An engineer uses a laptop computer to run diagnostics on mining rigs at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia, on Thursday, March 18, 2021.
The effort comes as critics say Bitcoin’s environmental record has worsened while its price has skyrocketed.
Ninepoint, which has about $6.5 billion in assets under management and institutional contracts, is partnering with environmental software fintech-firm CarbonX to purchase carbon credits and support forest conservation projects.
One River Asset Management, whose crypto funds are backed by billionaire Alan Howard, said it’s developed a system that calculates the carbon cost of mining and buys credits to offset the impact.
Canada was the first anywhere to carry the ETF label for a Bitcoin product.