Galaxy Digital, for the first time ever, has produced a sustainability report, revealing that 68% of carbon emissions are emitted by its bitcoin mining companies. In 2021, the company announced that Galaxy Digital had decided to provide financial services and products to bitcoin miners. Apart from that, the company has launched its own bitcoin mining operation.
Currently, the total market capitalization is trading at $920 billion (USD). This year, it has been affected by a sharp drop in its price value. It is estimated to have assets of up to $41 trillion by the end of the year. According to 2021 data, Galaxy has set environmental, social and governance (ESG) records.
Galaxy was one of the founders of the Bitcoin Mining Council (BMC). It works with BMC to promote the use of sustainable energy in mining and to help those involved in Bitcon mining.
Galaxy Digital’s Key Concepts for Sustainable Mining
Recently, the company decided to conduct sustainable bitcoin mining and maintain carbon neutrality during mining. Additionally, it wanted to implement sustainable practices in its operations and began to increase the use of sustainable energy in its mining operations. It is committed to achieving 80% sustainable energy within the next three years.
Speaking at a press conference, Galaxy Digital Founder and CEO Michael Novogratz said, “You might think it odd that we’re focusing on a sustainability report in the midst of what I would call a class 3 hurricane.
He also said, “Once in a while I like to take a step back and think long term. We are building a business that we hope exists long after the time we work here. And we think having the right foundation is really important.
As part of Sustainable Development Goal (SDG) 17, the United Nations conducted a survey which showed that in 2021, Galaxy Digital emitted 6,554 metric tons of carbon dioxide, of which 31% came from activities. mining other than bitcoin.
The United Nations has decided to reduce carbon emissions levels by 45% by 2030 and to achieve net zero emissions by 2050.