2023’s Crypto Gainers: Decentraland’s MANA Token Outperforms Bitcoin With 88% Increase in One Week

January 17, 2023 Bitcoin.com

Carbon neutral crypto spot ETFs to launch in Canada

November 9, 2021 Coin Telegraph

Canada

Purpose Investments will measure the carbon footprint associated with its portfolio and purchase carbon offsets accordingly.

Two carbon neutral cryptocurrency-backed exchange-traded funds are poised to launch in Canada offering a greener alternative for institutional investors.

Canada-based asset manager Purpose Investments is readying to launch two new crypto-based ETFs on the Toronto Stock Exchange on Nov. 9, both of which offer investors a carbon offset.

Purpose will launch their Bitcoin and Ethereum ETFs under the BTCC.J and ETHH.J tickers. Unlike the funds recently launched in the U.S. which are futures contract backed, these funds will be backed and settled using BTC as the underlying asset.

Tomorrow @PurposeInvest is launching new share classes for their #Bitcoin and #Ethereum ETFs -- $BTCC and $ETHH. They will be "Carbon Offset" share classes and will be denoted "/J". Pages below. pic.twitter.com/W9QYS4232U
— James Seyffart (@JSeyff) November 8, 2021

The Toronto-based firm has partnered with Patch, a firm that will help it measure the carbon footprint of the crypto portfolios and offer carbon-removal solutions. Measuring the carbon footprint of crypto mining is no easy task as there are so many variables, but the firm has detailed its efforts and the math in a whitepaper.

Purpose will then invest in vetted carbon offsetting projects with the aim to give clients carbon neutral exposure to BTC. Some of the projects it will invest in include direct air capture, biomass, mineralization or carbon dioxide removal, forestry, ocean fertilization, and soil management.

According to the firm's prospectus,Purpose's new BTC fund held 24,167 BTC (approx. $US1.6 billion) as of Nov. 8, while the Ether fund had 86,906 ETH (worth roughly $US417 million) as of Nov. 8.

The Purpose Bitcoin ETF (BTCC-B.TO) was North America’s first Bitcoin fund launched in February. It currently has more than a million dollars in volume and has returned almost 20% over the past month according to Yahoo! Finance.

The Purpose Ethereum ETF (ETHH.TO) is not as popular with just $210,000 in daily volume but it has made a better return of 38% over the past 30 days.

The company also launched the first ETF that incorporates carbon offsetting in Europe in June. The fund trades on the London Stock Exchange under the ticker ZERO and tracks the S&P Global Clean Energy Select Index.

Chia Is Eyeing to Launch an IPO This Year

May 27, 2021 Bitcoin.com

Elon Musk not right person to lead green Bitcoin debate, Nic Carter says

May 27, 2021 Coin Telegraph

Bitcoin

Policymakers should encourage greener grids for local Bitcoin mining, Carter suggested.

Castle Island Ventures' Nic Carter doesn’t think Elon Musk is the right person to lead the “clean Bitcoin“ debate, “possibly not as far as the Bitcoin community is concerned.”

He told Bloomberg, “Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted given that his business partially involves the sale of offsets.”

However, asking for Bitcoin miners to be more transparent about their energy mix is a good proposal no matter who it’s coming from, Carter stressed, alluding to the recently formed Bitcoin Mining Council.

Bitcoin is a decentralized synthetic commodity that is very resistant to regulation, he noted. If you ban Bitcoin in one jurisdiction, the hash power will just flow to a new jurisdiction. There will be no shortage of friendlier jurisdictions even if individual countries do ban it.

Instead of banning Bitcoin due to its energy consumption, Carter suggests policymakers should create greener grids for Bitcoin mining.

North American Bitcoin miners are cleaner than many other industrial consumers of electricity. Carter believes this is why the idea of miners being more transparent about the kind of energy they are using is going to vindicate them.

Carter also doesn’t seem to be convinced on the “Bitcoin is used for money laundering” narrative. Any monetary system is always going to be used for crime, he stated, noting that the U.S. dollar is used for illicit purposes far more often than Bitcoin.

Associating Bitcoin with criminal activities is a curious angle, according to Carter, “since we didn’t ban the U.S. dollar because Pablo Escobar had heaps of dollars in his basement.”

The Bitcoin Mining Council was established following a meeting between Elon Musk and leading Bitcoin miners in North America brokered by MicroStrategy CEO Michael Saylor. The council’s primary goal is to promote transparent energy use and accelerate sustainability initiatives worldwide, Saylor tweeted.