Digital Asset Miner Hut 8 Reports 44% Increase in Carbon Credits Amid Sector’s Energy Consumption – Mining Making a Comeback?

Crypto News
Crypto News

21 Nov 2023 6:45 PM

Cryptocurrency miner, Hut 8 partnered with Sparta Group’s ERS International to establish neutral carbon emissions in 2025 and has recorded massive wins...

  • Hut 8, a cryptocurrency miner, has partnered with Sparta Group's ERS International to establish neutral carbon emissions by 2025.
  • The Canadian-based miner has joined a carbon credit program and has earned 7,500 high-quality carbon credits by submitting 369 metric tonnes of mining waste.
  • The program generates one carbon credit for each metric tonne of carbon dioxide from landfills, after deducting logistics costs.
  • Hut 8 aims to generate 7,500 carbon credits by the end of 2023, an increase of 44% from the previous year.
  • AET Group will handle the carbon credit verification process.
  • Hut 8's Director on ESG, Arnold Lee, sees the partnership as a step towards reducing their carbon footprint and becoming more energy efficient.
  • Joseph Cimorelli, ERS International Global Head of Business Development, emphasizes the success of the e-carbon program and the importance of collaborations across industries.
  • The cryptocurrency mining sector has faced criticism for its high energy usage, leading to sanctions and bans in various countries.

The article highlights Hut 8's efforts to reduce its carbon footprint and establish neutral carbon emissions. The partnership with ERS International is seen as a positive step towards greener mining conditions. However, the article also mentions the criticism and regulatory steps faced by the cryptocurrency mining sector.

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You May Ask

What is Hut 8's partnership with Sparta Group's ERS International about?How many carbon credits has Hut 8 earned through the carbon credit program?What is the purpose of the carbon credit program?Who will handle the carbon credit verification process for Hut 8?Why has the cryptocurrency mining sector faced criticism and regulatory actions?

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