Crypto mining company is to agree to what the US SEC proposed regarding the environmental reporting asked from mining firms
Several criticisms that the crypto industry faces include a major one that is environmental and energy consumption concerns by environmentalists and opponents. Undoubtedly the concerns are true to some extent, where some analytics and data show it is something very huge and needs attention at the moment. However, considering such instances, the Security and Exchange Commission has proposed Environmental reporting from the companies.
The agency’s recent proposal asked publicly traded companies to disclose their emission of greenhouse gasses and the risks they pose to climate. However, the proposal has torn politicians and environmentalists apart and stands in different corners. Despite such a situation, one cryptocurrency means the company is standing in support and welcoming the proposal with open arms.
The reason for doing so can be clearly understood from the statement of CEO and Chairman of Stronghold, Gregory Beard, who said that they think the company is already doing most of what was mentioned in the proposal. He said so because the risk section of their company’s report filings includes the risks related to climate. Stronghold Digital Mining uses energy from coal waste for bitcoin mining regardless of companies that use fossil fuels to generate energy to mine crypto.
The current proposed rule would require the businesses to inform about the climate related risks either having or likely to have a material impact on business.
S-1 filings of Stronghold, which the company submitted in November 2021 to SEC, stated that the operations that involve coal refuse combustion are subject to invite a number of risks that possess the threat of climate change, and that could result in increasing capital and operating costs for the company and eventually would reduce the business activities at extent.
Other than that, the SEC proposal signifies that registrants need to disclose the information regarding the emission of greenhouse gasses and indirect emissions, including purchased electricity or other forms of such energy.
Stronghold CEO said that if there were any way to do this without carbon emission into the air, the company would do it, and even if it weren’t an economic thing, the company would pursue the way. He said that the company is looking at investments and technologies that would help to reduce its carbon emissions and lower its carbon footprint.
Source: https://www.thecoinrepublic.com/2022/04/06/stronghold-digital-mining-welcomes-sec-environmental-reporting-proposal-isnt-it-surprising/