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SkyBridge is committed to make Bitcoin mining a green industry through renewable energy.
SkyBridge Capital, a global alternative investment firm that specializes in hedge fund products, has announced a strategic partnership with MOSS Earth, a climate technology company focused on environmental services especially global operations. According to the partnership details, SkyBridge has purchased MCO2 tokens representing approximately 38,436 tons of carbon, consequently, the investment firm has officially offset its historical carbon footprint caused by its Bitcoin holdings.
SkyBridge is committed to make Bitcoin mining a green industry, moreso, through renewable energy. “We project that bitcoin mining will be fully renewable by the end of the decade,” said Anthony Scaramucci, Founder and Managing Partner of SkyBridge. “In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
SkyBridge and Bitcoin Mining Industry
The discussion of Bitcoin mining and energy consumption has dominated the first half of the year. As institutional investors proliferate the crypto industry that is partially powered by proof of work, government scrutiny is expected to rise. Furthermore, global warming caused by carbon emissions through electricity production has caused weather extremities in notable parts of the world. Recently, heavy rains experienced in some parts of Europe and Asia have caused huge damage due to flooding.
However, institutional investors are seeking to hedge against the inflationary global economy that has been magnified by the coronavirus pandemic. Consequently, Bitcoin and other digital assets have emerged as the best alternatives that give the best return on investment over a long-term basis.
Investing in green Bitcoin mining, particularly for SkyBridge, is expected to set a positive note for other institutional investors.
“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,” said Moss CEO and founder Luis Adaime.
Earlier this year, Tesla Inc (NASDAQ: TSLA) announced that it has temporarily stopped receiving Bitcoin payments until the mining industry migrates to renewable energy consumption.
The pressure has mounted on Bitcoin mining operations as the Chinese government cramped on the industry earlier this year. Notably, Bitcoin miners are critical in maintaining the network’s overall operations including confirming transactions and also securing the blockchain.
Bitcoin and the entire altcoin market have experienced a notable rebound from the prior correction that began around mid-March. At the time of reporting, Bitcoin was trading around $38,552.27, down 2.6% in the past 24-hours according to CoinGecko.