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.
Investor Notice
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.
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SOURCE Bit Digital, Inc.