Pioneers Tackle Environmental Concerns Arising from Energy Consumption

FinancialBuzz.com News Commentary 

NEW YORK, Aug. 9, 2022 /PRNewswire/ -- The united political front fighting against greenhouse gas emissions and championing renewable energy has marked a victory this week. Senate Democrats delivered a major win for President Biden on Sunday, passing a bill that will devote hundreds of billions of dollars to clean energy sources and speed the U.S. transition away from fossil fuels. According to a report by Politico, The Inflation Reduction Act would accelerate U.S. emission cuts and put the country on a path to reduce greenhouse gases by 40% below 2005 levels by 2030, significantly narrowing the gap with the goal that was previously set under the Paris climate agreement. Most importantly, the bill includes USD 369 Billion in climate and energy provisions that will transform how Americans get their energy and shape the country's climate and industrial policy for decades. SAI.TECH Global Corporation (NASDAQ: SAI), Coinbase Global, Inc. (NASDAQ: COIN), Riot Blockchain, Inc. (NASDAQ: RIOT), Hut 8 Mining Corp. (NASDAQ: HUT), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE)

Among the many industries and sectors that contribute to climate change and dirty emissions, cryptocurrency mining has caught the attention of many due to its growing popularity. By recent estimates, the Bitcoin network uses as much energy in one year as the country of Argentina. Just last year, Argo Blockchain Plc and DMG Blockchain Solutions Inc., announced their partnership with the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry. Alongside the CCA, Argo and DMG are developing a new working group to more clearly outline the accord's objectives while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining. Two main objectives of the CAA are to achieve net-zero emissions from electricity consumption for CCA Signatories by 2030 and to develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress toward 100% renewably-powered blockchains by the 2025 UNFCCC COP30 conference.    

SAI.TECH Global Corporation (NASDAQ: SAI) announced yesterday breaking news that "it will begin operations of its first computing power and heating project SAI NODE OHIO this month at its new North American Distribution Center in Chesterland, Ohio, US.

As named SAI NODE OHIO, this facility is centrally located in state of Ohio in US, a hub of traditional data center companies and operations in North America with rich clean power sources. In addition, it is located close to Canada, which is also a major country of fast growing Bitcoin mining industry in the global hash rate market. Starting from this month, the new distribution center will begin stocking parts and miners to support and accelerate SAI.TECH's expansion plan in North American. In addition to parts warehousing, SAI.TECH plans to utilize this facility for final SAIHUB assembly and distribution, service headquarters, technical training operations, parts remanufacturing, collision repair etc.

In particular, this 30,000 square foot facility also built the first live SAIHUB demo project in United States, which can fully demonstrate the superiority and application scenarios of SAIHUB. There are already two SAIHUB-025M cabinets installed in this facility to provide hot water heating services for the entire facility through connecting to both fan-coil units and fin radiators. At the facility, it also constructed vertical agricultural black box and fish farming pond pools which will be heated by the hot water generated from SAIHUB cabinets, representing a variety of common heat application scenarios that the SAIHUB can easily plug-in and provide heating services to, including agriculture greenhouses, aquaculture facilities, and major types of buildings (residential/commercial/warehouse).

'We are thrilled to bring a live heating demo and an efficient operation facility to United States soil and proud that it will be in the state of Ohio,' said SAI.TECH's founder and CEO Arthur Lee, 'I want to specially thank our hard-working team. While we will continue to develop our existing facilities in Ohio as well as our business in North America, SAI NODE OHIO gives us a massive strategic lever to make sure we have advanced technique and practicality in our product with professional and efficient team, to support our continued growth for years and years to come.'

About SAIHUB - SAIHUB is SAI.TECH's innovative integrated cabinet product which can help lower Bitcoin mining cost by providing steady hot water recycled from mining chips to other heating supply scenarios.

SAIHUB is equipped with patented liquid cooling technology which replaces hundreds of fans with circulation pumps in most traditional air-cooled miners to reduce chip cooling's energy consumption and improve cooling reliability. It integrates manifold collectors that can simultaneously cool the operating chips and recover dissipated heat from these chips. Thanks to the Company's patented liquid cooling and waste heat recovery technology, SAIHUB can utilize the great amount of undervalued waste heat generated from Bitcoin mining ASIC chips at 90% thermal efficiency to provide recycled energy in form of steady 60-70°C hot water outflow to a large scope of heating customers…"

Coinbase Global, Inc. (NASDAQ: COIN) announced last week in a blog post that, "Over the past few years, Coinbase has played a central role in developing and strengthening crypto markets as the safest, most trusted bridge to the cryptoeconomy. Today marks an exciting next step on our journey as we announce that Coinbase is partnering with BlackRock, the world's largest asset manager, to provide institutional clients of Aladdin®, BlackRock's end-to-end investment management platform, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime. Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin's Institutional client base who are also clients of Coinbase."

Riot Blockchain, Inc. (NASDAQ: RIOT) reported last week unaudited production and operations updates for July 2022. In July 2022, Riot produced 318 BTC, a decrease of approximately 28% as compared to July 2021 production of 443 BTC, while significantly reducing overall power costs through effective employment of its proprietary power strategy. "As energy demand in ERCOT reached all-time highs this past month, the Company voluntarily curtailed its energy consumption in order to ensure that more power would be available in Texas. Riot curtailed a total of 11,717 megawatt hours in July, enough to power 13,121 average homes for one month. Curtailing the Company's power consumption reduced BTC production by an estimated 21% in July, but also significantly reduced Riot's power costs for the month. By providing power back into the ERCOT grid during periods of peak demand, the Company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in BTC mined.  When applied to anticipated power costs for the month, the power credits and other benefits are expected to effectively eliminate Riot's power costs for July, further enhancing the Company's industry-leading financial strength amid a challenging macroeconomic environment for the industry." said Jason Les, CEO of Riot.

Hut 8 Mining Corp. (NASDAQ: HUT) last week has signed a partnership with Foundry Digital LLC ("Foundry"), a wholly-owned subsidiary of Digital Currency Group Inc. ("DCG") focused on digital asset infrastructure. The deal marks the first significant Blockchain-industry win for Hut 8's high performance computing business. Hut 8 will support multiple lines of business for Foundry, initially at the company's Mississauga, Ontario data centre with plans to expand into the Kelowna, British Columbia data centre for infrastructure support across Canada. Foundry works with the North American digital currency mining and staking industry bringing institutional expertise, capital and market intelligence to help build decentralized infrastructure.

HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) announced in its June production updated that the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of June 2022, with a BTC HODL balance of 3,239 Bitcoin and 7,667 Ethereum as of July 6, 2022. Frank Holmes, Executive Chairman of HIVE stated "HIVE is experienced in managing the recent volatility since we were the first digital asset mining company to go public in 2017 and have experienced both price surges and massive downdrafts or "crypto winters" before and have strived to maintain a strong balance sheet of Bitcoin and Ethereum which is completely unlevered. The Company maintains its business as a cash flow positive enterprise, without any significant debt (aside from a long-term real estate mortgage from Canadian bank with less than 4% interest), and no equipment financing on any of our ASIC and GPU fleet. In June we produced an average of 14.0 Bitcoin Equivalent per day, comprised of approximately 9.0 BTC per day and our Ethereum production. We are pleased to note that as of today, we are producing approximately 9.4 BTC a day in addition to approximately 90 Ethereum per day."

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