Bitcoin miner goes carbon negative to shed industry’s ‘greedy villain’ image as it goes public
In this discussion with DL News, Gryphon Digital Mining CEO, Rob Chang, shares how the firm is going green to secure more financing and bolster its value.
The mining industry has long been ‘the villain’ for excessive carbon emissions as complying with ESG criteria is tough because there’s no industry standard.
The facility is Moses-Saunders Power Dam, located between Canada and New York state, which regulates the level of a river that flows from the Great Lakes to the Atlantic. The 65-year old structure also supports two hydroelectric power stations and a steady source of cheap, guilt-free energy.
“The facility that we use is a stone’s throw away from the dam,” Rob Chang, the CEO of Gryphon Digital Mining, told DL News. “On top of that, we purchased carbon offset credits a couple of years ago,” he said. “We don’t need [the credits] for our base-level operations, because our miners used hydro-power so it’s zero emissions.”
Gryphon says it is a carbon negative Bitcoin mining company, which means it removes more carbon from the atmosphere than it emits.
It’s at the forefront of a push to make Bitcoin mining compliant with ESG, an investment approach that stands for environmental, social, and governance criteria. ESG observant companies tend to attract more investors, greater value, and better financing.