Crypto for a healthier planet.
When we launched our Code Red Mode initiative to help Canadians turn their spending into climate action, we knew we needed to overhaul our approach to bitcoin, too.
Bitcoin keeps reaching new heights with more people investing in it as it grows. So, we thought, why not make a more environmentally friendly way to own it??
It’s widely known that the world of crypto has a huge energy cost. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin uses about 110 terawatt hours every single year. That’s about 0.55% of global electricity production. Ouch.
So here’s the deal: We’re the greenest way to purchase bitcoin in Canada. Starting now, any bitcoin you purchase with Mogo will be climate positive - we’ll plant enough trees to offset the carbon footprint generated from mining all of the bitcoin held on our platform, and then some!
Yep: all bitcoin purchased on the Mogo platform is climate positive. Mogo makes it easy to invest in bitcoin sustainably!
If you’re interested in crypto but are concerned about the environment, we’re here for you.
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So, are you investing in crypto?
Bitcoin’s Energy Cost
For environmentally conscious investors, bitcoin has long been out of the question. That 110 terawatt hours annual energy bill? It’s roughly equivalent to the energy use of a small country, like Sweden.
Bitcoin’s energy usage can be addressed at several points. From mining to trading, everyone can—and should—do their parts to offset this huge environmental impact.
But here’s the deal: energy consumption is not perfectly equal to carbon emissions. The amount of CO2 or CO2e yielded by an activity depends on the type of energy used—hydro is cleaner than coal, for example.
So we wanted to share our strategy to make bitcoin purchased through Mogo climate positive.
Mogo’s Green Crypto CommitmentWe plant a tree to absorb CO2 every time you tap your MogoCard. The average Canadian needs to tap their MogoCard just 10 times per month to become totally climate positive.1
A gas refill? Climate action. Happy hour with friends? Climate action. Buying new sneakers? All your purchases are turned into climate action when you use your MogoCard for your spending. And it’s the same with green bitcoin!
By our (actually someone else's) counts, 421,000 lbs of CO2 is created in the course of mining a bitcoin. Yikes.
This way, you can get in on the exciting world of crypto without the negative environmental impact.
Planting Trees with veritree
To help make our bitcoin green, we’ve partnered with our trusted pals at veritree! They’re already helping us with our tree-planting efforts on the MogoCard. Veritree partners with reforestation groups and uses a unique system to track the progress of reforestation projects all around the world.
Veritree connects businesses and individual donors with folks on the ground doing important reforestation work. In essence, we pay veritree for a tree on your behalf, they fund a specific project, and your tree gets planted. And it all gets recorded in the blockchain. This way, all parties can track every transaction (ie. every single planted tree).
As part of our partnership, veritree has connected us with Eden Reforestation Projects, which is the group leading the charge on the ground.
Eden leads multiple reforestation projects in several countries. With Eden, we’re planting trees in:
Eden plants trees native to the country in mind so it benefits the surrounding environment, provides jobs to support the community, and to preserve wildlife habitats.
Eden reports back to veritree, and veritree reports back to us, and we report back to you.
When you buy your coffee, a skilled worker plants a tree on your behalf. That tree, over its lifetime, can suck about 500 lbs of CO2 out of the air. And that makes for a healthier planet.
So, whaddya say? If you are ready to add climate positive bitcoin to your portfolio, we’ll be happy to have you on board!
MogoCard means the Mogo Visa* Platinum Prepaid Card.*Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC).
This blog is provided for informational purposes only, is not intended as investment advice, and is not meant to suggest that a particular investment or strategy is suitable for any particular investor. If you’re unsure about an investment, you may wish to obtain advice from a qualified professional. Nothing herein should be considered an offer, solicitation of an offer, or advice to buy or sell securities. Buying and selling bitcoin is risky and you may suffer losses. The price of bitcoin is highly volatile and speculative and so you should never invest more in bitcoin than you can afford to lose. It’s also important to remember that past performance is no guarantee of future results. Starting on October 21, 2021 Mogo will offset the approximate carbon footprint generated from mining the maximum aggregate number of bitcoins held on its platform at any given time (as determined from time to time).
1-An average Canadian emits approximately 42,000 lbs of CO2 in one year. Each tree will absorb approximately 500lbs of CO2 over its lifetime (approximately 25 years). For every purchase made with the MogoCard, a tree will be planted. If you used your MogoCard for 10 purchases each month, 10 trees would be planted. If 10 trees were planted every month for a year, that would be 120 trees, and those 120 trees would absorb a combined total of 60,000 lbs of CO2 over their lifetimes (25 years), making the average Canadian climate positive. Learn more: Blog.
2-According to research conducted by Veritree Technology Inc. 500 lbs. is an approximate amount based on Above-Ground-Carbon (AGC) and Below Ground Carbon (BGC) sequestration estimates contained in several scientific research papers regarding the carbon sequestration of Mangrove trees (the “Research”). The Research contains various ranges for the rate of carbon sequestration per hectare of land. In order to arrive at the approximate amount of 500 lbs., Veritree triangulated data points from the Research regarding AGC and BGC sequestration estimates, and then converted those results into the approximate amount of lbs. per tree.