Debate Over Crypto Mining’s Potential Environmental Impacts Receives Strong Rebuttals

Debate Over Crypto Mining’s Potential Environmental Impacts Receives Strong Rebuttals

FN Media Group Presents USA News Group News Commentary

VANCOUVER, B.C., May 10, 2022 /PRNewswire/ — USA News Group – have co-authored a rebuttal letter to the EPA after two dozen House legislators made claims concerning the cryptocurrency’s environmental impacts. Last 12 months China banned crypto mining, forcing a number of operations to maneuver to varied areas every with strategies to maintain their environmental impacts low. Among the extra distinguished miners in operation at the moment are Bitfarms (NASDAQ:BITF), Marathon Digital (NASDAQ:MARA), HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE), Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT) every mining BTC or Ethereum (ETH), whereas Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) was the primary publicly-traded firm to mine Litecoin (LTC) and Dogecoin (DOGE).

After initially launching its cryptomining in China previous to the ban, Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) has efficiently shifted its LTC/DOGE mining operations to North America and to Australia.

Housed in an undisclosed location in Victoria, Australia, Hello Pal has 100 Bitmain Antminer L7 Mining Rigs totally operational and mining LTC and DOGE. The knowledge centre in Australia is able to housing as much as 20,000 Mining Rigs offering enough space for Hello Pal to broaden its cryptocurrency mining capabilities onsite down the observe.

The L7 mannequin has a hashrate of 9500 MH/s, which is 19x extra highly effective than that of the earlier L3+ mannequin. They eat considerably much less energy and have a stability price of 98% compared to the earlier stability price of 70% bettering total revenue margins significantly.

Hello Pal is a supplier of quickly rising worldwide live-streaming, language studying and a social-crypto platform, and lately launched two new apps: DogeChat and DoggeChat.

The new apps mix the enchantment of video livestreaming, cryptocurrency transactions, and 1-on-1 VIP chatting interactions.

DoggeChat will launch first with funds made in fiat currencies via Apple Pay and Google Pay, whereas in DogeChat funds will probably be made in DOGE and different cryptocurrencies.

“We anticipate these apps to be very synergistic to our present livestreaming and crypto-mining operations,” stated KL Wong, Founder and Chairman of Hello Pal. “They is not going to solely carry into our present ecosystem new customers from completely different markets, but additionally enable us to start out implementing our objective to make using cryptocurrency extra widespread on this planet, beginning with our customers.”

Global Bitcoin self-mining firm, Bitfarms (NASDAQ:BITF) is working vertically built-in mining operations throughout Quebec, Canada, Washington state, and one in Paraguay. Each facility is over 99% powered with environmentally pleasant hydro energy and secured with long-term energy contracts.

In its final production and mining update, Bitfarms acknowledged it mined 405 Bitcoins for a median of 13.5 BTC per day—which as of this writing is price ~US$509,000.

The firm obtained an enormous increase after it initiated manufacturing on the Leger web site in City of Sherbrooke, Québec, growing whole farms in manufacturing to 9 and growing operational capability by 16 megawatts (MW) of its deliberate whole of 30 MW of capability, to a complete electrical capability of 137 MW.

“In early April, we surpassed our 3 exahash per second objective (EH/s) with the beginning of manufacturing at our Leger farm, our ninth working facility,” stated Emiliano Grodzki, CEO of Bitfarms. “This momentum continued all through the month, with new miner installations driving our hashrate to over 3.3 EH/s at month-end, up 22% from 2.7 EH/s on the finish of March. This incremental capability helped drive our common every day manufacturing in April to 13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I’m proud to say we exited April working at over 14 BTC/day.”

Marathon Digital (NASDAQ:MARA) continues to work towards transitioning its bitcoin miners from their Montana facility to new places with extra sustainable and non-carbon emitting sources of energy. This follows after Marathon introduced in 2021 its mining operations can be 100% carbon impartial by year-end 2022.

Marathon made a dedication for our mining operations to be 100% carbon impartial by the top of 2022,” stated Fred Thiel, Chairman and CEO of Marathon. “With the vast majority of our fleet already scheduled to be deployed at renewable energy amenities and deployments at the moment underway, we consider it’s an acceptable time to transition our legacy operations away from fossil gasoline technology and in the direction of extra sustainable sources of energy.”

To obtain this objective and construct upon their present technique, Marathon intends to transition its BTC miners from the Montana facility, which at the moment derives its energy from a coal-fired energy plant, to new places with extra sustainable sources of energy. The transition is predicted to be accomplished throughout Q3 2022, executed in phases to reduce downtime and is at the moment.

In March, HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE) announced its personal manufacturing figures and mining, producing 278.6 BTC and a couple of,459 Ethereum (ETH) throughout the month averaging ~9 BTC per day, and ~79.3 ETH per day, for a mixed BTC equal worth of 14.4 BTC, or roughly US$542,000 per day.

“We are very happy to report HIVE has continued its extraordinarily sturdy momentum in increasing our hashing energy, notably our Ethereum mining hash energy grew by 33% this month,” stated Frank Holmes, Executive Chairman of HIVE. “Our Bitcoin hashing energy elevated in March and on the calendar month-end our hashrate was 2.0 Exahash, which translated right into a 6% improve in BTC mining on a month over month foundation, whereas BTC costs corrected.”

Another distinguished North American digital asset miners is Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT), which in March reported it had generated 345 BTC—for a median of 11.13 BTC or roughly US$420,000 per day.

Effective initially of May, Hut 8 announced it had entered into an settlement to buy all 960 Whatsminer M31S+ machines from its internet hosting shopper TAAL. Once the acquisition is full, Hut 8’s operations in any respect mining websites will probably be 100% allotted to self-mining.

“The incremental capability will ship a direct hashrate profit as ASIC miners are already on-site, put in and hashing,” stated Jaime Leverton, CEO of Hut 8. “Over the previous 18 months, we’ve got pursued a technique that’s distinctive amongst our peer group: along with digital asset mining, we assist purchasers with excessive efficiency computing, cloud internet hosting, and collocation companies at our 5 Canadian knowledge centres to allow them to succeed within the burgeoning Blockchain and Web 3.0 industries.”

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