With increasing authorities’ pressure over crypto mining operations, many mining firms have started making moves to ensure that their operations do not constitute an environmental nuisance. This year is the first time there will be a greater focus on PoW crypto mining activities than in previous years.
Lawmakers’ Worry And Crypto Miners’ Reactions
Lawmakers are worried about the huge energy consumption of BTC mining operations. Hence, they are developing policies that will restrict BTC mining operations in specific locations to avoid the degradation of the environment in such locations. BTC mining firms have heeded the warning and started moving their operations to new environments where they can run their mining operations without restrictions.
However, some crypto mining firms have started making moves to ensure that their mining operations are carbon neutral by the end of this year. One such firm is marathon digital holdings, arguably the biggest bitcoin mining firm in the North American continent.
Today, Marathon issued an official press release that the firm has secured a new location with constant and carbon-neutral power sources. Hence, it will be moving its operations from its current base in Montana before this year ends.
Aligning With The Government’s Carbon-Neutral BTC Mining Objectives
The company’s CEO Fred Thiel stated that “making our BTC mining operations 100% carbon neutral is our major objective this year, and we have mapped out plans to make that objective a reality.”
He added, “We already have most of our fleets running on renewable power. We are convinced that our next best step is to move our legacy operations to more sustainable power sources and no longer run our operations through fossil fuels.”
One common way any BTC mining company can run a carbon-neutral mining operation is to start using renewable power like hydro-power, wind, and solar. A less common way is by investing in carbon offsets. Any crypto mining company that invests in carbon offsets will receive incentives to invest in other projects that will ‘counterbalance’ the amount of carbon they produce through their mining operations.
Marathon’s current mining operational base is a 20-acre plot near Beowulf’s Hardin generating station. It is a 105-MW power building that provides sufficient power for Marathon’s 30,000 S19 pro miners, which produce up to 3.32 EH/s.
Crypto Mining Firm Accepts SEC’s Proposal
In related news, another US-based crypto mining firm, stronghold digital mining, has revealed that it won’t mind providing climate disclosures as proposed by the sec. You’d recall that the sec had recently proposed that the publicly-traded firms (including crypto firms) must disclose climate-related data when they make their periodic filings with the financial regulator.
Stronghold’s chief executive, Gregory Beard, added that “we are already exploring technologies and tools that can help us lower our carbon emissions and footprint. Thus, enabling us to comply with the sec’s proposal.” Stronghold’s BTC mining facility in Pennsylvania is powered by coal waste. It might be a matter of time before other BTC mining firms accedes to the sec’s proposal.