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Calls for greener crypto mining practices are slowly gaining traction. The latest institutional investor to commit to decarbonizing its Bitcoin holdings is SkyBridge Capital.
SkyBridge Retires 38,436 Tons
New York-based investment firm SkyBridge Capital is reassessing its carbon emission. According to a Monday release, the international investment company founded by Anthony Scaramucci, has committed to a green Bitcoin holding. In conjunction with MOSS Earth, a carbon credit supplier, SkyBridge is looking to retire approximately 38,436 metric tons of carbon held by its products firm-wide. This will also include BTC holdings in its multi-strategy funds and First Trust SkyBridge Bitcoin Fund. Commenting on the move, Scaramucci noted that Bitcoin mining would pivot to renewable energy by the end of the decade. According to the former White House Director of Communications, carbon offsets are a stop-gap to address the climate concerns surrounding mining the world's oldest cryptocurrency. He also pointed out that SkyBridge cutting down on its C02 emissions would help address the environmental, social, and governance (ESG) factors that have become a thorn in the crypto space. This growing adoption would serve as an incentive to ESG-minded investors who have previously been put off by the harm crypto mining brought to the atmosphere. MOSS Earth is the world’s largest environmental platform that enables crypto-facing institutions to cut down on their carbon emissions on their crypto holdings. The company calculates how much carbon credits a client needs and sources those credits from verified third-party projects like Verra.
Crypto Firms Aiming For Carbon Neutrality
SkyBridge Capital joins a herd of crypto companies that have recently seized the initiative to reassess the environmental impact of cryptocurrencies. Popular crypto exchanges FTX and BitMEX committed to a carbon-neutral future earlier this year. In a statement published by BitMEX, the Bitcoin exchange said that it would donate at least $0.0026 for every $1 spent on blockchain fees on its exchange. This was in response to FTX founder Sam Bankman-Fried who said that his exchange would pay out $150,000 to cut down its carbon footprints. Popular US exchange Gemini has also taken this path with the Winklevoss Twins’ owned enterprise pledging to offset 350,000 metric tons of its carbon emissions. The recent call for green crypto mining practices follows on the back of concerns on Bitcoin mining's impact on the environment. While some governments have taken a more dynamic approach to the Bitcoin energy problem, others have outrightly banned the mining of cryptocurrencies in its regions. Asian giant China issued an order for all Bitcoin mining operations to stop in its Inner Mongolia regions due to the rising case of climate change. It also stopped trading cryptocurrencies in the country.