🌐 Climate Meets Crypto: CleanSpark’s Clean Energy Bitcoin Revolution

Bitcoin mining frequently faces criticism in climate circles for its voracious energy appetite driven by its immense computational demands. But what if that narrative is over-simplified or maybe even misses the mark?

Bitcoin is the fastest asset in history to reach a $1 trillion market capitalization, and this week, we plunge in with Matthew Schultz, the founding CEO and now Executive Chairman of CleanSpark—the fourth largest publicly traded Bitcoin miner by market capitalization, valued at $3.5 billion.

CleanSpark’s roots in renewable energy predate its foray into Bitcoin mining. A decade ago, Schultz and his team pioneered advanced solar microgrids on U.S. military bases in California and partnered with the South African government and the World Bank to eradicate energy poverty through innovative solar-plus-storage solutions.

Schultz’s environmental epiphany struck on a Texas salt scald, where, as a rising oil & gas executive, he witnessed the detrimental impacts of high-salinity water—saltier than the sea—dredged up as a byproduct of drilling, which denuded the land. That moment led him to several cleantech ventures and ultimately to CleanSpark’s entry into Bitcoin mining.

To Schultz, CleanSpark defies the typical “crypto bro” stereotypes that beset the industry. Since venturing into Bitcoin mining in 2020, CleanSpark has experienced meteoric growth, partnering with rural communities and running predominantly on emissions-free nuclear energy. In October, CleanSpark mined 655 Bitcoin, the second most in the world, giving the company a 4.7% market share.

Schultz attributes the company’s rapid ascent to a corporate culture grounded in Environmental, Social, and Governance (ESG) principles, coupled with shared accountability and attractive financial incentives—everyone owns stock. While many publicly traded companies are retreating from their ESG commitments today, CleanSpark is refreshingly transparent and outspoken.

Recently, when the rural hospital in Washington, Georgia, lost power during Hurricane Helene, CleanSpark’s energy infrastructure enabled the hospital’s power to come back on instantly. Where CleanSpark operates, communities enjoy increased tax revenue, a more resilient energy grid, and the creation of high-tech jobs far away from more typical innovation hubs in urban centers.

While the debate over crypto’s climate impact continues, our conversation with Schultz offers an eye-opening journey into how Bitcoin miners like CleanSpark are navigating opportunities to sustainably power cryptocurrencies and build a resilient future.

Take me to the podcast:

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Number of the week: 54

That’s the percentage of global Bitcoin mining utilizing clean energy sources as of March 2023, according to research by Daniel Batten of Batcoinz.

Quote of the Week:

“We save on natural gas. That’s for us the most important reason to have Bitcoin miners in our greenhouse, and secondly, we earn Bitcoin by running them.”

Danielle Koning, a flower farmer in the Netherlands whose greenhouse for growing tulips is powered by solar energy and excess heat from Bitcoin miners.

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City Spotlight: Austin, Texas

Texas is the epicenter of U.S. Bitcoin mining. While many eyes are on the state, we’re spotlighting the Capitol, widely considered the state’s most sustainable city and one of the most livable in the country. Austin ranks #9 on the 2024-2025 U.S. News World & Report Best Places to Live list.

Here’s what’s Supercool about Austin:

1. Safe Protected Bike Lanes

Austin was one of five cities participating in “The Final Mile Project” to build safe, connected bike lanes in record time (see Supercool’s coverage). The city has built over 200 miles of a projected 400-mile connected network.

2. Eco-Friendly Housing

Facing housing affordability challenges, Austin’s master-planned bedroom communities like Whisper Valley offer zero-energy-ready homes that cut carbon by up to 70%, priced in the mid-$300s. These housing developments meet the dual demands for affordability and sustainability.

3. A Carbon Capture Hub in the Making

Swiss-based Climeworks opened its U.S. headquarters in Austin earlier this year, following the buildout of a pilot facility in Iceland (above) that uses giant fans to suck carbon dioxide from the atmosphere. Researchers at UT Austin are also now advancing carbon capture technologies, promising the fastest methods for safely storing captured carbon.

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