The new Bitcoin ETF of Brazilian crypto investment company Hashdex Asset Management, the BITH11, has just become carbon neutral, according to the company.
Hashdex claims that all the carbon emissions associated to this investment product will be neutralized by purchasing carbon credits. To do so, the company has partnered with Crypto Carbon Ratings Institute (CCRI), which will be responsible for calculating how much energy is consumed and how much carbon emissions are produced in the mining of the Bitcoins bought by the exchange-traded fund.
According to the firm, the fund is expected to make an annual investment of about 0.15% of its liquid assets into carbon credits and green technologies.
Cryptocurrency funds are trying to become green because of the recent concerns about the environmental impact of crypto mining. To do so, they are trying to compensate for the impact on the environment of mining by buying carbon offsets.
