Bitmain donates $1 million to Hong Kong Polytechnic University to study the integration of Bitcoin and carbon neutrality

Bitmain, together with its Antminer brand, donated US$1 million to the Hong Kong Polytechnic University through the Hong Kong Sustainable Technology Foundation to help it carry out its core project on studying the potential benefits of Bitcoin for carbon neutrality.

Bitmain has been actively encouraging and promoting the development of PoW mining through technological innovation and environmental, social and corporate governance (ESG). The company insists on creating a win-win ecosystem with customers and partners.

The project will conduct empirical research in four areas and ultimately produce a white paper as the research result.

The first is about the development and multi-phase nature of Bitcoin’s carbon footprint. The project will study the energy consumption required for the production, trading and circulation of Bitcoin, and the results will be used to evaluate the impact of the development of mining technology and industrial clustering on energy consumption.

The second is the issue of Bitcoin and carbon neutrality. As Bitcoin mining has become an indicator for promoting the development of renewable energy, the project will explore how to continue this trend, achieve 100% green mining, and bring benefits to the government and the private sector.

The third is to empower Bitcoin miners and energy companies with intelligent energy. This project will study how Bitcoin mining can help companies develop optimization solutions when there is excess or shortage of energy, creating new market opportunities for real-time energy management systems.

Finally, the role of Bitcoin industry leaders in sustainable development goals. Many companies in the Bitcoin industry are developing codes of conduct related to carbon neutrality goals. This project will study how industry leaders can achieve carbon neutrality goals.

Haitian Lu, Professor of Accounting and Finance at the Hong Kong Sustainable Technology Foundation, said: “We are very grateful for the support of Bitmain and their long-term efforts in the field of ESG. In the future, the integration of clean energy and Bitcoin mining will create economic value and solve the energy crisis. This research will verify new methods to improve the efficiency and utilization of idle energy.”

Over the years, Bitmain has launched a number of ESG-related initiatives. In 2021, Bitmain purchased carbon credits to offset the carbon emissions generated by the production and operation of its S19 XP series mining machines; in 2022, Bitmain launched many new projects, such as mining machine retirement coupon activities, to reduce carbon footprint and create a green mining ecosystem.

The Hong Kong Polytechnic University ranks sixth in the world in blockchain research and is committed to building the future by deeply participating in the global academic dialogue on blockchain and cryptocurrency.