iMD Companies, Inc. (OTC: ICBU) is offsetting its crypto mining operations costs by moving toward solar power.
Cryptocurrency technology development company, iMD, has announced an eco-friendly upgrade to its crypto mining rigs. According to a press release, iMD stated it has implemented solar-powered cryptocurrency mining by upgrading its server mining rigs. The goal is to offset the cost of the massive amount of power required for mining cryptocurrencies.
The company stated that it has “been re-positioned to be a holding company for acquisitions and technology development in the financial, blockchain, cryptocurrency, and NFT (non-fungible token) markets.”
iMD will also be upgrading its mining strategy along with mining equipment. The announcement states that after conducting research and testing, the company will be focusing on mining bitcoin, Ethereum, ADA, Litecoin, and Bitcoin Cash. “We’ve decided to move in this direction due to the market moves and growth within the above coins.” Its goal is to make the most of what it considers to be the assets with the highest profit as the market currently stands.
Additionally, the move is to help iMD develop its in-house crypto utility/asset-based coin. The coin is scheduled to launch by the end of August with an initial offering of 100 million. The company states that the iMD coin “will be backed by a basket of assets from bitcoins, Ethereum, litecoin, Bitcoin Cash, and ADA.”
Crypto miners going green
iMD is the latest of a growing group of crypto miners to be moving towards a greener future for the industry. According to a report from the Bitcoin Mining Council, a trend in the crypto mining industry toward cleaner energy has been growing. Data says that the energy used for bitcoin mining worldwide was around 56% at the end of Q2 2021, up from 36% in Q1.
The recent shift toward cleaner energy has been partially attributed to major players in the cryptocurrency world, specifically Elon Musk, stating the need to reduce the carbon footprint of digital currency. In May of 2021, Musk announced that Tesla Motors would begin accepting payments in bitcoin. However, in June, the CEO backtracked, stating that the negative impact that cryptocurrency mining has on the environment made him second guess his decision to accept it as payment.
Musk said that the company would only allow bitcoin payments in the future if renewable energy in the industry made it to 50% globally. He also admitted during a panel discussion that Tesla did its part to negatively impact the rise in power usage. “From when Tesla announced that it had acquired bitcoin and was doing bitcoin transactions, there was a massive run-up of bitcoin price and also a massive increase in the amount of energy used to mine bitcoin.”
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.