If you listen to most Bitcoin maximalists you’ll come across some rather interesting distortions of reality. These folks tend to take up the same round-earth trains of thought as climate change deniers, anti-vaxers and anti-maskers, and that there’s a significant amount of overlap in the various conspiracy minded ideological positions shouldn’t come as much of a surprise.
A Bitcoin maximalist is someone who believes that Bitcoin (and only bitcoin) is worth an investment. The true invention of the Proof of Work mining consensus mechanism, and any other is an avenue towards centralization and an invitation to government overreach. All useless altcoins (those without functional utility) will go to zero, and all useful altcoins will end up functioning as part of bitcoin’s second layer—whether lightning or liquid. As if Bitcoin were some kind of blockchain one-ring to rule them, bind them, etc, and maybe Sauron fits in there somewhere. I don’t know.
It’s an interesting idea. Especially the one about the proof-of-stake consensus mechanism providing an avenue to government overreach, and control. Also, they’re spot on a few things: carbon taxes, like most taxes, are primarily taxes on the poor as the rich will always find ways to avoid paying tax, but they’re dead wrong on the important issues: the environmental impact of cryptocurrency mining, the need for sustainability and the social requirement of inclusivity.
As an example of a Bitcoin mining company with a solid approach, let’s look at Hut 8 Mining (HUT.T), which released their ESG goals today.
“Technology, sustainability, inclusivity and innovation are part of our DNA at Hut 8, and we are proud to lead positive change in our sector, which we hope will build a legacy that our team and shareholders can be proud of,” said Jaime Leverton, chief executive officer of Hut 8.
These folks may be Bitcoin specific when it comes to mining, but they don’t take on the notion that environmental calamity is a propaganda piece that maximalists offer. They’re more reasonable in their approach. The company’s approach to ESG involves renewable energy and collaboration with suppliers to further reduce emissions, and they’ve taken a proactive role in terms of environmental stewardship. They weave and adapt as new data and insights emerge.
ESG isn’t exactly a new focus for Hut 8. Their goals extend to all aspects of corporate and social responsibility, and include:
- Achieving carbon neutrality for scope 1 & 2 GHG emissions by 2025;
- Reducing emissions through technological and operational innovation;
- Fostering workplace health and safety, and maintaining zero total recordable incidents;
- Focusing on corporate diversity across employee representation including the goal to achieve 25% employee representation from women;
- Maintaining executive management team gender diversity of over 40% women;
- Maintaining board gender diversity representation of over 30% women;
- Continuing to be compliant with public company reporting and disclosure requirements; and,
- Supporting and partnering with non-profit and charitable organizations that drive positive social impact and climate change efforts.
They’re a founding member of the Bitcoin Mining Council of 2201, which is a voluntary group of digital asset miners promoting transparency in their energy usage and encouraging renewable resources. They’re also signatories of the Crypto Climate Accord, and dedicated to reducing emissions as per their agreement. The company will also be referencing its disclosures against the Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI), both of which will hold the company accountable should they need meet their benchmarks.
—Joseph Morton