NewsAlgomint will make Bitcoin Carbon Negative partnering with Algorand Foundation and Nettle

Algomint will make Bitcoin Carbon Negative partnering with Algorand Foundation and Nettle

By

Algorand Foundation

November 4th, 2021 - Algomint have today announced their commitment and intention to ensure that every Bitcoin coming to Algorand through the Algomint bridging platform will be net carbon negative. This will be facilitated through a partnership with the Algorand Foundation and Nettle, an ecosystem of Dapps for doing good built on Algorand, who are providing assistance to many global entities for similar carbon negative initiatives. To achieve this Algomint will use Nettle to neutralise the carbon emissions created by the Bitcoin minting process with minted GoBTC assets, allowing them to then enjoy carbon neutrality which is native to the Algorand network.

Nettle provides Algomint with Nettle Zero tokens, an Algorand Standard Asset. Each Nettle Zero represents 1 tonne of CO2 removed from the atmosphere and two are needed to decarbonise one Bitcoin. Nettle Zero neutralisation involves CO2 removal activities in Europe. Carbon removal is far more credible and effective than carbon offsetting, and Algomint takes the industry lead in neutralising Bitcoin.

The Algorand network was designed from the ground up to be a low energy consuming platform, built for a long term, sustainable future. To further ensure that Algorand is the optimal choice for innovators who wish to build in a sustainable way, the Algorand blockchain has committed to being carbon negative today and into the future. Read here for more information on this commitment and Algorand offsets its already minute energy footprint.  

The Algorand Foundation has also shown their support for the Algomint project by committing to provide grant support for the cost of these carbon credits.

“Environmental sustainability and social impact has been an important part of our DNA as an Algorand based project, so we are very excited about this strategic partnership that moves us one step further towards where we want to be,” said Algomint Co-founder Michael Cotton.

“We would like to give our thanks to the Algorand Foundation who continue to display strong support for our project and for their willingness to engage in this deeply meaningful partnership.”

“The team is working very hard behind the scenes in preparation for our Mainnet launch and this integration with a climate off-setting partner will certainly be another great step forward in that process.”

“The Algorand Foundation is excited to support Algomint in their innovative approach to ensuring that all goBTC (wrapped Bitcoin) tokens being traded on the Algorand platform are carbon neutral and contributing to the sustainable approach of the Algorand ecosystem” said Sean Lee, CEO Algorand Foundation, “This novel approach sets a new challenge for all synthetic tokens that will trade on Algorand from other POW chains - can they too be carbon neutral? ”

Those interested in the Algomint platform should express their interest by getting in touch via joining Algomint’s Telegram group and speaking with the helpful moderators.

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