Companies looking to alleviate concerns by making their operations carbon-neutral are doing so as global regulatory pressure mounts.
Concerns over the energy usage of proof-of-work mining are at an all-time high. Legislation is being prepared to limit activities in certain locations due to environmental concerns, as policymakers fret over the energy usage of the mining operations.
Several mining companies have made pledges to be carbon neutral by the end of the year. Marathon Digital is one of the largest BTC mining operations in North America.
The firm revealed in an announcement on April 5 that it was moving from Montana, where power is from coal to new locations with more non-carbon emitting sources of power.
Bitcoin mining operations seeking greener power
Marathon said that its mining operations would be carbon-neutral by the end of the 2022. Marathon chairman and CEO, Fred Thiel, said that their primary goal for the year was to source sustainable energy for their operation.
“With the majority of our fleet already scheduled to be deployed at renewable power facilities and deployments currently underway, we believe it is an appropriate time to transition our legacy operations away from fossil fuel generation and towards more sustainable sources of power.”
Carbon neutrality can be achieved by a number of ways. One can only use renewable energy like wind, solar, or hydro-power and the other can only invest in carbon offsets. These incentives require firms to invest in projects that offset the amount of carbon they are producing.
Marathon has an agreement with Beowulf Energy to build a data center on a 20-acre plot near a 105-megawatt power facility in Montana. The data center can hold up to 30,000 S19 Pro Miners that can generate as much as 3.32 EH/s.
SEC climate disclosures welcomed
Stronghold Digital Mining said it welcomed the U.S. The SEC wants publicly traded companies to give climate-related disclosures.
Gregory Beard, co-chairman and CEO of Stronghold, said that the firm is already complying with the disclosures, adding that the firm is looking at technologies and investments to reduce their carbon footprint.
Coal waste is utilized to power Stronghold’s mining operations in Pennsylvania.
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