Australian miner Iris Energy plans to go public via SPAC, says bitcoin will tide over ESG pain points

Daniel Roberts, founder and CEO of Australia-based Iris Energy Pty, which uses renewable energy to power its bitcoin mining operations, told Bloomberg that bitcoin can solve ESG (environmental, social and corporate governance) issues.

Australia-based Iris Energy Pty uses renewable energy to power its bitcoin mining operations, and its founder and CEO Daniel Roberts told Bloomberg that bitcoin can solve ESG (environmental, social and corporate governance) issues.

Australian miner Iris Energy plans to go public via SPAC, says bitcoin will tide over ESG pain points

Roberts believes the use case for Bitcoin has been validated over the past year by the amount of liquidity available and protected by a mining process that both generates tokens and validates transactions.

It [Bitcoin] plays an important role,” Roberts said. I don’t think anyone has the right to decide where energy should be used, it’s a market-based decision, and Bitcoin, with its attractiveness and adoption rate, naturally attracts that energy to protect it, and protects people’s savings.”

Bitcoin’s energy consumption has been a key story for crypto people in recent weeks. Following Musk’s surprise announcement that Tesla was holding off on accepting bitcoin payments, bitcoin fell rapidly, from a peak of about $65,000 in April to below $30,000.

The move has thrown Bitcoin’s environmental, social and corporate governance (ESG) issues into the spotlight, and while many agree with Musk’s environmental concerns, others point out that some aspects of the financial industry are far more polluting.

The BizTweet previously reported that Musk attended a meeting of top North American crypto miners hosted by Michael Saylor, CEO of MicroStrategy. During the summit, attendees decided to form a Bitcoin mining committee to increase transparency and standardize reporting on energy use.

Australian miner Iris Energy plans to go public via SPAC, says bitcoin will tide over ESG pain points

Iris Energy is planning to launch several projects, including data centers and mining infrastructure.

Roberts said the company will also explore an IPO through a SPAC (special purpose acquisition company) and is approaching several shell companies for a possible U.S. listing of the Sydney-based company, or to raise $300 million to $500 million.

Iris Energy uses renewable energy in its mining operations,” Roberts said. “The latest news in the sector and the focus on ESG suggests that the business model we started with many years ago is likely to be the right one. We want to attract the right capital partners to help us grow”.

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