If anyone knows me, they know that I have a very competitive nature. Winning is extremely fun. That being said there is some irony when the world’s largest polluter shuts down the world’s worst Environmental, Social, and Governance (ESG) investing platform, and the United States takes the lead. One question that sticks out is how. Continue reading “Hypocrisy and ESG. The United States won the Gold in Bitcoin Mining! – Now using over 35.4% of the world’s power in search of money.”
The post Hypocrisy and ESG. The United States won the Gold in Bitcoin Mining! – Now using over 35.4% of the world’s power in search of money. appeared first on King Operating Corporation.
January 8, 2022
If anyone knows me, they know that I have a very competitive nature. Winning is extremely fun. That being said there is some irony when the world’s largest polluter shuts down the world’s worst Environmental, Social, and Governance (ESG) investing platform, and the United States takes the lead.
One question that sticks out is how many companies and personal investors claim to be environmentalists and only invest in “Greener” investment opportunities. Hypocrisy is the only thing that comes to mind.
Our team at King Operating Corporation has looked at market indices, listened to our investors, and have incorporated ESG into our business plans and investment opportunities. Taking care of the environment is critical. Delivering energy to the United States markets has been a lifelong passion of mine. Being able to direct our team following the ESG best practices is rewarding. Are we there yet? No, but we are focusing our efforts and will be coming forward with those plans.
Last year on our King Operating Roundtables, we covered the Bitcoin mining transition and its impact on energy. China had banned the mining of Bitcoin and those huge number of energy using servers landed in the United States. Yesterday Martin Armstrong with Statista posted a story with some great information.
“Back in September 2019, Bitcoin miners in China accounted for a massive 76 percent of all computer energy used in the mining of the cryptocurrency. Since the country’s crackdown on crypto though, the landscape has been dramatically changed. In the same month of 2019, miners with IP addresses in the United States were using just 4.1 percent of computer energy – the so-called ‘hashrate’. Fast forward to the summer of 2021 and the U.S. is suddenly the number one consumer of Bitcoin energy, making up over a third at 35 percent with China’s share crashing to 0.0 percent.
Data from the Cambridge Centre for Alternative Finance shows that also making a significant shift is Kazakhstan. In September 2019 the nation’s hashrate was just 1.4 percent. With China no longer officially a player in the industry, neighboring Kazakhstan now has a rate of 18.1 percent. Highlighting Kazakhstan’s new-found importance, the current political unrest in the country and a subsequent internet shutdown has been strongly linked to the most recent Bitcoin price crash.”
Source: Martin Armstrong, Statista.com
Helping set the stage on the total impact of Bitcoin mining, let’s look at some of the numbers. In October 2021 the power used was believed to be more than the consumption of Finland. Let that sink in for a moment. With the high costs and demands placed on the United States grid system, the average consumer is paying higher prices without getting any financial gain. This hypocrisy in this form of investing is hurting the Social aspect of the communities in the energy market and has been overlooked by mainstream media.
There are great solutions that have been developed to use what was a wasted, polluting, resource into an ESG solution that some oil and gas E&P companies are using. Instead of “Flaring” their access to natural gas, they are capturing and using it for electricity generation to mine Bitcoin.
Kat Galloway, CEO, Artemis Energy, talks about the importance of pulling the mining off the grid used for consumer energy and using the flaring or waste produced by oil companies and using that energy to mine Bitcoin. This also opens other opportunities for the oil companies to generate power for rural communities or resources from those previously polluting resources.
The Bottom Line
Our team has worked on our King Operating plans for the next several years to incorporate ESG into our corporate culture and product offerings. We are rolling out next year’s product offering plans with a green energy focus. Our investors, stakeholders, and employees are excited that we are taking ESG to heart and providing energy to the United States market in the most cost-effective, and least amount of impact to the environment.
Stay tuned for our upcoming Roundtables, Interviews, ESG plans, and product offerings in 2022.
please reach out to our team at any time.
Jay R. Young, CEO, King Operating
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