Decarbonization, or the reduction of carbon, refers more precisely in an economic sense to the sustainable reduction of an economy’s carbon emissions. CleanSpark recognizes fundamentally that as the economy changes due to the rise in decentralized currency’s popularity that decarbonization must carry over into the new economy as well.
Companies and industries that drive to pursue this goal during the economic shift we currently face are those that are bound to flourish. It isn’t just us that think this either. In BlackRock’s annual report, CEO Larry Fink claims companies that can “make the energy transition affordable for all consumers” and “help the world decarbonize” are on track to being a part of the newest age of billion-dollar start-ups.
This is not only an exciting prediction for us here at CleanSpark, but one we truly believe in as well. We are all presently standing in the fields of a new emerging economy — a grassroots societal change that will cause dramatic repositioning of long-standing norms and possibilities. CleanSpark straddles this new frontier in a dramatic way; with revolutionary solutions in both the energy and bitcoin mining industry. We serve to support this changing economy in terms of what it will need (clean energy) and what it will be powered by (bitcoin).
For some, goods intentions are one thing but making it happen may be much more difficult. According to a 2021 Guidehouse report, “The knowledge that decarbonization is inevitable is separate and distinct from a clear understanding of the discrete steps necessary to shift a complex, multinational organization to a new paradigm.” The article goes on to describe some of the challenges in the quest to decarbonization.
Many corporations will have to face a considerable transformation in their business practices and operations and may find it difficult to meet reporting and compliance requirements as well. The Guidehouse report also explains, “The most meaningful decarbonization measures have high capital requirements with extended payback periods. Corporations therefore often de-prioritize these high impact measures, starting first with lower-cost investments.”
Since CleanSpark’s earliest days in the energy technology sector, the company’s vision has been to facilitate abundant, affordable and clean energy. Our innovative systems have helped industry leaders and homeowners cut down on power costs and reduce energy waste by making energy generation and storage more efficient. Furthermore, with an established ESG strategy already in place, investment into our new bitcoin mining segment has been a seamless one as we work diligently on reaching our goal of 100% renewable energy at our facilities.
As we recently wrote in a statement about Bitcoin’s energy use, “We are at the precipice of a lifetime opportunity to develop energy. That’s because of Bitcoin. While it is true that bitcoin mining consumes a lot of energy, the energy it consumes is transparent and knowable in almost real-time. Bitcoin mining is also leading to the development of new energy infrastructure by allowing for a faster payback on renewable energy projects such as solar and wind.”
Author: Catherine Clifford.
Authors: Britt Harter- Partner, Ian Trim - Director