Bit Digital: Crypto Industry’s Sustainability Leader Set to Double Its Mining Fleet and Revenue in 2022

The tech progress has given new notions to outdated phrases. The phrase “mining” is now related in folks’s minds each with conventional mining of minerals which might be important for our on a regular basis existence comparable to coal, iron ore, and different metals and the cryptocurrencies, or crypto, the nascent phenomenon that has the potential to exchange fiat cash. Crypto mining, although it isn’t related to mines, pits, heavy equipment, and plenty of labor, however leaves a somewhat heavy footprint because it requires an amazing quantity {of electrical} energy consumed in the proof-of-work course of.

Electricity technology, in flip, might depend on fossil fuels comparable to coal, oil, pure gasoline, i.e. the pure sources which might be finite and can’t be changed, and such sources as wind, solar, and hydro sources which might be a lot cleaner as they’ve virtually zero carbon emissions. Non-renewable or fossil sources want to be burned to generate electrical energy and in the method of burning they emit carbon gas, the principle reason for the hostile local weather change brought on by human exercise.

As power-hungry crypto mining retains rising and so does the facility consumption related to it, the problem of the mining’s carbon footprint additionally turns into extra acute. Mining corporations, or miners, have been closely criticized for polluting the environment; because of this, the environmental rationale of crypto mining got here beneath hearth whereas sustainability of crypto mining operations has turn into a sizzling subject. One of the leaders of the business’s sustainability effort is Bit Digital, a mining firm that operates 38,475 specialised computer systems, the business’s single largest fleet stationed throughout 4 US states and relying primarily on sustainable vitality sources comparable to wind energy and hydropower.

Bit Digital’s ASICs (superior computer systems personalized for bitcoin mining) have a 67-percent carbon-free footprint, which makes it one of many business’s ‘greenest’ miners. This was achieved on the finish of 2021, when Bit Digital’s complete pc fleet was relocated from mainland China to the US and transitioned to sustainable vitality sources. The transfer was organized by Bit Digital’s administration workforce together with chief technique officer Samir Tabar who had joined the corporate simply earlier than the China ban and is seen by business insiders as a real logistical feat.

Being a largely carbon-free crypto mining operation and with solely 39 p.c of its mining capability up and operating after the relocation, Bit Digital demonstrates wholesome financials. Imagine how sturdy its efficiency shall be after its complete pc fleet turns into totally deployed. . With plans to enhance its variety of miners by one other 10,000, the corporate plans to have one hundred pc of its computer systems up and operating by June 2022. The firm has signed internet hosting agreements that can enable it to proceed rising its fleet and outperform its business friends in phrases of sustainability and monetary efficiency. Another illustration of the corporate’s potential is the truth that its 2021 earnings from operations elevated by almost 900 % year-on-year; this was achieved in opposition to the backdrop of the corporate’s {hardware} migration from China to the US and a substantial downtime brought on by it.

With all internet hosting preparations and a sturdy energy pipeline in place — 200MW contracted, sufficient to double the corporate’s mining fleet—to guarantee future sustainable progress, Bit Digital’s future bodes effectively for early buyers as the corporate stock is clearly undervalued and is poised for a wholesome efficiency in the close to future.

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