An island business has launched a new ’green’ ecological initiative to plant more trees.

CoinCorner, a bitcoin specialist, has introduced a project called Plant it Forward as a way to contribute to and support the environment.

The cryptocurrency company has teamed up with the Isle of Man Woodland Trust that works with volunteers to plant native trees for developing new woodland.

Members of the 15-strong CoinCorner team spent a recent Sunday helping to plant 1,500 native trees at Eairy Moar Farm in Glen Helen.

CoinCorner spokesman Joanne Goldy explained that their project links in with the Isle of Man Government’s five-year strategy to address environmental concerns, including planting 85,000 trees (matching the island’s population) to offset carbon emissions.

A process known as ’bitcoin mining’ which is performed by high-powered computers that solve complex mathematical problems, is estimated to use as much energy as Ireland.

So CoinCorner’s chief executive and co-founder Danny Scott is determined to raise the profile of the business by getting involved in green challenges.

He told Business News: ’In recent years the bitcoin industry has faced challenges against its impact on the environment through bitcoin mining. Mining is a process for adding transactions to bitcoin’s blockchain (ledger) using powerful computers.

’The electricity consumption for this has been criticised, but what many don’t realise is that a large portion of (bitcoin)mining actually uses renewable sources and mining farms can be set up anywhere with natural energy options.

’Through Plant It Forward, we hope to educate people that companies in the bitcoin space do care about their environmental contribution and the long-term future of the planet.

’We encourage other businesses to consider tree planting initiatives too as it would be great to see even more local and global efforts.’ The business, based in Victory House, Prospect Hill, Douglas, has also vowed to back the Eden Reforestation Projects which supports schemes which employ people in impoverished communities to plant native species, grow and guard forested areas. The non-profit organisation has planted more than 250 million trees around the globe.