Introduction
The Metropolitan Museum of Art in New York City has returned a $2.5 million donation made by cryptocurrency exchange FTX due to concerns over its environmental impact. The donation was made to the museum’s charity arm, the Met Museum, in May 2021.
The Met Museum’s decision to return the donation follows criticism from environmentalists who have raised concerns over the carbon footprint of cryptocurrency mining and transactions.
Environmental concerns
Cryptocurrency mining and transactions require a large amount of energy, which is primarily generated from fossil fuels. This has led to concerns over the environmental impact of cryptocurrencies, with some experts warning that the industry could have a significant impact on climate change.
In response to these concerns, some cryptocurrency exchanges, including FTX, have pledged to offset their carbon emissions. However, this has not been enough to satisfy some environmentalists who argue that the industry needs to do more to reduce its impact on the environment.
FTX’s response
FTX has said that it respects the Met Museum’s decision to return the donation and that it will continue to work to reduce its environmental impact. The company has pledged to become carbon neutral by 2022 and has already taken steps to reduce its carbon emissions, including offsetting its emissions from Bitcoin transactions.
Related:Crypto Biz Six Months On From FTX: Tether Mines BTC and Nvidia AI Superchips
Conclusion
The Met Museum’s decision to return the FTX donation highlights the growing concern over the environmental impact of cryptocurrencies. While some companies have taken steps to reduce their carbon emissions, it is clear that more needs to be done to address the issue. As the cryptocurrency industry continues to grow, it will be important for companies to take responsibility for their impact on the environment and work to reduce it.
