Concerns about the Proof-of-Work consensus model’s environmental impact and energy usage have long existed.
Marathon Digital is one such firm revising its position and relocating its operations to a more environmentally friendly location. The CEO emphasizes that they feel now is the right moment to move their legacy operations away from fossil fuel production; he is striving toward more sustainable electricity sources.
The Proof-of-Work consensus concept received criticism in 2022; moreover, environmental worries about it are at an all-time high this year. Furthermore, authorities have been discussing the possibility of drafting legislation to restrict mining activity in specific areas. In response, several Bitcoin mining companies have stated that they will be carbon neutral by the end of the year. Marathon Digital Holdings, one of the major Bitcoin operating entities in North America, is one of these firms.
Moving Toward Sustainability
According to a recent announcement, the company is relocating from Montana, where they use coal-fired electricity. They are moving to new places with more sustainable, non-carbon-emitting power sources. Moreover, by the end of the year, its BTC mining activities will be carbon neutral.
According to chairman and CEO Fred Thiel, Marathon’s key goal for the year was to find sustainable energy for the business. He stated that they feel it is ideal for moving their legacy operations away from fossil fuel production; this is because the bulk of their fleet is already slated to be deployed at renewable power plants with ongoing deployments.
In fact, the firm currently has a deal with Beowulf Energy to build a data center on a 20-acre tract next to Beowulf’s Hardin Generating Station in Hardin, Montana, a 105-megawatt power plant.
According to the company’s website, the data center can house up to 30,000 S19 pro Miners; each capable of producing 3.32 EH/s. On the other hand, a competing mining company, Stronghold Digital Mining, recently announced that it has accepted the Securities and Exchange Commission’s proposal for publicly listed corporations to provide climate-related information.