Mawson Commits To ESG As It Pushes A Global Transition To A Decarbonized Society via Bitcoin Mining

One of Mawson’s facilities

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Even though cryptocurrency prices can be unpredictable because of their volatile nature, the soaring prices over the last few years have made it a lucrative venture for bitcoin miners.

A lot more people are joining the crypto bandwagon armed with the hope that the price will continue to soar. But the activities of the old and the new wave of miners are putting immense pressure on the world’s energy grids.

The insatiable appetite of crypto miners seems to be hurting those who need power the most — households and companies.

Crypto mining is a power-hungry business. When an individual initiates a crypto transaction, a complex web of activities that involve solving trial-and-error mathematical problems goes on behind the scenes to make the transactions possible. The process uses a large amount of electricity.

According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin alone consumes around 110 terawatt-hours per year — 0.55% of the global electricity production — equivalent to the energy countries like Malaysia or Sweden draw annually or seven times the total usage of Alphabet Inc. GOOGL.

Countries are beginning to raise red flags to block the activities of crypto miners on national grids. The only plausible option available to miners is using renewable energy. A study by CCAF showed that as of September 2020, renewable energy sources powered only about 39% of crypto mining.

Using renewable energy reduces pressure on national grids and presents a key energy option for decarbonization.

Mawson Infrastructure Group Inc. MIGI, a global digital asset infrastructure company, has over the years reported commitments to achieve decarbonized mining operations. The company believes that mining Bitcoin is one of the best ways to push forward sustainable efforts.

In the light of this goal, the company has embarked on a few initiatives to adhere to environmental, social, and governance (ESG) criteria.

Mawson Joins Bitcoin Mining Council

The first was the announcement that it had joined the Bitcoin Mining Council — a voluntary open forum for miners who are committed to the core principles that the cryptocurrency has to offer.

The council’s mandate is to provide transparency while promoting and sharing best practices. Mawson is committed to being a sustainable and efficient miner of Bitcoin, using sustainable energy such as wind, hydro and nuclear power.

Partnership With Quinbrook

The company has partnered with Quinbrook Infrastructure Partners, a green energy infrastructure fund. Under the existing agreement between Mawson and Quinbrook, the companies will jointly develop bitcoin mining facilities that are co-located next to Quinbrook’ renewable energy assets. 

Mawson’s first Australian site went online in October 2021, powered entirely by renewable energy, at a 20MW site in New South Wales, Australia

The partnership also presents an opportunity for the company to deploy its latest generation Modular Data Center (MDC), designed around Australian conditions.

Mawson Joins Crypto Climate Accord

One of the company’s primary focuses is to work collaboratively with the blockchain and cryptocurrency industry to develop green solutions.

To look to help achieve this goal, Mawson joined the Crypto Climate Accord, inspired by the Paris Agreement for climate change. It is an initiative for the cryptocurrency community, and the aim is to help decarbonize the blockchain industry to the point where it can be 100% green.

Read more about Mawson’s commitment to ESG at mawsoninc.com/mawsons-commitment-to-esg.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.