Marathon Digital Holdings, a Bitcoin miner, plans to make a major step towards carbon neutrality by transitioning its Montana mining facility to sustainable power sources.
Nevada-based company plans to move its Hardin, Montana coal-powered facility to a location that uses renewable, low-carbon energy sources. This move will help the company achieve its goal of carbon neutrality by 2022.
Marathon CEO Fred Thiel announced in a company announcement that he is working to ensure that “our miners are as sustainable powered as possible.”
“With the majority our fleet scheduled to be deployed to renewable power facilities, and current deployments underway, we believe now is the right time to transition our legacy operations from fossil fuel generation to more sustainable sources.
Marathon’s efforts to find clean energy sources for its facilities reflect a shift within the Bitcoin mining industry toward environmental awareness, sparked not only by U.S. lawmakers but also from around the globe.
Greenpeace launched a campaign to “change code, not climate” to force Bitcoin to adopt more efficient technology. In its most recent report, the Intergovernmental Panel on Climate Change called crypto a “major worldwide source” of carbon dioxide.
Now, miners are quick to point out their environmentally-friendly practices. Gryphon Digital Mining canceled a merger with Sphere 3D on April 4. Both companies made it clear in a joint announcement that their respective firms will continue to develop carbon-neutral mining facilities. Gryphon has achieved carbon-neutrality through the acquisition of carbon offsets. However, Sphere 3D has yet to respond to a request for explanations as to how it is a carbon neutral operation.
Marathon has the third highest Bitcoin (BTC), of any publicly traded company, behind Elon Musk’s Tesla and Michael Saylor’s MicroStrategy. Yesterday, the gap between MicroStrategy and it widened when Saylor disclosed that his company had purchased an additional 4,167 BTC for $190.5 million.
Thiel stated in a Bloomberg article on April 4, that his company was strong in the market and that he would consider selling it if offered the opportunity. Thiel stated, “If someone offers us a large premium over our market capital, I must consider it and that may be a good thing for the investors.”
Thiel thinks that energy producers may be most interested in purchasing Bitcoin mining operations, as they won’t have to worry about acquiring contracts to power them.
A March 2021 study found that energy flexibility in mining facilities can be beneficial for the environment as well as public energy grids.
Related: Twitter discusses the role and importance of renewable energy for Bitcoin mining
Flexible facilities are those that can produce its own energy from renewable sources when the energy grid cannot handle the demand of Bitcoin miners. To increase cash flow efficiency, energy companies can use excess or wasted energy to power Bitcoin miners.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.