The global investment firm – SkyBridge Capital – partnered with the climate tech company – MOSS Earth – to purchase and respectively retire tokens representing nearly 40,000 tons of CO2. The move would aim to offset the carbon footprint of the Bitcoin network.
According to a press release dated August 2nd, SkyBridge Capital teamed with the environmental platform MOSS Earth to buy and immediately retire 38,436 tons of carbon. The transaction would neutralize the estimated CO2 footprint of BTC generated from SkyBridge’s multi-strategy funds as well as the First Trust SkyBridge Bitcoin Fund.
The founder and CEO of SkyBridge – Anthony Scaramucci – raised hopes that in less than 10 years, BTC mining can become fully renewable:
“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.”