For cryptocurrency enthusiasts, there is no marriage like Bitcoin and Carbon Neutral. The fact that Bitcoin is a completely “clean” currency has made it a great fit for environmentalists and businesses looking for a way to reduce their carbon footprint. And the fact that the price of Bitcoin is still increasing at a very fast rate makes it a great investment.
In the early days of Bitcoin, this was not a problem as the market was small. Today, very few people are aware of the issue and an increasing number of users are now looking to purchase carbon-neutral Bitcoin. One of them is One River Digital in the UK which now sees a spike in demand.
Cryptocurrencies like Bitcoin have become increasingly popular in recent years, as the growing demand has outstripped the ability of the currency’s network to keep up. Bitcoin is in the limelight due to its use in the global market for illicit goods and services, and its purported health benefits.. Read more about carbon neutral and let us know what you think.Institutional investors are showing growing interest in One River Digital Asset Management’s bitcoin (BTC) investment solution. One River Digital, a cryptocurrency-focused hedge fund offering investments in bitcoin and ether (ETH), announced Wednesday that the vast majority of its institutional bitcoin fund assets have decided to switch to One River’s new carbon-neutral share class. In April, the company unveiled a new system that calculates the carbon cost of mining bitcoins and buys carbon credits in the form of tokens to offset its environmental impact. Based on an estimate of carbon emissions per BTC and the market price of the offsets needed to neutralize those emissions, the carbon cost of producing one BTC is equivalent to $55 per year, or 0.15% of the cost per BTC. One River buys these tokenized carbon credits by validating them on the blockchain. Sebastian Bee, president of One River Digital, said the growing number of institutional clients investing in One River’s carbon-neutral BTCs may signal a broader investment trend. In our view, this reflects a broader shift in investor preferences as transparency in institutional portfolios increases. We look forward to the new opportunities that lie ahead as the digital asset ecosystem strives for a 100% carbon neutral future, he said. One River Digital did not immediately respond to Cointelegraph’s request for comment. The latest news comes shortly after One River Digital applied for a carbon-neutral bitcoin tradable fund in late May. The Carbon Neutral BTC ETF is designed to reflect the performance of bitcoin on a carbon neutral basis, i.e. offsetting its carbon footprint by purchasing and withdrawing carbon credits to cover the emissions associated with bitcoin in the trust. One River’s carbon-neutral BTC investment vehicles come amid a growing debate about the impact of bitcoin mining on carbon emissions, and Tesla has suspended BTC payments for its cars due to related environmental concerns. Leading advocates of bitcoin, such as Michael Saylor, CEO of MicroStrategy, believe that mining bitcoin is the most valuable use of renewable energy, but also the most wasteful use of energy. According to Blockcap, bitcoin will consume less than 0.1% of global energy production by May 2021.In recent months, Bitcoin has been in the news and many people are starting to understand what it is. However, there are some misconceptions that still remain in the public’s consciousness. One of them is the idea that Bitcoin is mainly used to launder money. This, despite the fact that there has been no indication that the world’s biggest cryptocurrency is being used to facilitate illicit activity.. Read more about who runs bitcoin and let us know what you think.
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