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China: Bitmain-Funded Firm to Completely Decarbonize Its Crypto Mining Operations

News
China: Bitmain-Funded Firm to Completely Decarbonize Its Crypto Mining Operations

SAITECH, a company aiming to solve the climate change crisis, plans to eventually power its crypto mining operations with 100 percent renewable energy, significantly reducing their carbon print emissions in line with China’s strong national policies on decarbonizing by 2060, a new report on June 29 shows.

SAITECH Going Green and Decarbonizing

Per their estimation, up to 50 percent of China’s energy requirements will be from renewable sources by 2030.

In combination with their aggressive styles, primarily fashioned around heat recirculation and conversion to energy economic empowering projects such as heating greenhouses, the country’s carbon footprint will continue tapering from current levels.

Their commitment towards this objective follows SAITECH’s joining of the United Nations Framework Convention on Climate Change (UNFCCC) Climate Neutral Now initiative, effectively becoming the first digital asset company agitating for clean energy use.

The UNFCCC provides scientific methods to help corporations reduce their carbon footprints. Under this pact with the United Nations, SAITECH is committing to reduce carbon emissions and achieving carbon neutrality by angling to provide clean computing power.

It has subsequently formed a non-profit, Organization of Clean Energy and Computing (OCEC), where, among others, cryptocurrency mining companies are free to join.

Benefits of being part of this group include access to green energy supplies, technical guidance for members looking to convert their energy sources from thermal to renewables, and more.

Investment from Crypto Leaders, Bitcoin Mining Energy Requirements Draw Environmentalists’ Ire

SAITECH has thus far received $2.8 million in funding in a round led by Genesis Capital.

Bitmain, the world’s largest chipset manufacturer of Bitcoin mining gear, contributed $1.4 million during the seed round.

In recent times, bitcoin mining and other Proof-of-Work consensus systems have come under sharp criticism from environmentalists.

Concerned about their gigantic energy requirement–of which critics say are sourced from fossil sources, make them urge governments to clamp down on cryptocurrency mining operations.

Crackdown in China

Towards that end, as BTCManager reports, the Chinese government began cracking down on crypto mining operations in major hubs around the country, including Xinjiang and Sichuan.