iMD Companies, Inc. (OTC: ICBU) is transitioning to solar energy to cover the costs of its crypto mining activities.
iMD, a firm dedicated to the development of cryptocurrency technology, has announced an eco-friendly improvement to its cryptocurrency mining equipment. According to a press release, iMD has upgraded its server mining equipment to utilize solar-powered bitcoin mining. The objective is to recoup the high cost of the large quantity of power necessary for cryptocurrency mining.
According to the firm, it has been repositioned as a holding company for acquisitions and technology development in the financial, blockchain, cryptocurrency, and non-fungible token (NFT) areas.
Additionally, iMD will upgrade its mining method and equipment. According to the release, the company will focus on mining bitcoin, Ethereum, ADA, Litecoin, and Bitcoin Cash after performing research and testing. “We’ve made this decision in light of recent market movements and growth in the aforementioned coins.” Its objective is to maximize profits on what it believes are the market’s most profitable assets at the moment.
Additionally, the action will assist iMD in developing its own cryptocurrency utility/asset-backed coin. The coin is expected to launch by the end of August with a 100 million-coin first sale. According to the business, the iMD coin would be backed by a basket of digital assets including bitcoin, Ethereum, litecoin, Bitcoin Cash, and ADA.
Cryptocurrency miners go green
iMD is the latest in a growing collection of cryptocurrency miners committed to a more sustainable future for the industry. According to research published by the Bitcoin Mining Council, a trend toward greener energy has been rising in the cryptocurrency mining business. According to data from the end of Q2 2021, the energy consumed by bitcoin mining was approximately 56%, up from 36% in Q1.
The recent shift toward cleaner energy has been partly credited to prominent figures in the cryptocurrency field, most notably Elon Musk, who has stated the importance of reducing digital currency’s carbon footprint. Tesla Motors will begin accepting bitcoin payments in May 2021, Musk stated. However, in June, the CEO reversed his decision, noting that the harmful impact cryptocurrency mining had on the environment caused him to reconsider accepting it as payment.
Musk stated that the company will allow bitcoin payments in the future only if the industry achieves a 50% renewable energy share on a worldwide scale. Additionally, he revealed during a panel discussion that Tesla contributed to the increase in energy consumption. “Since Tesla stated it had bought bitcoin and was conducting bitcoin transactions, the bitcoin price skyrocketed, as did the amount of energy required to mine bitcoin.”
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