The global investment firm SkyBridge Capital announced that it has partnered with carbon credit provider MOSS Earth to purchase tokens representing 38,436 tons of carbon offsets. SkyBridge announced the partnership on August 2, with founder Anthony Scaramucci forecasting that the Bitcoin mining industry “will be fully renewable by the end of the decade.” Scaramucci believes carbon offsets offer an “effective” means for the sector to improve its ecological footprint in the meantime.
SkyBridge is buying carbon credit-backed “MCO2” tokens for offsetting greenhouse emissions.
Scaramucci said, “In the interim, carbon offsets represent an effective way to green the Bitcoin network and facilitate adoption by ESG-minded investors.” SkyBridge is an institutional asset manager that provides exposure to BTC via fund products. The global investment firm also has a pending application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. MOSS Earth is a climate tech firm that provides carbon credit-backed “MCO2” tokens for offsetting greenhouse emissions. SkyBridge used a “conservative” estimate to determine the carbon footprint associated with its Bitcoin holdings as part of the partnership.
Bitcoin mining continues to draw criticism over its impact on climate change.
Bitcoin has drawn a lot of flak this year over its harmful impact on the climate. Bitcoin mining uses specifically designed computers that use massive electricity. The use of so much energy is damaging to the environment. Earlier, Tesla CEO Elon Musk announced to discontinue bitcoin payments citing the environmental reason. However, bitcoin miners are turning to clean energy to power their computers increasingly. Earlier, Gemini Trust, the cryptocurrency exchange run by Cameron and Tyler Winklevoss, purchased about $4 million in credits to help offset the carbon emissions footprint of the Bitcoin it holds in custody.