Krypto Mining The company welcomes the SEC proposal for environmental reporting

Krypto Mining The company welcomes the SEC proposal for environmental reporting

The youngest of the US Securities and Exchange Commission Proposal that listed companies should open greenhouse gas emissions and climatic risks, Those who would have an impact on business has torn environmentalists and politicians, but a cryptocurrency mining company welcomes this with open arms.

"If I look at the proposal,] I think we already do most of it," said Gregory Beard, co-chair and CEO of Stronghold, a crypto mining company that uses energy from coal waste to dismantle Bitcoin. "The risk section of our documents contains climate -drawn risks."

The proposed changes in the rules would oblige listed companies to disclose information about how climate -related risks have significantly affected their business or are expected to have an impact.

"Our operation with the burning of coal waste is exposed to a number of risks that result from the threat of climate change that could lead to increased operating and capital costs for us and reduce the scope of our business," said Stronghold’s S-1 submission which was submitted to the SEC in November 2021.

In addition, the SEC suggests that registrants disclose information about direct greenhouse gas emissions and indirect emissions from the powered electricity or other forms of energy.

"If there was a way to do this without emitting carbon in the air, we would do it, even if it weren't the most economical solution," said Beard. "We are looking for technologies and investments to reduce our CO2 emissions and improve our CO2 footprint."

The proposed changes of rule come, although the concerns of institutional investors seem to be allowed to make up for environmental issues.

environmentally friendly mining is an important part of the business model and the mission of Stronghold, added Beard. Stronghold has and operates the Scrubgrass, a system for electricity generation from coal waste in Pennsylvania. According to the law of Pennsylvania, coal waste is classified as an alternative energy source of level II, similar to great hydropower, said Beard.

"We believe that our electricity generation system is environmentally friendly because we remove old coal waste and make it easier to renovate the country and water, with electricity generation being the by -product of this activity," says the submission.

The three democratic commissioners of the SEC voted to approve the proposed rule, and the only Republican commissioner voted against it. The SEC chairman Gary Gensler said that the rule would provide "consistent, comparable and decision-making information" for investors who would like to invest consciously.

A democratic senator, Joe Manchin from West Virginia, criticized the rule because she is unfairly aimed at companies for fossil fuels Open letter An Gensler, published on Monday. Manchin said that the proposed reporting requirements were unnecessary because most companies already publish sustainability reports, although the content of these reports from companies to companies is different and difficult to check.

While Beard did not comment on his personal opinion about the rule, he admitted that the proposal did not come as a surprise. He also noticed that cryptocurrency mining companies are facing a tough fight when it comes to changing rhetoric in the industry, and larger reporting obligations could help their case.

"At the federal level, you can always expect changes to the regulations and I would expect changes to the regulations on the climate," said Beard. "I think there are no public crypto mining boards that are not aware of this problem and do not try to get access to more clean electricity."

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The contribution Krypto Mining The company welcomes the SEC Environmental report, which first appeared on block works.