Tag: Carbon Credits

SkyBridge Capital Purchases Credits to Offset Its Bitcoin (BTC) Holdings Carbon Footprint

by Btcmanager

The push toward making bitcoin (BTC) greener continues to grow stronger.

SkyBridge Partners with MOSS Earth

In a press release issued on August 2, global multi-asset class investment firm SkyBridge Capital announced it had joined forces with climate tech company MOSS Earth to purchase and immediately retire tokens representing about 38,436 tons of carbon.

The aforementioned transaction would eliminate the estimated historic carbon footprint of the bitcoin currently held by SkyBridge across all its products, the release notes.

Commenting, Anthony Scaramucci, Founder and Managing Partner, SkyBridge, noted:

“We project that bitcoin mining will be fully renewable by the end of the decade.”

Adding:

“In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”

For the uninitiated, MOSS Earth operates in the voluntary carbon offset market which enables them to source credits from independently verified projects that avoid deforestation that would occur otherwise.

“SkyBridge’s initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is most probably the largest ever done by an institutional investor, and an example to be followed by the investment community. Offsetting bitcoin’s carbon emissions is an important step towards the correct pricing to the planet of electricity usage, and towards accelerating the migration of the bitcoin mining industry to renewable energy sources,” said Moss CEO and founder Luis Adaime.

Focus on Making Bitcoin Green

As mentioned by Scaramucci, it won’t be surprising to see the Bitcoin network completely running on renewable energy by the end of the decade as efforts have ramped up recently to offset its environmental cost.

Earlier this year, Elon Musk-led temporarily halted accepting payments in BTC due to the environmental cost associated with the leading cryptocurrency.

However, in the recently held B-Word Conference, Musk cleared that Tesla would ‘most likely’ resume accepting bitcoin once he is convinced the majority of BTC mining comes from green energy.

In similar news, BTCManager reported on June 10 that the New York authorities had softened their stance on the proposed move to completely ban bitcoin (BTC) mining activities in the state.

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SkyBridge buys 38,500 tons of carbon offsets

by Cointelegraph

Global investment firm SkyBridge Capital has partnered with carbon credit provider MOSS Earth to purchase tokens representing 38,436 tons of carbon offsets.

SkyBridge announced the move on August 2, with founder Anthony Scaramucci forecasting that the Bitcoin mining industry “will be fully renewable by the end of the decade.” For the meantime, Scaramucci believes carbon offsets offer an “effective” means for the sector to improve its ecological footprint:

“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 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. As part of the partnership, SkyBridge used a “conservative” estimate to determine the carbon footprint associated with its Bitcoin holdings.

Moss sources carbon credits from independently verified projects such as Vera who combat deforestation in the Amazon Rainforest, and source their environmental initiatives through the sale of carbon credits.

Related: A green revolution in crypto mining? Industry answers wake-up call

SkyBridge joins several crypto firms that have purchased carbon offsets to reduce their environmental footprint this year, including crypto exchanges FTX, Gemini, and BitMEX.

Environmental concerns have hampered crypto’s narrative in 2021 following Elon Musk’s May announcement that Tesla would halt accepting BTC payments until the mining sector is able to demonstrate it is verifiably sustainable.

A study published by the Bitcoin Mining Council on July 2 estimated that the global Bitcoin mining sector reached a 56% sustainable power mix in Q2. However, the survey was based on just three questions and relied on voluntary and self-reported responses from 32% of miners on the network.