Back to the list

Eco-Friendly Canadian Bitcoin Mining Firm Goes Public

beincrypto.com 09 September 2021 10:35, UTC
Reading time: ~2 m

An environmentally friendly bitcoin mining center went public this week under the stock symbol ‘SATO.’ 

A Canada-based bitcoin mining company went public this week on the TSX Venture Exchange in Toronto. Its entrance into the trading arena is under the stock symbol “SATO” in homage to bitcoin founder Satoshi Nakamoto. 

Canada Computational Unlimited (CCU.ai) is a high-grade, carbon-neutral bitcoin mining operation. Recently, the company gained backing from blockchain-equity fund True Global Ventures 4Plus. TGV 4Plus just raised $100 million in funding prior to the CCU.ai cooperation.

Romain Nouzareth, chairman and CEO of the mining operator, commented on the landmark. “CCU.ai presents investors with an opportunity to participate in a resource-efficient investment and the crypto market respectively,” he said. “We are also delighted to have obtained the SATO ticker as an homage to Satoshi Nakamoto,” a reference to the mysterious inventor of bitcoin.

Meanwhile, the founder of TGV 4 Plus, Dusan Stojanovic, said a compelling factor of the partnership is CCU.ai’s ecofriendly approach. The Canadian bitcoin mining firm runs 100% on hydroelectricity. 

The SATO stock will tentatively begin trading on Sept 21, according to the statement. 

Green bitcoin is the future

CCU.ai is not the only crypto-centric company with a green focus. The crypto space as a whole has a new environmentally friendly focus, a trend that will likely lead the sector into the future. 

Earlier in the year, the big news of Tesla dropping bitcoin for environmental reasons shook the industry. Crypto mining can cause its surrounding environments a lot of strain. The news of a bitcoin mining facility on a New York lake sparked major controversy over its alleged environmental impact. 

Environmental activists targeted the crypto industry as it continues its growth into mainstream markets and more seek to enter the space. 

However, there are signs of the crypto world “going green.” The shift towards clean energy from mining companies is apparent according to a Cambridge study. Canada Computational Unlimited is an example of such an improvement. 

Back to the list

Similar news
Suggest news