TORONTO, ON / ACCESSWIRE / November 30, 2022 / Sparta Group (TSXV:SAY) (the “Corporation”, the “Company”, “Sparta Group”, “Sparta Capital”, “SAY.V” or “Sparta”) is thrilled to announce that just weeks after introducing its advanced carbon credit program, Hut 8 Mining Corp. (Nasdaq:HUT) (TSX:HUT), one of the world’s oldest and largest digital asset miners, is taking advantage of the program to help offset greenhouse gas emissions.
Sparta’s Environmental division, ERS International, established the carbon credit program to assist clients in lowering their carbon footprint at a time when many companies feel the mounting pressure from both government and consumers to demonstrate environmental consciousness.
While mining digital assets like Bitcoin can be energy intensive due to the large number of super-computers required, Hut 8 Mining has always taken a strong stand on energy efficiency. They have an aggressive ESG strategy to achieve carbon neutrality by the end of 2025, Hut 8 Mining is a founding member of the Bitcoin Mining Council, which is a group of digital asset miners determined to promote energy usage transparency and the use of renewable energy sources.
Sparta’s e-waste recycling facility has already begun receiving some obsolete materials, including super computers from Hut 8 Mining. The first shipment will be a total of 14 tractor trailer loads.
“We’re getting to work right away, upcycling and assessing everything Hut 8 sends our way, as well as qualifying and verifying so we know just how much carbon dioxide we are diverting from the atmosphere. We are generating one carbon credit for every metric tonne of carbon dioxide we prevent from entering the environment. We expect this first shipment from Hut 8 Mining to be literally thousands of tonnes of carbon dioxide equivalent or MTCO2e, which is the unit of measurement used,” said ERS International’s Director of Global Business Development, Joseph Cimorelli.
When the verification process is complete and carbon credits have been generated, they will be passed on to Hut 8 Mining. All scientific calculations, the monitoring protocol, as well as the processing plan set out by ERS International were approved by the Canadian Standards Association. (“CSA”).
“ESG is in our DNA, and we have always prioritized taking proactive steps to do our part to minimize the impact of electronic waste by reusing and recycling our legacy equipment,” said Arnold Lee, Director of ESG at Hut 8. “We have taken many proactive steps toward our commitment to achieving carbon neutrality by 2025, including working with ERS to divert C02 from releasing into the atmosphere while generating verified carbon credits approved by the CSA.”
ERS International pays attention to every single factor influencing energy use. All carbon equations take into account shipping costs and the energy used to process materials that are sent to the recycling plant. Sparta managers insist, clients like Hut 8 Mining can be confident that they are receiving completely verified credits.
The site carboncredit.com, a source for carbon news and investment, has stated that if you are a company able to generate carbon credits, it could “be a significant revenue stream” and if pricing of credits continues to grow, environment-related businesses could reap the benefits.
Currently, the Canadian government has set a 2022 carbon emission price of $50 per tonne, an amount that will automatically increase to $65 per tonne in 2023 and is projected to reach $170 by 2030.
About Hut 8 Mining Corp.
Hut 8 is one of North America’s largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high-performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any digital asset miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-free resources, Hut 8 is revolutionizing conventional assets to create the first hybrid data centre model that serves both the traditional high performance compute (Web 2.0) and nascent digital asset computing sectors, blockchain gaming, and Web 3.0. Hut 8 was the first Canadian digital asset miner to list on the Nasdaq Global Select Market. Through innovation, imagination, and passion, Hut 8 is helping to define the digital asset revolution to create value and positive impacts for its shareholders and generations to come. Additional information is available at www.hut8mining.com.
Sparta Group (a.k.a. Sparta Capital Ltd.) is a company focused on advanced technology designed to improve the health of the planet, the health of businesses, and the health of humankind. Sparta owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions, and increase operating efficiencies in various industries. At the same time, the company also diverts waste from landfill, transforming it into something of value. While it began as an environmental technology company, Sparta expanded its technological expertise to address the growing demand for healthier workplaces and healthy employees. Its strong Technical Advisory Board reflects Sparta’s dedication to advancing technologies that incorporate the latest in high-tech, including Artificial Intelligence (AI), to solve some of the world’s pressing problems, including climate change, viral outbreaks, and mounting waste. The company is now structured into three divisions: Environment, Innovation, and Energy. These divisions better categorize the growing list of products and services offered by the Company.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol “SAY” (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
John O’Bireck, President & CTO
Telephone: (905) 751-8004
The above may contain “forward-looking information” within the meaning of applicable securities laws. When used in this address, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes based on the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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SOURCE: Sparta Group
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