bit digital REITERATES ABOUT – GuruFocus.com
NEW YORK, January 31, 2022
NEW YORK, January 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 record. The Company will shortly submit a formal written testimony to the New York State Standing Senate Committees on Environmental Conservation, Energy and Telecommunications, and Internet and Technology. The company also announced plans to provide similar information to certain members of Congress, following a request for information from the US Senator’s office. Elizabeth Warren and several of his colleagues.
“Our company has made it a point to take a leadership position when it comes to sustainable practices in the crypto mining industry,” said Brian Ballet, CEO, Bit Digital. “It’s at the heart of what we do and who we are, as 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 way sustainable and environmentally friendly.”
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’s economy. The roundtable was organized by New York State Chairs of Senate Committees Senator Todd Kaminskisenator Kevin Parkerand senator Diane Savino. The panel provided an opportunity for key speakers and experts to review and discuss various issues related to digital mining. During this discussion, Bit Digital focused on the company’s commitment to environmentally responsible business practices and is committed to assisting decision makers in their efforts to better understand the benefits and best cryptocurrency mining practices.
Bit Digital’s commitment to sustainability is demonstrated in three simple ways:
- Use clean energy in their operations
- Join the Crypto Climate Accord (CCA)
- Joining and Adopting the Clean Energy Goals of the Bitcoin Mining Council (BMC)
“We welcome this high-level dialogue which is beginning to take shape in Albany and Washingtonand other levels of government regarding the future of crypto mining,” Bullett continued. “Now is the time for the many players aligned within our industry to step up.”
Bit Digital has strategically sought to pursue and increasingly 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 reduction programs that can help the grid accommodate intermittent renewables.
The company is currently working 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 rating and advisory tools allow Bit Digital to benchmark its ESG performance against international standards and the performance of its peers, and identify opportunities for improvement and progress over time. By measuring Bit Digital’s sustainability and mining footprint through this process, the company develops goals to continuously improve its clean energy consumption.
In addition to proactive and eco-focused operations, Bit Digital has aligned itself with the future of crypto technology and mining as a signatory to the Crypto Climate Accord (CCA). The CCA is a private sector-led initiative to decarbonize the crypto and blockchain industry. The CCA brings together organizations that inform, develop, test and implement new solutions to accelerate the transition from crypto to renewable energy. The Accord provides an open space to address challenges, gather requirements, present solutions, share learnings and promote industry best practices.
By becoming a signatory to the CCA, Bit Digital has publicly committed to supporting the “#MakeCryptoGreen” movement. And as a signatory to the CCA, Bit Digital is committed to achieving net zero emissions from electricity consumption associated with its respective crypto-related operations by 2030 and to reporting progress towards this goal by 2030. net-zero emissions using industry best 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 who are committed to the bitcoin network and its fundamentals. The BMC promotes transparency, shares best practices, and educates the public about the benefits of bitcoin and bitcoin mining. The company participated in the latest BMC Sustainable Energy Survey and is refining its strategy to prioritize the use of carbon-free energy in its operations. Going forward, Bit Digital intends to operate on 100% carbon-free energy.
Several major media outlets have recently chronicled Bit Digital’s top practices, including 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. Our mining operations are located across North America. For more information, please visit www.bit-digital.com.
Notice to Investors
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 financial year ended. on December 31, 2020. If a material risk were to arise, our business, financial condition or results of operations would likely be adversely affected. In this case, the value of our securities could fall and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones we face. Additional risks not currently known to us or that we currently deem to be immaterial may also adversely affect our business operations. Additionally, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to predict future results. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also significantly affect the future performance of Bit Digital’s bitcoin production. Additionally, all discussions of financial metrics assume mining difficulty ratings 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 subsidiaries. All statements, other than statements of historical facts 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 involve assumptions, risks and uncertainties, and such 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 due to 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 the address 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. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements.
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