Carbon Offsets for Cryptocurrency
Every trader understands the concept of limits: while you may not know everything about the future price of an asset, you know you can enter into a transaction for at least or at most a set amount.
Similarly we don't know everything about the global impact of cryptocurrency on climate change. We know that Bitcoin miners may get as much as 56 percent of their energy from renewable sources, although other estimates place the percentage lower. But even with more than half of mining energy coming from renewabl energy, at 395.92 KwH the carbon footprint of a single Bitcoin transaction equals 704 miles driven by an average passenger car, or the distance from New York City to Myrtle Beach. And we know that the carbon cost of Ethereum will decrease when the network completes the shift to Proof of Stake, expected within the next year.
Wren is a U.S. public benefit corporation that allows individuals and businesses to purchase carbon offsets, which they use to underwrite numerous projects that work to trap atmosperic carbon and preserve forests. Want to make an impact today? We have provided three monthly "trader profiles" for your convenience:
Casual Trader. 3 Bitcoin and 3 Ethereum transactions per month. 1 ton of CO₂ - $18
Frequent Trader. 5 transactions each per month for BTC, ETH, DOGE, ADA, and LTC, BCH. 2 tons of CO₂ - $36
Professional Trader. 101 - 200 coin transactions per month. 3 tons of CO₂ - $75
When asked what you are offsetting, use the code "LOTUS CRYPTO." Copy and download this helpful spreadsheet to view our data sources and work out your own calculations.