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On Monday, New York-based investment firm SkyBridge Capital announced its intentions to offset the carbon of its Bitcoin holdings after signing a partnership deal with environmental platform MOSS Earth. The company headed by former White House advisor Anthony Scaramucci has become the latest name to join the growing list of companies aiming for a greener Bitcoin. The partnership between the two firms was made possible by One River, another crypto investment platform that has been keen on offsetting its carbon footprint.
SkyBridge will work towards reducing the carbon in the atmosphere and does so by tapping into carbon offsets. Scaramucci himself lauded the approach, describing it as a reliable way of making the Bitcoin network green. He also said that Bitcoin mining would eventually become fully powered by renewable energy. Scaramucci said:
“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
Current estimates are that a minimum of at least half of all mining activities is result of utilizing green power sources.
MOSS operates in the voluntary carbon offset market, meaning they source credits from independently verified projects (for example, by Verra) that avoid deforestation that otherwise would occur. While the process of estimating the historic carbon footprint of bitcoin is subject to numerous assumptions and limitations, SkyBridge used a conservative estimate—based on Moss calculations—to determine the number of tokens required to offset the historical greenhouse gas emissions of the bitcoin currently held by its funds.
MOSS Chief Executive Officer, Luis Adaime, praised SkyBridge and said:
“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.”