GSR today announced that it will be making its entire business operation – including Bitcoin mining – carbon neutral through a partnership with MOSS, becoming among the first miners to fully offset its carbon footprint.
This partnership builds on GSR’s existing efforts to integrate more environmentally-friendly practices into its operations. Currently, GSR already utilizes renewable hydroelectric energy to power part of its mining operations.
Through the partnership, GSR will offset its carbon footprint through the purchase of tokenized carbon credits from the Fortaleza Ituxi Project, which aims to protect land in highly deforested regions in the Amazon rainforest. The MOSS platform will facilitate the purchase of these tokens. Calculations on carbon usage are made based on methodologies laid out in the United Nations Intergovernmental Panel on Climate Change Fifth Assessment Report and measurements dictated by the Greenhouse Gas Protocol.
GSR is continuing its commitment to growing its mining operations in an environmentally responsible manner. In the second half of 2021, GSR is looking to deploy additional mining equipment in North America, focusing on opportunities to use clean energy sources as the main source of power. This would mark the further evolution of GSR from being one of the first firms to offset carbon emissions from its mining activities, to becoming a natively carbon-neutral mining operation.
Trey Griggs, CEO of GSR Services USA said: “As Bitcoin market activity has grown, the subject of mining and energy use has become one of the industry’s hot button issues. There are important steps being taken, such as the increased use of alternative energy but, as with any innovation, it will take time for momentum to build. Our effort to offset our carbon footprint and further expand our use of alternative energies is part of our commitment to help the industry make the transition to a greener infrastructure.”
Renan Kruger, CTO MOSS said: “Partnering with GSR represents a major step forward in tackling the climate issues around cryptocurrency mining. Our hope is that other firms will follow in the direction of these early movers. We believe that, over time, the transparency and familiarity of a tokenized carbon credit program will appeal to miners, especially as the cost of clean energy continues to decrease.”