Company Reports Close to Zero Carbon Emissions From Its BTC Mining Operations

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In Brief
  • Digihost reported that over 90% of the energy consumed by its bitcoin mining operations are from zero carbon emission sources.

  • The company also reported that more than 50% of the energy it consumed is generated from renewable resources.

  • These results are likely what Tesla would hope for before they begin accepting Bitcoin as payment again.

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Digihost Technology has reported that over 90% of the energy consumed by its bitcoin (BTC) mining operations is from sources with zero carbon emissions.

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The company also reported that renewable resources provided more than 50% of the energy it consumed in 2020. These renewable sources include primarily hydro power (42.68%), and wind (6.45%), with an additional 1.5% from “other renewables.” Nuclear power provided 41% of their energy needs, putting them over the 90% zero-carbon threshold.

Environmentally conscious mining

Digihost said that its business strategy is focused on mining bitcoin in an efficient and environmentally conscious way. The company also seeks to reduce its already minimal carbon footprint, potentially through the purchase of carbon credits. 

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Last month, Digihost announced the acquisition of a 60 MW power plant. To the extent possible, it intends to also source and utilize renewable natural gas, and potentially acquire renewable energy certificates. In the long-term, the company plans to vertically integrate power production from low-cost, clean, and renewable sources of energy. 

Bitcoin’s bad reputation

This announcement comes in light of Tesla’s recent decision to cease accepting bitcoin as payment, citing environmental concerns. The change of heart comes just two months after the electric car company started accepting bitcoin for vehicle payments. This followed Tesla’s initial purchase of $1.5 billion in BTC in February.

When announcing the decision, Tesla CEO Elon Musk said he was concerned about bitcoin’s increasing use of fossil fuels. However, he noted that Tesla would retain its bitcoin holdings. He added that the company intends to reintroduce BTC payments “as soon as mining transitions to more sustainable energy.”

Indeed, a whitepaper by Square and ARK Invest suggests that bitcoin mining could provide an incentive for developing renewable resources. When Square CEO Jack Dorsey tweeted this notion in sharing the whitepaper, Musk was noted to have replied “True.”

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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