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Galaxy Digital, for the first time ever, conducted a sustainability report, revealing that 68% of carbon emissions are emitted from its bitcoin mining firms. In 2021, the company announced that Galaxy Digital had decided to provide financial services and products to the miners of bitcoin. Apart from that, the company started its own bitcoin mining operation.
Currently, the total market capitalization is trading at $920 billion (USD). This year it was affected by a sudden drop in its price value. It is estimated to have assets of up to $41 trillion at the end of the year. According to the data in 2021, Galaxy set records in environmental, social, and governance (ESG).
Galaxy was one of the founders of the Bitcoin Mining Council (BMC). It collaborates with BMC to promote the use of sustainable energy in mining and to assist individuals involved in Bitcon mining.
The Key Concepts Of Galaxy Digital For Sustainable Mining
- Environment
- Social
- Better Governance
Recently, the company decided to conduct sustainable bitcoin mining and to maintain carbon neutrality during the mining. Besides that, it wanted to implement sustainable practices into business and started to increase the utilization of sustainable energy during its mining operations. It is committed to achieving 80% sustainable energy in the next three years.
In a press conference, the founder and CEO of Galaxy Digital, Michael Novogratz, stated that “One might think it’s strange that we are focused on a sustainability report in the midst of what I would call a class 3 hurricane.”
He also stated that “Every now and then, I like to take a step back and think in the long term. We are building a company that we hope exists a long time past the time we work here. And we think getting the foundation right is really important.”
As a part of the sustainable development goal (SDG) 17, the United Nations carried out a survey that showed, in 2021 Galaxy Digital emitted 6,554 metric tons of carbon dioxide, of which 31% was emitted from non-bitcoin mining activities.
The United Nations decided To reduce carbon emission levels by 45% by 2030 and reach net zero emissions by 2050.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
