Written by Nezwan Helmy
As climate change is a major issue on a worldwide scale, excessive energy use represents a huge challenge for the Bitcoin community. Today’s climate change issue requires technology to be transformative, much alone revolutionary in nature, and Bitcoin mining should not be discarded from the list of new technologies.
Many believe that it is necessary for Bitcoin to have a more sustainable future since it is already a popular alternative for fiat money.
A Bitcoin Mining Method That Is More Eco-Friendly
This is exactly what the Mawson Infrastructure Group is attempting to do; and in the meantime, a new facility in Sandersville, Georgia is being built to accommodate the company’s growing business. The decision follows after the company successfully raised $37 million of public equity in early 2021.
With over 30,000 miners having been bought by Mawson, the business is able to expand its Georgia plant, thus significantly boosting its Bitcoin mining capacity. This power plant consists of more than 80% renewable and non-carbon energy sources, as well as an average power cost of only 3.5 cents per kilowatt-hour (kWh), making it an ideal location for bitcoin mining operations.
James Manning, CEO of the renewable energy firm, said that the firm is “[…] looking to implement a long-term strategy to bring the world to a decarbonized civilization.” The company believes it has the potential to be a pioneer in environmentally responsible Bitcoin mining.
Mawson’s Strategy For Sustainable Energy Consumption
Whilst the mining industry as a whole is highly dependent on carbon-emitting energy sources, Mawson is committed to using environmentally friendly sources wherever possible. The company is also aiming to have 100% energy consumption based on renewable and zero-carbon sources over the next five to ten years.
The location of the company’s mining facilities plays a major role in achieving this goal on time.
For years, Mawson has been looking for power plants with significant electricity surpluses and thus plans to place highly efficient mining operations near them. This allows the company to power its mining operations with “stranded and distressed” energy assets.
Putting Big Emphasis on Environmental, Social & Governance (ESG) Effort
In addition to its commitment to renewable energy, Mawson also plans to plant 25,000 trees in 2021 and 53,000 plants in 2022. Despite the fact that Mawson is committed to corporate responsibility, the company is not just concerned with sustainability; in addition, the company said that it is important to consider how they must engage with and educate the community too.
As Mawson is committed to realising Bitcoin’s full revolutionary potential, it stands out from the rest of the big businesses, which depend significantly on carbon-emitting facilities for power. When coupled with the firm’s other environmental, social, and governance efforts, this commitment may bode well for the company’s future.
Tell Us Your Thoughts!
Unfortunately, the current reality for Bitcoin mining is that it consumes a tremendous amount of energy.
How about other crypto mining companies? Do you think they should follow the same steps taken by Mawson Infrastructure Group? Let us know in the comments below.