Canadian Bitcoin Publisher ETF Seeks “Green BTC”

Ninepoint Partners LP, one of the Canadian bitcoins (BTC), issuers of exchange traded funds have announced plans to offset the carbon footprint of their BTC ETF product.

According to a release issued on Monday, Ninepoint has entered into a partnership with carbon compensation service provider CarbonX. As part of the partnership, Ninepoint will devote an undisclosed portion of its management fees to the purchase of carbon credits to neutralize the environmental impact of the bitcoin mining process on BTC located in its fund.

As previously reported by Cointelegraph, Ninepoint announced plans convert your bitcoin trust to an ETF in March with the fund prospectus submitted to the regulatory authorities next month.

The partnership will also provide the Crypto Carbon Ratings Institute, which provides scientific estimates of energy consumption in bitcoin mining. The purchased carbon credits will allegedly be directed to conservation efforts in the Amazon rainforest.

Alex Tapscott, CEO of Digital Assets at Ninepoint, commented on the reasons for this move he said Bloomberg:

“Some investors who are worried about carbon footprint may be worried about investing in a bitcoin ETF.” What we are doing is creating what we hope is the solution to this problem, and giving them the choice they want, and frankly, they need it. “

“Ocean storytelling” continues to be associated with bitcoin mining, while critics point to the high energy consumption of mining facilities around the world. Earlier in May, a bill was submitted to the New York State Senate ban BTC mining in the state for three years due to energy concerns.

From China to Iran, miners face increasingly stringent regulatory oversight of electricity consumption and environmental impacts. On the other hand, proponents of bitcoins argue that they become miners buyer of last resort for renewable energy producers.

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