Debate Over Crypto Mining's Potential Environmental Impacts Receives Strong Rebuttals

FN Media Group Presents USA News Group News Commentary

VANCOUVER, B.C., May 10, 2022 /PRNewswire/ -- USA News Group – have co-authored a rebuttal letter to the EPA after two dozen House legislators made claims regarding the cryptocurrency's environmental impacts. Last year China banned crypto mining, forcing several operations to move to various regions each with methods to keep their environmental impacts low. Among the more prominent miners in operation today are Bitfarms (NASDAQ:BITF), Marathon Digital (NASDAQ:MARA), HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE), Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT) each mining BTC or Ethereum (ETH), while Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) was the first publicly-traded company to mine Litecoin (LTC) and Dogecoin (DOGE).

After initially launching its cryptomining in China prior to the ban, Hello Pal International Inc. (CSE:HP) (OTCQB:HLLPF) has successfully shifted its LTC/DOGE mining operations to North America and to Australia.

Housed in an undisclosed location in Victoria, Australia, Hello Pal has 100 Bitmain Antminer L7 Mining Rigs fully operational and mining LTC and DOGE. The data centre in Australia is capable of housing up to 20,000 Mining Rigs providing sufficient room for Hello Pal to expand its cryptocurrency mining capabilities onsite down the track.

The L7 model has a hashrate of 9500 MH/s, which is 19x more powerful than that of the previous L3+ model. They consume substantially less power and have a stability rate of 98% in comparison to the previous stability rate of 70% improving overall profit margins considerably.

Hello Pal is a provider of rapidly growing international live-streaming, language learning and a social-crypto platform, and recently launched two new apps: DogeChat and DoggeChat.

The new apps combine the appeal of video livestreaming, cryptocurrency transactions, and 1-on-1 VIP chatting interactions.

DoggeChat will launch first with payments made in fiat currencies through Apple Pay and Google Pay, while in DogeChat payments will be made in DOGE and other cryptocurrencies.

"We expect these apps to be very synergistic to our current livestreaming and crypto-mining operations," said KL Wong, Founder and Chairman of Hello Pal. "They will not only bring into our existing ecosystem new users from different markets, but also allow us to start implementing our goal to make the use of cryptocurrency more widespread in the world, starting with our users."

Global Bitcoin self-mining company, Bitfarms (NASDAQ:BITF) is running vertically integrated mining operations across Quebec, Canada, Washington state, and one in Paraguay. Each facility is over 99% powered with environmentally friendly hydro power and secured with long-term power contracts.

In its last production and mining update, Bitfarms stated it mined 405 Bitcoins for an average of 13.5 BTC per day—which as of this writing is worth ~US$509,000.

The company received a big boost after it initiated production at the Leger site in City of Sherbrooke, Québec, increasing total farms in production to nine and increasing operational capacity by 16 megawatts (MW) of its planned total of 30 MW of capacity, to a total electrical capacity of 137 MW.

"In early April, we surpassed our 3 exahash per second goal (EH/s) with the start of production at our Leger farm, our ninth operating facility," said Emiliano Grodzki, CEO of Bitfarms. "This momentum continued throughout the month, with new miner installations driving our hashrate to over 3.3 EH/s at month-end, up 22% from 2.7 EH/s at the end of March. This incremental capacity helped drive our average daily production in April to 13.5 BTC/day, up 15% from 11.7 BTC/day in March, and I'm proud to say we exited April running at over 14 BTC/day."

Marathon Digital (NASDAQ:MARA) continues to work towards transitioning its bitcoin miners from their Montana facility to new locations with more sustainable and non-carbon emitting sources of power. This follows after Marathon announced in 2021 its mining operations would be 100% carbon neutral by year-end 2022.

"Marathon made a commitment for our mining operations to be 100% carbon neutral by the end of 2022," said Fred Thiel, Chairman and CEO of Marathon. "With the majority of our fleet already scheduled to be deployed at renewable power facilities and deployments currently underway, we believe it is an appropriate time to transition our legacy operations away from fossil fuel generation and towards more sustainable sources of power."

To achieve this goal and build upon their current strategy, Marathon intends to transition its BTC miners from the Montana facility, which currently derives its power from a coal-fired power plant, to new locations with more sustainable sources of power. The transition is expected to be completed during Q3 2022, done in stages to minimize downtime and is currently.

In March, HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSX.V:HIVE) announced its own production figures and mining, producing 278.6 BTC and 2,459 Ethereum (ETH) within the month averaging ~9 BTC per day, and ~79.3 ETH per day, for a combined BTC equivalent value of 14.4 BTC, or roughly US$542,000 per day.

"We are very pleased to report HIVE has continued its extremely strong momentum in expanding our hashing power, notably our Ethereum mining hash power grew by 33% this month," said Frank Holmes, Executive Chairman of HIVE. "Our Bitcoin hashing power increased in March and at the calendar month-end our hashrate was 2.0 Exahash, which translated into a 6% increase in BTC mining on a month over month basis, while BTC prices corrected."

Another prominent North American digital asset miners is Hut 8 Mining Corp. (TSX:HUT) (NASDAQ:HUT), which in March reported it had generated 345 BTC—for an average of 11.13 BTC or roughly US$420,000 per day.

Effective at the start of May, Hut 8 announced it had entered into an agreement to purchase all 960 Whatsminer M31S+ machines from its hosting client TAAL. Once the acquisition is complete, Hut 8's operations at all mining sites will be 100% allocated to self-mining.

"The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Jaime Leverton, CEO of Hut 8. "Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high performance computing, cloud hosting, and collocation services at our five Canadian data centres so they can succeed in the burgeoning Blockchain and Web 3.0 industries."

For more information go to: https://usanewsgroup.com/2020/11/16/live-streaming-is-taking-the-market-by-storm/.

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USA News Group
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