Global investment business firm SkyBridge Capital has partnered with carbon credit provider Moss to purchase tokens representing 38,436 tons of carbon offsets.

SkyBridge announced the motility on Monday, with founder Anthony Scaramucci forecasting that the Bitcoin (BTC) mining manufacture "volition be fully renewable by the end of the decade." In the meantime, Scaramucci believes carbon offsets offer an "effective" means for the sector to meliorate its ecological footprint:

"In the interim, carbon offsets represent an effective style to green the Bitcoin network and facilitate adoption past ESG-minded investors."

SkyBridge is an institutional asset manager that provides exposure to BTC via fund products. The firm too has a awaiting application for a Bitcoin exchange-traded fund (ETF) with the Us Securities and Commutation Commission.

Moss is a climate tech firm that provides carbon credit-backed "MCO2" tokens for offsetting greenhouse emissions. Every bit function of the partnership, SkyBridge used a "conservative" estimate to determine the carbon footprint associated with its Bitcoin holdings.

Moss sources carbon credits from independently verified projects such every bit Vera, which combat deforestation in the Amazon rainforest and source their environmental initiatives through the sale of carbon credits.

Related: A green revolution in crypto mining? Industry answers wake-up call

SkyBridge joins several crypto firms that have purchased carbon offsets to reduce their ecology footprint this year, including crypto exchanges FTX, Gemini and BitMEX.

Environmental concerns have hampered crypto's narrative in 2022 following Elon Musk'southward May announcement that Tesla would halt accepting BTC payments until the mining sector is able to demonstrate it is verifiably sustainable.

A study published past the Bitcoin Mining Council on July ii estimated that the global Bitcoin mining sector reached a 56% sustainable power mix in Q2. Yet, the survey was based on just three questions and relied on voluntary and self-reported responses from 32% of miners on the network.