effort of blockchain firms to prove that crypto can be green.
MutliversX Targets a Greener Blockchain
On Thursday, September 28, the carbon offset company Offsetra analyzed the amount of carbon emissions MultiversX needed to offset to become carbon neutral. The findings amounted to 5,253 tonnes of CO2 emissions from various sources, including the company’s blockchain network operations and other related activities.
This analysis was conducted to enable MultiversX to offset these emissions. However, the network took another leap and offset an extra 25% of CO2, making it 6,569 tonnes. To put it into perspective, the extra offset is equivalent to driving over 16 million miles or 16,422 Bitcoin transactions.
How MutliversX Carbon Offsets Help the Environment
Carbon offsets are a form of trade that allows companies to effectively “neutralize” their carbon emissions. Specifically, companies can finance projects that reduce or remove greenhouse gases from the atmosphere elsewhere.
MutliversX achieved this by investing in Offsetra’s verified offset projects. These include Mangrove Reforestation in Myanmar, Forest Protection in Brazil, and renewable energy in India.
On the Flipside
- Recently, green mining has emerged as a potential solution to Bitcoin’s carbon emissions problem.
- Due to the vast computational power required, energy-intensive Bitcoin mining continues to contribute significantly to carbon emissions.
Why This Matters
MultiversX’s proactive stance on carbon neutrality showcases the potential for blockchain technology to evolve sustainably.
Read more about green crypto mining:
Is Green Bitcoin (BTC) Mining Possible
Read more about Binance’s questionable dealings in Russia:
Did Binance Really Leave Russia? CZ Denies Owning CommEx