Why Bitcoin May Speed Up the Transition to Renewable Energy

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Friday, May 27, 2021 / On PRNewswire by FinancialBuzz.com / Header Image Credit: EDF Energy

 

Earlier this year, Tesla was one of the first major corporations to start accepting bitcoin as payment. Yet, after only a few months, Tesla CEO Elon Musk said on Twitter that the Company has suspended vehicle purchases using the cryptocurrency due to concerns over "rapidly increasing use of fossil fuels for bitcoin mining."

 

This has caused the price of bitcoin, and other cryptocurrencies as well, to plummet. The saga continued this week, as Musk revealed that he has talked to North American Bitcoin miners, discussing their commitment to publish current and planned renewable usage. As a result, the price of bitcoin jumped about 4% Monday afternoon. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (OTC: BFARF), Ault Global Holdings, Inc. (NYSE: DPW), Ozop Energy Solutions, Inc. (OTC: OZSC), Tesla, Inc. (NASDAQ: TSLA)

 

The concern over how much dirty energy is being used to mine bitcoin is not new, but after the fiasco with Tesla, the issue is back at the forefront of investor attention. Only two days after Tesla had stopped accepting bitcoin, publicly-listed crypto companies, Argo Blockchain Plc and DMG Blockchain Solutions Inc., announced their partnership with the Crypto Climate Accord (CCA) to promote the decarbonization of the cryptocurrency industry.

 

Alongside the CCA, Argo and DMG are developing a new working group to more clearly outline the accord's objectives while deploying new technologies that increase the transparency of the renewable energy sourcing of crypto mining. Two main objectives of the CAA are to achieve net-zero emissions from electricity consumption for CCA Signatories by 2030 and to develop standards, tools, and technologies with CCA Supporters to accelerate the adoption of and verification of progress toward 100% renewably-powered blockchains by the 2025 UNFCCC COP30 conference.

             

ISW Holdings Inc. (OTC: ISWH) just announced breaking news that, "the Company's President and Chairman, Alonzo Pierce, was recently featured on the popular Waypoint Podcast, alongside Robert Collazo of Bit5ive, LLC ("Bit5ive").

 

The podcast can be found HERE.

 

Highlights from the Discussion

In the podcast, Collazo and Pierce discussed their partnership and the progress they have made since last summer.

 

Collazo also discussed his long-term commitment, and how he got started very much at the very beginning of the crypto revolution as Bitcoin was in its nascency. Pierce established that he has been very impressed with Collazo's expertise and experience and has complete confidence that he, and ISW Holdings, have the right partner to produce a market-leading carbon neutral cryptocurrency company.

 

Collazo also noted that the partners will not simply hold mined coins in cold storage, but seek out innovative ways to monetize, hedge, and otherwise capitalize on the savings and value mined coins represent so that the capital is working for them while they continue to produce more.

 

The partners also noted that they will be participating in a coordinated pooled mining strategy, which will include entering into the Bitmain mining pool. Collazo further suggested that independent mining operations – outside of a pool – is no longer a valid strategy given increased competition and global hash rates.

 

The podcast host remarked several times that the partners have managed to coordinate an enviable relationship with the City of Miami. More details on this will be disclosed soon.

 

Collazo also noted that the partners have done a very good job of sourcing new miners. The host of the podcast noted that they must have special connections and that this represents one of the major hurdles facing the industry at present due to the global chip shortage. Collazo stated that Bit5ive has been proactive in protecting the needs of its partners. In addition, Bit5ive's very strong relationship with Bitmain, the world's foremost producer of ASIC bitcoin mining hardware, has been instrumental in sourcing during a difficult context.

 

The partners also noted that there are several major announcements on the way, including a move to segment out and launch hosting operations, and also hints of a new pod design for alt-coin mining.

 

Renewable Resources: The partners also noted that the shift to innovate toward a carbon neutral mining standard is the north star in the space, and that they have been working toward this goal aggressively.

 

Collazo also discussed the strategy in place to monetize used miners efficiently given the powerful market in place for secondary mining equipment.

 

Pierce noted that timing is essential for managing the equipment input/output equation, and he is glad he partnered with a top expert to make sure those decisions are made based on data and real-world experience.

 

The big headline, as noted in the Company's prior release, is that hashing is now underway this week.

 

Finally, both Collazo and Pierce agreed that ISW Holdings mining infrastructure and operations can be profitable on a per unit basis with Bitcoin above $25k/coin.

 

Pierce also noted that the Company has been working through a set of strategic objectives. The Joint Venture structure of the relationship between Bit5ive and ISW Holdings is working well and any further discussions that hinge upon a different relationship structure lie ahead. Both companies are focused on the long-term value of their joint operations.

 

Credit: This news first appeared on PRNewswire HERE on May 27, 2021


 

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