Hut 8 Mining Corp, certainly one of North America’s largest digital asset miners, has not too long ago printed its 2022 Environmental, Social, and Governance (ESG) Report. The report, which aligns with the Sustainability Accounting Requirements Board (SASB) and the World Reporting Initiative (GRI), is a step within the crypto {industry}’s ongoing battle with sustainability.
The cryptocurrency {industry} has been below scrutiny for its excessive vitality consumption and potential environmental impression. Hut 8’s report comes at a time when buyers are more and more taking a look at ESG elements of their funding choices, and regulators are contemplating measures to mitigate the environmental impression of industries like crypto mining.
Within the report, Hut 8 outlines its dedication to reaching carbon neutrality by 2025 and its efforts to offset 40% of its 2022 scope 1 and a couple of emissions. It additionally reviews a carbon-free grid mixture of 94% and 97% for its high-performance computing (HPC) knowledge facilities in Ontario and British Columbia, respectively, highlighting its makes an attempt to scale back its carbon footprint.
Nonetheless, the report additionally raises questions in regards to the broader challenges dealing with the crypto {industry} in its quest for sustainability. Whereas Hut 8’s efforts are commendable, the {industry}’s general vitality consumption stays excessive, and the transition to extra sustainable practices is advanced and dear.
On the social and governance fronts, Hut 8 reviews zero complete recordable office security incidents in 2022 and variety in its government administration and board. These are vital elements for buyers contemplating ESG standards, however additionally they spotlight the broader challenges the tech {industry} faces by way of variety and inclusion.
Compared to different miners and industries, Hut 8’s ESG danger score is taken into account medium, rating 586 out of 1114 within the software program and providers {industry} group, in keeping with Sustainalytics. This rating displays the corporate’s publicity to industry-specific materials ESG dangers and the way effectively it’s managing these dangers.
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