Australian mining company Iris Energy plans to go public through SPAC, saying Bitcoin will overcome ESG pain points

Daniel Roberts, founder and CEO of Australia-based Iris Energy Pty, which uses renewable energy to power its bitcoin mining operations, told Bloomberg that bitcoin can address ESG (environmental, social and corporate governance) issues.

Roberts believes that over the past year, Bitcoin’s use case has been validated by its massive liquidity, secured by the mining process that both generates tokens and validates transactions.

Roberts said: "It (Bitcoin) plays an important role. I don't think anyone has the right to decide where energy should be used. This is a market-based decision. Bitcoin, by virtue of its appeal and adoption rate, naturally attracts these energies to protect it and protect people's savings."

Bitcoin’s energy consumption has been a major focus of crypto news in recent weeks. After Musk suddenly announced that Tesla would not accept Bitcoin payments for the time being, Bitcoin quickly fell from a peak of about $65,000 in April to below $30,000.

The move has brought Bitcoin's environmental, social and governance (ESG) issues to the forefront, and while many agree with Musk's concern for the environment, others point out that some aspects of the financial industry are far more polluting.

BitPush previously reported that Musk attended a meeting of top North American crypto mining companies hosted by MicroStrategy CEO Michael Saylor. During the summit, participants decided to form a Bitcoin mining committee to increase transparency in energy use and standardize reporting.

Iris Energy is planning to launch multiple projects, including data centers and mining infrastructure.

Roberts revealed that the company will also explore listing through SPAC (special purpose acquisition company) and is in contact with several shell companies. The Sydney-based company may be listed in the United States and may raise US$300 million to US$500 million.

Iris Energy uses renewable energy in its mining operations. Roberts said: "Recent news in the sector and the focus on ESG shows that the business model we started with many years ago is likely the right one. We hope to attract the right capital partners to help us grow."