As Bitcoin Goes Green, Investors Will Come

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Ninepoint Partners, a Toronto-based investment firm managing $8 billion in assets, and Greenidge Generation, a New York-based power provider and bitcoin mining company, have each announced that they will be using carbon offsets to compensate for any carbon emissions resulting from their operations, signaling the growth of a significant new trend for the industry.

Carbon offsets allow companies like Ninepoint and Greenidge to pay for a reduction in carbon dioxide emissions somewhere else to compensate for any carbon emissions resulting from their own business practices.

Greenidge Generation announced that it will offset all greenhouse gas emissions from its bitcoin mining operations by June 2021.

“Greenidge will purchase voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects,” according to a recent release. “Each project has been reviewed and certified by one of three well-recognized Offset Project Registries … ensuring that any projects funded by Greenidge reduce emissions or increase sequestration of greenhouse gas in a manner that is real, permanent, and verifiable.”

Meanwhile, Ninepoint will use a portion of its management fee to pay for 100% of offsets to compensate for any carbon produced by the mining of the bitcoin held in its exchange-traded fund (ETF).


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