business

Canadian Bitcoin Operations Look to Reduce Carbon Footprint

One of the first bitcoin ETFs in North America was launched in Canada and now there are several of them. Among them is a new bitcoin ETF that has pledged to reduce its carbon footprint by planting trees.

Advertisements

As bitcoin has become more popular it has caused some controversy over the environmental impact. There are now a number of green bitcoin companies that are trying to offset that damage by either planting trees or using renewable resources etc. That Calgary based bitcoin ETF in Canada known as Accelerate Financial Technologies has a plan to offer a carbon-negative Bitcoin exchange traded fund that will be planting those trees to offset any environmental impact from the bitcoin operation.

Over 200 million crypto users worldwide

There is growing demand for cryptocurrencies today, now that there are more than 200 million users estimated to be using cryptocurrencies around the world. The market for crypto has been growing steadily and that means more interest for green bitcoin initiatives like this one.

Just recently we saw that El Salvador established bitcoin as a national currency and there are more businesses growing today that accept crypto for goods and services. McDonald’s started accepting bitcoin in the country, and more might be coming soon.

Well known Canadian celebrities like Kevin O’Leary and others have been very vocal about their preference for green bitcoin and green crypto. Companies in Canada and elsewhere are already responding to that concern. There are multiple green bitcoin operations in Canada and other parts of the world as this is an important problem that many in the crypto space want to deal with and that is making sure that their operations are as environmentally-friendly as possible.

As far as how many Canadians might be using bitcoin these days it is estimated that roughly 3.89 percent of Canadians used bitcoin in 2019. Today in Canada, as in the U.S., you can find several bitcoin companies and bitcoin atms, an expanding crypto market from Coast to Coast.

Those green bitcoin companies, such as those mentioned above and others out there, are available to offer a way for consumers to address their needs when they’re looking for more environmentally friendly options. Some estimate that it is only a matter of time before more companies will likely follow in the same direction if this is what crypto consumers want. There has been plenty of negative publicity for the crypto market over the energy consumption that has allegedly been tied in with it and crypto companies are already responding to that trend.

Categories: business, canada

Tagged as:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s