June 24th, 2024

Hut 8 signs recycling deal for its mass amount of e-waste

By MEDICINE HAT NEWS on February 25, 2023.

https://www.medicinehatnews.com@MedicineHatNews

Hut 8 has a new agreement to recycle or reuse 220 tonnes of electronic waste it produces at its facilities in Canada, which includes a major operation in Medicine Hat.

On Tuesday the data-processing firm that mines Bitcoin in exchange for tokens of the cryptocurrency said it has partnered with ERS International to help meet carbon reduction goals set last year.

The firm, created by Sparta Group, issues carbon credits that account for keeping computer hardware and other electronics out of landfills.

Arnold Lee, Hut 8’s director of Environmental, Social and Governance issues, said the program “allows us to responsibly recycle obsolete miners while taking meaningful steps to achieve our carbon neutrality goals.”

The agreement, totalling refuse worth 5,200 credits, verified by large ESG-focused investment firm Brookfield, should begin in early 2023, according to a release.

In early 2022, Hut 8 released its own estimated carbon footprint, stating the power required in the electricity intensive sector was equivalent to 437,000 tonnes of carbon dioxide annually.

At the same time it stated a goal of becoming carbon neutral in 2025 through the purchase of offset credits and the addition of more renewable energy onto local grids where it operates.

Sparta Capital is a publicly traded company focusing on technological solutions for health environmental and other problems, according to the release.

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