Canada-based BTC mining company Canada Computational Unlimited Incorporated went public this week and will trade on the TSX Venture Exchange. The BTC company will trade under the name “SATO,” the deflected form of Satoshi Nakamoto, the supposed founder of Bitcoin. According to the firm, the reason for adopting the name “SATO” is to pay tribute to the mysterious founder of the most popular crypto.
Not too long ago, the mining firm got funded by True Global Ventures 4Plus, a blockchain-equity fund, raising $100M for the start of CCU.ai. Chairman of the company Romain Nouzareth was more than excited about the accomplishment, stating that the CCU.ai will present more opportunities to investors to participate in the cryptocurrency market.
Meanwhile, the TGV 4Plus executive revealed that the main reason for partnering with the mining company was its eco-friendly approach. The company will begin trading on September 21, according to the statement released by the executive.
Green Energy Mining in Focus
The Canadian firm emphasized that it would engage in BTC mining operations using eco-friendly methods, different from what some BTC mining firms are using today. The option to use a carbon-neutral method is to minimize energy costs and the difficulty used in mining Bitcoin. For some time now, focus on green energy has become widespread in the crypto world. Many BTC mining firms are emphasizing the switch to eco-friendly methods to boost production.
Earlier this year, Tesla announced the suspension of Bitcoin payments after a few months of accepting it. The CEO Elon Musk tweeted that the reason for suspending BTC payments for its vehicles was the high energy used in mining the coin. He clarified that BTC mining used far too much energy that could damage the environment. The market responded to the news by declining 16% in prices in a few hours.
Tesla was mainly concerned about human safety, and that was his reason for the tweet. He stated that crypto shouldn’t come at the expense of the environment. According to Musk, Tesla will resume BTC transactions once the sector moves to renewable energy.
Musk is right. Crypto mining, especially BTC, can put a lot of strain on the environment and the inhabitants. The shift to green energy is imminent, and although there are signs that crypto companies are talking about green energy, they need to intensify their efforts to ensure the crypto space grows into a safe sector going into the future.
With more miners entering the crypto space, BTC companies and emerging ones must step up to ensure that BTC mining is less harmful to the environment. To do this, these BTC companies need to enter into more partnerships with firms that are green energy-focused.