Crypto Spotlight: ViaBTC’s Strategic Partner SAI.TECH Goes Public on Nasdaq
ViaBTC’s strategic partner SAI.TECH Global Corporation (“SAI.TECH” or “SAI”), a clean-energy-driven Bitcoin mining operator with leading energy-saving solutions to the computing, power, and heating industry, officially listed on Nasdaq on May 2, 2022 (EST). The Class A ordinary shares and warrants of SAI commenced trading on the Nasdaq Stock Market on May 2, 2022, under the new ticker symbols “SAI” and “SAITW,” respectively. The recognition for SAI.TECH among institutional and individual investors will undoubtedly give rise to a new paradigm for crypto mining and sustainable energy growth. Following the latest industry trend, SAI.TECH will bring fresh momentum to the sustainable future of crypto mining.
As ViaBTC’s strategic partner for SaaS solutions, SAI.TECH is a global energy-saving Bitcoin mining operator and a clean-tech company that integrates Bitcoin mining, heating, and power industries. At the moment, recycling clean, renewable energy is a primary technological goal in crypto mining, and the sector is witnessing the emergence of projects that focus on clean energies like solar power, hydropower, and recovered waste heat. For example, in Canada, some have started to use the heat generated by BTC mining to heat farming greenhouses and fishponds. Meanwhile, Slovakia, a small European country, has built biogas plants to power BTC mining.
In fact, apart from crypto mining, Web 3.0, which paints the blueprint of a free, open world, also has an enormous demand for energy. As an infrastructure underpins that massive data needs to be stored on blockchains and enable real-time interactions, Web 3.0 requires the adoption of high-performance computing with enormous power consumption or even supercomputers, which consume tons of energy.
A large amount of energy eventually dissipates in the air as heat during the computing process. It is a pity that the enormous amount of heat is wasted like that, which is why SAI.TECH introduced the SAIHUB solution: SAI’s innovative solution uses patented waste heat recovery and liquid cooling technology to convert the waste heat generated by mining into heating sources for various residential, commercial, industrial, and agricultural application scenarios. Through electrifying chip heating, SAI reduces fossil-fuel use in traditional boilers and ultimately achieves the goal of reducing carbon emissions.
With such a technology, 90% of the heat generated by mining rigs can be recovered and stored, which powers BTC mining and meets the various needs such as agriculture, commerce, and industrial heating demands, covering farming greenhouses and urban heating systems.
The Q1 2022 report of BMC (Bitcoin Mining Council) shows that in global BTC mining, sustainable energy now takes up 58.4% of the total energy consumption to empower the industry, making it one of the most sustainable industries globally. As the first company in the mining sector to publish carbon footprint and ESG reports, SAI.TECH is also promoting the green transition of the mining industry through its innovative solutions.
According to the data from BTC.com, the global BTC hash rate of ViaBTC Pool stands at 21,050 PH/s. Assuming that the unit power consumption of Antminer S19 XP is 21.5W/terahash, a hash rate of 21,050 PH/s means the miner consumes 452,575kW every second. However, if SAI.TECH’s SAIHUB solution, which integrates the liquid cooling and waste heat recovery technologies, is adopted in this case, then the miner can reuse 407,317.5kW of energy per second.
Driven by the rise of emerging fields and the large-scale consumption of energy, providers of energy-oriented solutions are winning the favor of institutional investors, and more relevant entities are en route to go public. Over the past year, more than ten crypto companies have merged and gone public through SPACs, such as Core Scientific, Cipher Mining, and Bakkt Holdings. The “listing wave” has also swept the crypto mining industry. Apart from SAI.TECH, other crypto mining companies such as BitFuFu and Bitdeer also plan to go public through SPACs this year.
Getting listed through SPAC is one of the many ways crypto businesses are trying to become legitimate enterprises in global finance. Crypto mining companies getting listed will make conventional financial institutions pay more attention to the crypto sector. This connection and interaction between traditional capital markets and emerging industries will catalyze a series of chemical reactions. Backed by funding from investors worldwide, these listed clean energy companies will apply clean energy technologies in more scenarios.
ViaBTC Pool, a world-renowned mining pool, keeps track of developments in this field. In the future, the pool will continue to work with partners through more close collaboration in energy and mining while exploring the industry’s growing trends. We hope that more institutions will join us to build a thriving ecosystem for the future of clean crypto mining.