“Buy Bitcoin, Save The Planet,” Says Canadian Investment Firm

Calgary-based Accelerate Financial Technologies prepares to launch a Carbon-Negative Bitcoin ETF (TSX: ABTC). It plans to match each investment by planting trees to counteract the adverse environmental impact of crypto mining. “Accelerate intends to sequester over 100% of the estimated carbon dioxide emissions attributable to bitcoin transactions that ABTC is indirectly exposed to by funding decarbonization initiatives including its global tree-planting program” the company states on its website. Related Reading | $425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment According to this Bloomberg report, Accelerate pledges to plant 3,450 trees for every C$1 million ($788,200) invested into its carbon-negative ETF. The company estimates that each investment would result in the offset of 1,000 tons of carbon dioxide. The Environmental Impact Of Bitcoin Mining There is an ongoing debate about the energy use of Bitcoin mining. While some companies have changed their tone in recent months, and are even building out cryptocurrency offerings for their clients, Bank of America has been conservative in its approach. A report from Bank of America released earlier this year stated mining as an environmental concern. Bitcoin mining is an energy-intensive process that requires the use of massive computing rigs—and the corresponding hardware to cool down such machines—to process transactions and maint...