BITMAIN Donated One Million USD to The Hong Kong Polytechnic University

BITMAIN - the world's leading manufacturer of cryptocurrency mining servers through its brand ANTMINER has proudly donated one million USD to The Hong Kong Polytechnic University via the Hong Kong Sustaintech Foundation to establish key research projects to identify the underlying benefits Bitcoin has towards carbon neutrality.

BITMAIN actively encourages and promotes the development of Proof-of-Work mining through technological innovation and environmental, social, and governance (ESG). The company adheres to creating win-win ecological cooperation with its customers and partners.

The project will develop empirical studies in four aspects to produce white papers as research outcomes.

First, the dynamics and heterogeneity of Bitcoin's carbon footprint. The research will assess the volume of energy consumption necessary for the production, transaction, and circulation of Bitcoin, which will evaluate the impact of mining technology development and industry clustering on energy consumption.

Second, Bitcoin and carbon neutrality. As Bitcoin mining becomes an indicator in promoting renewable energy development, the project will research how to continue this trend to realize 100% green mining, offering benefits to the government and private sectors.

The third is the use of smart energies for Bitcoin miners and power companies. The project will research how Bitcoin mining encourages companies to develop optimized solutions when energy is surplus or insufficient, thus generating new market opportunities for real-time energy management systems.

The fourth is the role of Bitcoin industry leaders toward sustainability goals. Many companies in the Bitcoin industry are establishing codes of conduct on their carbon neutrality goals. The project will research how industry leaders work toward achieving carbon neutrality goals.

Haitian Lu, Hong Kong Sustaintech Foundation professor in Accounting and Finance, said, “I am grateful for the support from BITMAIN and its continuous efforts towards ESG sustainability. The future integration of clean energy and Bitcoin mining can create value for the economy and solve energy crises. This research will verify new methodologies to enhance the efficiency and utilization of idle energy”.

BITMAIN has established new ESG initiatives over the years. In 2021, the company purchased carbon credits to offset the emissions incurred during the production and operations for batches of its S19 XP product line. In 2022, BITMAIN launched new programs such as ANTique ANTMINER Coupons to reduce the carbon footprint to promote a greener mining ecosystem.

Hong Kong Polytech University is ranked 6th in the world for blockchain research, working to build the future by engaging heavily with the global academic conversation around blockchain and cryptocurrency.