Company seeks to advance public understanding of bitcoin mining, while dispelling misinformation, and advocating against building new fossil fuel energy generation
NEW YORK, Jan. 31, 2022 /PRNewswire/ — Bit Digital (NASDAQ: BTBT), a leading digital mining company headquartered in New York City with facilities across North America, today reiterated its proactive environmental track-record. The Company will shortly submit a formal written testimony to the New York State Senate Standing Committees on Environmental Conservation, Energy and Telecommunications, and Internet and Technology. The company also announced its intention to provide similar information to certain Members of Congress, following an information request by the office of U.S. Senator Elizabeth Warren and several of her colleagues.
“Our company has made it a point to take a leadership position regarding sustainable practices in the crypto mining industry,” said Bryan Bullett, Chief Executive Officer, Bit Digital. “It is at the core of what we do and who we are, because Bit Digital understands that to be successful, our operations must drive innovation and economic opportunity for all members of society—while doing so in a sustainable and eco-friendly manner.”
Bit Digital recently participated in a New York State legislative roundtable regarding the environmental impacts of crypto mining and the industry’s long-term role in the State economy. The roundtable was organized by New York State Senate committee chairs Senator Todd Kaminsky, Senator Kevin Parker, and Senator Diane Savino. The panel was an opportunity for key stakeholders and experts to examine and discuss various issues related to digital mining. During that discussion, Bit Digital focused on the company’s commitment to environmentally conscious business practices and vowed to assist policymakers in their efforts to better understand benefits and best practices of crypto mining.
Bit Digital’s commitment to sustainability is highlighted in three simple ways:
- Utilizing clean energy in their operations
- Signing on to the Crypto Climate Accord (CCA)
- Joining and embracing the clean energy goals of the Bitcoin Mining Council (BMC)
“We welcome this high-level dialogue that is beginning to take shape in Albany and Washington, and at other levels of government regarding the future of crypto mining,” continued Bullett. “Now is the moment for the many aligned actors within our industry to step up.”
Bit Digital has strategically sought to increasingly pursue and deploy clean energy in its operations. Hydroelectric, solar, and wind power have helped mitigate the environmental impact of its operations. The Company also seeks to participate in load balancing / voluntary curtailment programs that can help the grid accommodate intermittent renewables.
The Company currently works with an independent ESG consultant, APEX, to self-monitor, set targets, provide transparency, and help improve Bit Digital’s percentage of green electricity and other sustainability initiatives. Apex’s ESG Ratings and Advisory tools allow Bit Digital to benchmark its ESG performance against international standards and peer performance, and to identify opportunities for improvement and progress over time. By measuring the sustainability and footprint of Bit Digital’s mining through this process, the company develops targets to continuously enhance its clean energy usage.
In addition to proactive, eco-focused operations, Bit Digital has aligned itself with the future of technology and crypto mining as a signatory of the Crypto Climate Accord (CCA). The CCA is a private sector-led initiative to decarbonize the crypto and blockchain sector. The CCA brings together organizations that inform, develop, test, and implement new solutions to accelerate crypto’s transition to renewable energy. The Accord provides an open space to address challenges, gather requirements, showcase solutions, share learnings, and promote best industry practices.
By becoming a CCA Signatory, Bit Digital made an important public commitment to supporting the “#MakeCryptoGreen” movement. And as a CCA Signatory, Bit Digital has committed to achieve net-zero emissions from the electricity consumption associated with its respective crypto-related operations by 2030 and to report progress toward this net-zero emissions target using best industry practices.
Bit Digital is also a member of The Bitcoin Mining Council (BMC), a voluntary and open forum of bitcoin mining companies and other companies in the bitcoin industry that are committed to the bitcoin network and its core principles. The BMC promotes transparency, shares best practices, and educates the public on the benefits of bitcoin and bitcoin mining. The company has participated in the latest BMC survey of sustainable power and is refining its strategy to further prioritize the use of carbon-free energy in its operations. In the future, Bit Digital intends to operate on 100% carbon-free power.
Several major media outlets have recently chronicled Bit Digital’s leading practices, including The Wall Street Journal Magazine (https://bit-digital.com/press-releases/bit-digital-featured-in-the-wall-street-journal-in-depth-video-report/), Bloomberg (https://bit-digital.com/press-releases/bit-digital-featured-in-bloomberg-in-depth-video-report/), and NBC New York (https://www.nbcnewyork.com/lx/tour-a-bitcoin-mining-facility-run-on-clean-energy-thanks-to-niagara-falls/3488485/).
About Bit Digital
Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Our mining operations are located across North America. For additional information, please visit www.bit-digital.com.
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2020. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of September 2021. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.