Marathon Digital is relocating to a different facility that uses more environmentally friendly electricity as the company hopes to achieve carbon neutrality by the end of the year. In addition, Stronghold Digital has expressed support for a climate proposal submitted by the Securities Exchange Commission. Presently, global regulatory pressure on BTC mining is increasing. As a result, firms are attempting to relieve worries by converting their activities to be carbon-neutral.
This year, there is a heightened degree of concern about the energy consumption of proof-of-work crypto mining. Regulators are concerned about the amount of energy that BTC mining operations require, and they are considering laws to restrict mining activities in certain areas owing to environmental issues.
Following this announcement, most BTC mining firms have created commitments to be carbon-neutral before 2022. Marathon Digital Holdings, for example, is one of the biggest BTC mining businesses in North America. In a statement made on the 5th of April, the company disclosed that it was relocating from Montana, in which electricity is derived from coal, to other facilities powered by “more green and non-carbon generating sources of energy.”
Bitcoin Mining Firms Are Looking For More Environmentally Friendly Energy
Marathon also said that its mining operations would be “completely carbon-neutral” by the close of 2022. Thiel, the chairman of Marathon, stated that their key priority for 2022 was to acquire environmentally friendly energy for the business. The vast majority of our ships have already been planned to be implemented at renewable energy facilities, with some installations already ongoing. We genuinely think this is the time to switch from fossil fuel creation to more sources of renewable energy.
There are different approaches that a crypto mining company might take to attain carbon neutrality. One option is to solely utilize renewable energy sources such as solar, wind, or hydroelectricity, while another option is to use carbon offsets to reduce carbon emissions. These are financial rewards that compel a company to engage in technologies that “offset” the company’s carbon emissions.
Meanwhile, Marathon has signed a deal with Beowulf company to build an information technology data center using a 20-acre tract next to the Hardin Generating Station of Beowulf in Hardin, Montana. As per the firm’s site, the data facility has a strength of approximately 30,000 S19 Pro Miners, each of which can generate up to 3.32 EH/s of electricity.
Climate Disclosures By The SEC Are Accepted
Similarly, competitor mining business Stronghold Digital has declared that it supports the recent suggestion by the SEC of the United States that publicly listed corporations should publish climate-related statements. According to Gregory Beard, chief executive officer of Stronghold Corporation, the company has previously complied with the disclosure requirements. The company is looking at technology and resources to minimize its carbon footprint.”