SkyBridge Capital, a global investment business, is collaborating with MOSS Earth, a carbon credit supplier. The purpose is to acquire tokens representing 38,436 tonnes of carbon offsets.
Skybridge Announcing the Move
On August 2, SkyBridge announced the move. The founder Anthony Scaramucci is predicting that Bitcoin mining will be “totally renewable before the end of the decade.” In the meantime, Scaramucci feels that carbon offsets are an “effective” way for the industry to reduce its environmental impact.
SkyBridge is an institutional asset manager that offers BTC exposure through mutual funds. The company has also filed an application with the Securities and Exchange Commission for a Bitcoin exchange-traded fund (ETF).
MOSS Earth
MOSS Earth is a climate technology company that sells “MCO2” tokens backed by carbon credits and can offset greenhouse gas emissions. Therefore, SkyBridge calculates the carbon footprint linked with its Bitcoin assets using a “conservative” estimate as part of the collaboration.
Additionally, MOSS obtains carbon credits from organisations that have been officially vetted. One such example is Vera, which fights deforestation in the Amazon Rainforest and funds its environmental activities through carbon credits.
SkyBridge joins crypto exchanges FTX, Gemini, and BitMEX in purchasing carbon offsets to decrease their environmental footprint this year.
The Tesla Effect
Following Elon Musk’s May declaration that Tesla would stop taking BTC payments until the mining industry can demonstrate it is verifiably sustainable, environmental worries have hindered crypto’s narrative in 2021.
According to research issued on July 2 by the Bitcoin Mining Council, the worldwide Bitcoin mining business attained a 56% sustainable power mix in Q2. The poll, however, included only three questions and relied on voluntary and self-reported replies from 32% of the network’s miners.
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