The past year has seen a surge in SPAC’s crypto mergers, with companies like Core Scientific Inc. Bakkt and Cipher Mining are a few notable examples. SAI.TECH (“SAI” or “the Company”) got on the wave of SPAC listings before SPAC mergers became more difficult. Having officially listed on the Nasdaq on May 2, SAI is the exchange’s first “chip heating” concept stock, with its CEO and founder Arthur Lee also becoming the youngest-ever Chinese CEO listed.
Bitcoin has become one of the most attractive emerging assets on the market in recent years, but the need for an increasingly energy-intensive computing infrastructure has caused concerns about its sustainability. By promoting standard ESG technologies and solutions, SAI, as a global energy-efficient Bitcoin mining operator and clean technology company, is trying to demonstrate to the market that feasibility and the company’s business model can lead Bitcoin mining into a more sustainable future. We sat down with Arthur to talk about the company’s innovative technology.
Q1: First, I would like to congratulate the SAI on its listing on the NASDAQ Stock Exchange. Can you give our readers a brief introduction to the device? What is your inspiration for your innovations?
My inspiration is based on what I see as two major trends in the early twenty-first century – sustainable development and the decentralized digital network. Over the past 20 years, sustainable development has become a common goal globally. Another trend is that a decentralized digital cryptocurrency like Bitcoin has experienced a boom, leading to the future of Web 3.0. The high value of Bitcoin has proven its importance but has been criticized in equal parts for its high energy consumption and unsustainability. As a result, how to better solve the power consumption problem while ensuring the stable operation of the Bitcoin network has become an inevitable dilemma facing us.
As a Bitcoin mining operator, SAI anticipated this issue early in 2019 and was actively looking for partnerships with large mining pools. With the support of one of our close partners ViaBTC, the world’s leading cryptocurrency mining aggregator, we have introduced SAIHUB, a cost-effective solution created to reduce the high costs of the mining process. After three years of development, SAIHUB has jumped from 1.0 to 3.0. The latest version of SAIHUB 3.0 is an integrated and decentralized solution designed to horizontally integrate the computing, energy and heating industries to build a more efficient and sustainable bitcoin mining infrastructure.
Q2: How can the Bitcoin mining infrastructure become more sustainable? How does the solution factor will go into that?
According to the calculations, about 99% of the electricity consumed by bitcoin miners is converted into heat energy. This part of thermal energy has been neglected for a long time, so it is referred to as “wasted heat”. Instead of using a massive additional amount of electricity to cool data centers, our SAIHUB solution captures waste heat and uses it to drive energy use elsewhere.
With the help of SAI’s patented waste heat utilization technology, 90% of the heat generated by the mining process can be recovered and reused in heating sources for various residential, commercial, industrial and agricultural application scenarios.
In recent years, the use of renewable energy for bitcoin mining has dropped dramatically as various factors have led to natural gas and coal becoming more popular energy sources in the industry. This change made the task of the device more lively.
Q3: Can you provide more SAIHUB solution? What is the history behind this solution?
SAIHUB’s development has gone through three phases. In stage 1.0 (2019-2020), SAIHUB used 16nm chips. The power was 50 kW, with hash rates of about 350 tons. This solution was able to reuse waste heat for single-home heating services. SAIHUB 2.0, 2020-2021, was a step forward, adopting 7-8 nm chips, with a single SAIHUB power around 250 kW and hash rates jumping to 5P. This version was enough to recycle heat for a small community or agricultural greenhouse, enabling us to provide heating services on a large scale.
From 2022 onwards, the SAI enters the SAIHUB 3.0 phase. SAIHUB 3.0 lowers the core costs of the mining process, including heating, power, computing, and chips. We have successfully commissioned three clean computing data center pilot projects, covering more than 30,000 square meters of heating greenhouses, large commercial buildings and shopping malls.
At this point, we are ready to unlock our patented liquid cooling and waste heat recovery technology to scale SAIHUB’s business model, enhance the efficiency of the entire industry with our partners, including the ViaBTC complex, and promote the clean transition of the computing industry.
Q4: You just mentioned the partnership with the ViaBTC aggregator. Can you introduce this partner in more detail?
ViaBTC is our strategic partner and also one of the main backers of SAIHUB. Being a comprehensive crypto mining aggregator established in 2016, ViaBTC is well known for BTC mining and has a wide influence in the field.
As global warming escalates, the international call for carbon neutrality is getting stronger. Mining Proof-of-Work cryptocurrencies like Bitcoin consumes a huge amount of fossil energy. ViaBTC shares our belief in the need to promote clean energy technology innovation to improve the use of clean energy in cryptocurrency mining and reduce its environmental impact.
At the same time, we have also engaged in deep exchanges and cooperation with ViaBTC regarding the SaaS solution. In the future, we also hope to partner with more companies in the field of BTC mining that share our beliefs. Together, we will expand the blockchain space and accelerate Bitcoin’s progress.
Q5: SAI has recently taken a big step in the technology market by being listed on NASDAQ; What gives the SAI an edge in the competitive market for Bitcoin mining innovation?
Bitcoin has long been associated with rising energy costs and unsustainable infrastructure, and the massive amounts of heat generated have been a constant cause for concern. However, few people have considered using this resource as an asset, and this insight is what makes SAI special. Not only that, but our company also consists of an elite team with rich experience in this field.
Although the cost of electric heating is currently higher than that of fossil energy heating, as carbon taxes and various policies increase the price of fossil fuels, this will eventually change. It is estimated that the cost of using natural gas to obtain heat will be about 65% higher than the cost of electric heating by 2050, which means that heating will be primarily electric. In this case, SAIHUB has an inherent advantage over long-term fossil fuel-based heating solutions.
Let’s review the carbon neutrality roadmap that the world’s major countries have committed to. Most developed countries, including the United States, Japan and the United Kingdom, have set the deadline to be 2050. However, recent Russian-Ukrainian tensions have brought the European energy market to a halt. In addition to increasing prices by more than 200% for natural gas, countries such as the United Kingdom should reconsider the use of coal to replace power generation with natural gas. The value of the clean energy contribution to achieving carbon neutrality may also require a significant reduction in consumption levels according to current forecasts, which means that in the next 28 years, energy efficiency schemes such as those represented by SAIHUB will take on more responsibilities, a challenge but also a rare historic opportunity.
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