Crypto Mining Becomes Greener, Bit Digital’s Samir Tabar Leads the Charge

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We live in an uncertain time when the classical laws of economics including the economic cycles theory are adjusted in tune with the new economic and political reality. The monetary reality, among other things, has experienced the most profound changes and unprecedented innovations. The advent of cryptocurrencies enabled by the blockchain technology and inspired by the innate human desire to explore and try to adapt innovations to serve traditional societal and economic needs and find better alternatives, has forever changed the world of finance. The recent crypto meltdown, no matter how severe and profound it may be, will be reversed and the crypto will revisit the peaks it has been at not once, all in sync with the cyclical nature of the modern world. The fact is that cryptocurrencies have become a mainstream reality with up to 16 percent of Americans holding crypto this year, from only 1 percent in 2015. Some big banks followed suit. For comparison, according to Gallup, 58% of Americans owned stock as of April, 2022.The pandemic played into the hands of crypto, too, as people rushed into virtual currencies at the time of overall uncertainty and social restrictions.

One highly debated issue is the  cryptocurrencies mining operations’ sustainability as bitcoin’s carbon footprint is notoriously high. To enable the execution of bitcoin mining algorithms, in 2020, the entire bitcoin miner network consumed an equivalent of the power demands of Argentina, one of the world’s top developing nations. As a result, the minimization of the energy consumption involved in the crypto mining operations has become a top issue among sustainability proponents.

All innovations are spearheaded by inspired people who have the vision and energy to push new things forward for the ultimate benefit of many. Samir Tabar, Chief Strategy Officer for Bit Digital, belongs to that cohort of the early cryptocurrency adopters who staunchly believe in its future. A financier and a successful entrepreneur with a first class academic background, Tabar co-founded several blockchain companies.  Fluidity, a blockchain company he co-founded, made headlines for building a decentralized exchange, AirSwap, and was the first and only subject of a study by the Harvard Business Review for tokenizing institutional real estate. Fluidity was sold to the largest Ethereum software company, Consensys.

Now in charge of helping lead Bit Digital’s strategy, Tabar supervises and helps spearhead the development of this leading and dynamic bitcoin miner. His latest endeavor as head of strategy was to help continue the move of the company’s entire mining fleet of computers to the USA from China that banned all crypto operations including mining last year. The herculean task was completed under a team including  Tabar. During that process Bit Digital’s mining operations also went materially carbon-free. That migration was dubbed by the Wall Street Journal “the great mining migration” for a reason as no such relocation has been pulled off before.

Tabar and his colleagues’ efforts resulted in a much greener mining operation now that Bit Digital’s miners are sourcing renewable power sources such as solar and hydropower. That has turned Bit Digital into an industry leader in terms of carbon-free mining. We will keep a close eye on Tabar’s next steps in leading Bit Digital’s growth as the company has ambitious plans of consolidating its industry position and further.

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