Arthur Mining teams with ImpactScope on its crypto mining journey to carbon neutrality
GENEVA, Sept. 30, 2021 /PRNewswire/ — Arthur Mining is a fast-growing Bitcoin-mining operator with active sites and partnerships in South Carolina, Pennsylvania, Ohio and Indiana. With its planned expansion of flare gas as its primary power source, Arthur Mining will be able to keep its electricity costs under $0.016 / kWh. Currently, the company is likely the best-performing crypto miner in North America. With its capacity of 120 petahashes expected to double every 6 months, the Brazilian owned miner is on track to become a unicorn by 2024.
When oil exploration companies drill oil wells they often find gas too. With no separate gas transportation infrastructure in place, most oil companies are forced to vent and flare the excess gas. Bitcoin miners like Arthur Mining are increasingly drawn to this potential power source. While it is not economically viable to transport the gas to urban consumers, it can make sense to place hundreds or even thousands of Bitcoin mining ASICs in the vicinity of the vented gas. By capturing gas that would otherwise be flared, Arthur Mining is technically helping the oil companies cut their CO2 emissions in half.
Sean Murphy, ImpactScope co-founder remarked, “We’re honored and excited to be working with the Arthur Mining team. We’re impressed by their pledge to become a carbon negative mining company by 2025. Unlike mining operations powered by coal, the activities of Arthur Mining have a unique potential to actually reduce GHG emissions by diverting natural gas away from flares and into generators.”
Murphy continued, “Arthur Mining has already backed up its net zero commitments with decisive action by purchasing significant amounts of high quality offsets in ImpactScope partner projects in Indonesia and Kenya. Apart from sourcing impact investments for Arthur Mining in clean cooking stove distribution and grassland conservation, ImpactScope is also helping Arthur Mining secure an inventory of Direct Air Capture carbon removal units from Climeworks in Switzerland.”
Arthur Mining CEO, Raymond Nasser commented, “At Arthur we’re committed to sustainable crypto mining. For us that is non-negotiable. ImpactScope is helping to hold us accountable, while at the same time guiding us in communicating our carbon footprint reduction achievements to our investors and stakeholders.
“We are currently raising a Series A round ahead of our planned 2022 SPAC listing. That means we need to take our ESG reporting obligations very seriously. With the assistance of ImpactScope’s sustainability consultants we are putting in place robust impact measurement tools and processes.”
ImpactScope is a Geneva-based social enterprise providing sustainability solutions to crypto enthusiasts, crypto miners, and digital asset marketplaces.
ImpactScope helps mitigate the unintended environmental consequences of Proof of Work consensus protocols by building real-time offsetting APIs for digital asset marketplaces.
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