SkyBridge offsets the carbon footprint of its bitcoin holdings

SkyBridge Capital, led by Anthony Scaramucci, has entered into a partnership with MOSS Earth to purchase and immediately retire tokens representing roughly 38,436 tonnes of carbon emissions.

According to пресс-релизу, the deal is intended to offset the alleged carbon footprint of the bitcoins held by SkyBridge funds.

“We project that Bitcoin mining will be fully renewable by the end of the decade. In the meantime, offsetting carbon emissions represents an effective way to “green” the cryptocurrency network and ease its adoption by investors focused on ESG,” said Scaramucci.

MOSS specialises in environmental services. The firm’s first carbon credit token, MCO2, used to offset greenhouse gas emissions, was created in 2020.

SkyBridge noted that the process of assessing the historical carbon footprint of the network for the first cryptocurrency is subject to numerous assumptions and limitations. The company used MOSS’s methodology to determine the number of tokens needed to offset the emissions.

“SkyBridge’s initiative to offset the greenhouse gas emissions from Bitcoin held in its funds is likely the largest ever undertaken by an institutional investor and a benchmark for others,” said Luis Adáime, founder and CEO of MOSS.

Earlier, Scaramucci said that China’s ban on mining could help address the environmental challenge facing the leading cryptocurrency.