Learn how to offset your Bitcoin’s carbon footprint
After Elon Musk criticized the environmental cost of Bitcoin, the cryptocurrency suffered a historic devaluation. Find out how Moss enables you to offset the environmental damage of your crypto assets
On May 12, Tesla CEO Elon Musk announced that the electric carmaker would no longer accept Bitcoin as a form of payment for their vehicles. In his Twitter, the entrepreneur published:
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.
Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin´s energy/transaction.”
The result was immediate: the cryptocurrency suffered a 12% devaluation in the following 24 hours, leading to its second biggest drop in absolute numbers in its history.
While we understand Tesla’s concern around Bitcoin’s environmental cost, we want you to know that #MossHasTheSolution.
Bitcoin and its environmental cost
The environmental cost of Bitcoin does not come from buying and selling the cryptocurrency; rather, it is embedded in the mining process, which consumes large amounts of energy, in exchange for ensuring that the blockchain works appropriately and that transactions are secure thanks to its proof-of-work algorithm.
The idea is that network participants help keep it safe and functioning and, therefore, they are rewarded financially through the issuance of new Bitcoins.
As mining consumes large amounts of energy, miners search for cheap energy that, unfortunately, tends to be harmful for the environment. This energy consumption increases every day, and, consequently, the mining of Bitcoin has become more harmful to the environment than ever before.
How can we solve this problem?
One simple yet effective solution to the emissions associated with cryptocurrencies is to purchase and offset carbon credits.
For Bitcoin specifically, for every Bitcoin, you can offset the emissions with 2 MCO2 tokens. In doing so, Bitcoin effectively becomes carbon neutral, and the funds spent on Moss carbon credits support projects in the Amazon Rainforest.
It is important to remember that, whether conscious or not, we are responsible for the emissions of greenhouse gases into the atmosphere; this is known as our carbon footprint.
Therefore, whether we are Bitcoin holders or not, we must stop to think about our impact and how to offset it.
#MossHasTheSolution: The MCO2 TOKEN
The MCO2 Token is a blockchain-enabled asset that can offset greenhouse gas emissions. One MCO2 equals one carbon credit, so, by ‘burning’ one MCO2 token, you are offsetting the emissions of one ton of greenhouse gases.
To learn more about the projects Moss supports, click here.
By placing carbon credits in blockchain, Moss has made the market more secure, transparent, democratic and dynamic.
In digital portfolios, carbon credits are no longer just an expense; now, they can be treated as an asset which can be sold on international exchanges. The use of digital wallets in blockchain also increases the security of the process and makes transactions more transparent.
In the carbon credit market, Moss is the largest environmental platform in the world. The MCO2 was listed at $3 and reached an ATH of around $20. It is responsible for channeling more than US $13 million for the preservation of more than 780,000 trees in the Amazon Rainforest.
The change that can save the planet is in our hands. By offsetting our carbon footprint, we reduce the impacts of global warming and build a better world together.
Contact us. With Moss, it’s easier to make your day-to-day choices more and more sustainable.