We asked the Ukrainian investor why it is important for miners to switch to green energy and how his company supports the environmental initiative.
Serhiy Tron, investor and owner of the global digital asset mining company White Rock Management announces that he has joined the Crypto Climate Accord initiative. The initiative aims to achieve zero net emissions in the crypto-industry by 2030.
We asked the Ukrainian investor why it is important for miners to switch to green energy and how his company supports the environmental initiative.
Why is it important to switch to green energy?
One of the trends in the crypto-industry is generation of power from renewable sources. The process of mining constantly requires more and more computing capacity and, accordingly, more power consumption. According to Serhiy Tron, responsible investors are switching to mining with minimal environmental damage. This is done by using surplus energy that is not used in the energy system: either ‘green’ energy or products of mineral processing.
In recent years, the leading countries of the world have been introducing a legislative framework to regulate the creation of digital technology and blockchain business. For example, the state of Wyoming (USA) has passed legislation that gives owners the ownership of cryptocurrency. According to Wyoming Senator Cynthia Lumis, the state is the nation’s leader in supplying green energy and is interested in getting more crypto-investors to switch to renewable energy sources. Now the US Congress is discussing a bill that would legalize cryptocurrency nationwide.
Serhiy Tron believes that legalization of cryptocurrencies and transition to the use of ‘green’ energy are two priority issues for developing the crypto-industry.
What does the Crypto Climate Accord initiative provide for?
The Crypto Climate Accord initiative is fighting for decarbonization of the crypto-industry. It aims to achieve zero net emissions in the crypto-industry by 2030. To do this, they propose to develop standards, tools, and offer technology to enable transition to renewable energy sources that have already proven to be competitive. The miner can choose which energy to use – the environmentally friendly “green” or harmful to the environment sources. So far, over 250 cryptocurrency, financial and technology companies have supported the Crypto Climate Accord initiative.
It is important to note that the problem partially concerns the decentralization of crypto-assets. If you take traditional currencies, there is usually one or more decision centres. In the case of cryptocurrencies, there is no such centre – anyone can mine regardless of their views on the climate and the environment.
Investor Serhiy Tron notes a trend that recently the owners of mining farms are increasingly trying to use power generated from renewable energy sources. At the same time, as before, many miners do not care about the environment and continue to leave a carbon footprint.
According to Crypto Climate Accord, special software is now being developed to report the energy source. This innovation will make public information about crypto-investors – whether they mine ‘dirty’ cryptocurrency or use excess energy that no one buys.
How do White Rock Management data centres work?
White Rock Management supports ‘clean’ mining and is already running on green energy. Serhiy Tron points out that compliance with carbon neutrality is the company’s priority.
In Sweden, for example, the WRM data centre operates in the north of the country using renewable energy supplied by wind turbines and hydroelectric power plants. In fact, a cryptocurrency mining farm uses only surplus energy for which there is no buyer.
In the USA, White Rock Management‘s cryptocurrency mining company is located in the Brazos River Valley, north of Houston, Texas. Mining facilities use power that is generated by burning flare gas. Associated natural gas from operating oil wells is turned into a source of energy instead of waste.
Serhiy Tron plans to open another data centre in the U.S. state of Wyoming, which will also run on green energy resources.
The businessman notes that supporting the initiative to decarbonize the crypto-industry is his principled stance. Miners, like other investors, should practice a socially and environmentally responsible approach. This primarily concerns generally accepted business standards, ethical rather than environmental, which respected market participants observe.
The Ukrainian businessman is convinced that preserving the planet for the next generation is our common task. Serhiy Tron stressed that the use of renewable energy resources is the most obvious way to achieve this goal, and as before, White Rock Management is ready to be the leader on this path.
Original source: https://censor.net/en/news/3374669/white_rock_management_supported_the_initiative_to_decarbonize_the_cryptoindustry_by_2030_says_serhiy
