SkyBridge Capital, a global investment firm, partnered with MOSS Earth, a climate tech company, to purchase and retire tokens representing nearly 40,000 tons of CO2. The move would seek to offset the Bitcoin network’s carbon footprint.
SkyBridge’s Aspirations for Green Bitcoin
SkyBridge Capital partnered with the environmental platform MOSS Earth to buy and immediately retire 38,436 tons of carbon, according to a press release dated August 2nd. The transaction would offset the estimated CO2 footprint of Bitcoin generated by SkyBridge’s multi-strategy funds and the First Trust SkyBridge Bitcoin Fund.
Anthony Scaramucci, the founder and CEO of SkyBridge, expressed optimism that BTC mining could be fully renewable in less than ten years:
“By the end of the decade, we expect bitcoin mining to be completely renewable. In the meantime, carbon offsets are an effective way to green the bitcoin network and encourage ESG-conscious investors to adopt it.”
In turn, Luis Adaime, CEO and Founder of MOSS Earth, praised SkyBridge’s initiative:
“SkyBridge’s initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is most likely the largest ever undertaken by an institutional investor, and serves as a model for the investment community.”
He went on to say that reducing BTC’s CO2 emissions is an important step toward encouraging the mining industry to shift to renewable energy sources. Furthermore, the move would be beneficial to the environment.
Gemini Plans to Reduce Its Own CO2 Emissions
Gemini, the cryptocurrency trading platform run by the Winklevoss twins, announced a long-term initiative called Gemini Green. Its mission would be to incorporate environmentally conscious practices into its operations.
In an effort to decarbonize Bitcoin, the exchange partnered with Climate Vault and pledged to purchase 350,000 metric tons of carbon. Tyler Winklevoss, one of Gemini’s founders, stated:
“As Bitcoin emerges as the dominant store of value, it is critical that we include sustainability for future generations. We are excited to collaborate with Climate Vault to reduce our reliance on nonrenewable mining and contribute to the decarbonization of bitcoin.”
Surprisingly, the amount of carbon that Gemini intends to purchase equals roughly a billion miles driven by a typical passenger car.
Earlier this year, two other major cryptocurrency exchanges announced plans to go carbon neutral. First, FTX, based in San Francisco, declared its intentions:
“BTC isn’t the most energy-intensive company, but we take our global impact seriously. To that end, FTX has pledged to be carbon neutral.”
BitMEX, a Seychelles-based derivatives exchange, quickly followed. The platform confirmed that it would begin a carbon offsetting program, donating $0.0026 for every $1 in blockchain fees paid by their clients.