SolarBank, a clean energy company trading under the NASDAQ symbol SUUN, recently unveiled a plan to convert sunshine into Bitcoin — and to generate pollution-free electricity along the way.
The company, which develops renewable energy and battery storage projects in North America, announced its strategy in June to take earnings from solar energy production and invest them in the popular cryptocurrency.
In doing so, SolarBank taps into two positively trending industries — solar energy and digital currency, as CarbonCredits.com pointed out. SolarBank aims to build Bitcoin reserves as a hedge against inflation and potential reductions in the value of mainstream currencies.
Its approach also models crypto investment with clean energy production baked in.
As the company explained, "The renewable energy generated by SolarBank's portfolio of solar power and battery energy storage projects provides an offset against the emissions generated from the energy used to generate Bitcoin."
Traditionally, Bitcoin mining has required high-powered computing and has been criticized for its dramatic use of electricity. If that electricity comes from fuel-burning sources, it means creating a large amount of pollution that contributes to health risks and increases global temperatures.
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Recently, the crypto industry has increasingly explored energy-efficient processes and, according to a recent Cambridge study, 52.4% of the power behind Bitcoin mining now comes from sustainable energy sources. There is also evidence that the crypto industry can support clean energy development and even stabilization of the energy grid. Yet challenges remain to address the impacts of the still-significant portion powered by fossil fuels.
SolarBank's strategy is different from powering crypto mining with renewables — instead, it will take value created through real-world solar and energy storage development to invest in crypto.
The company followed its strategy announcement with an example of implementing it: SolarBank will buy Bitcoin with the revenues from its 3.79-megawatt Geddes Solar Power Project in New York. Through this, it aims to create "dual value streams: stable energy revenue and digital asset holdings."
CarbonCredits.com noted that the approach has risks, including vulnerability to swings in Bitcoin pricing and shifting regulations for clean energy and crypto. Yet the approach is an intriguing way to leverage investment in the promising futures of clean energy and digital finance.
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"In a world of ever-increasing energy demand and treasury complexity, SolarBank delivers renewable energy solutions and recurring revenues, now combined with all of the benefits of holding Bitcoin," SolarBank President and CEO Richard Lu said.
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