Bitcoin Miners Want to Recast Themselves as Eco-Friendly
Facing intense criticism, the crypto mining industry is trying to change the view that its energy-guzzling computers are harmful to the climate.
FROM THE NY TIMES
Sazmining is a company that connects investors to renewable energy mining facilities in a simple, fully managed experience. Their vision is to transform how people relate to money and energy. Enabling regular people to participate in mining ensures a bright future for Bitcoin and the environment. We talked to William about his company and the future of renewable Bitcoin mining.
This is what he had to say…
William Szamosszegi, Founder and CEO, Sazmining
How did you come up with the idea for Sazmining?
I have always been an entrepreneur at heart, even in my younger years teaching tennis lessons. As I got older, I wanted to build something that would also contribute to the world in a meaningful way. In college, I overheard some friends talking about cryptocurrencies and I decided to investigate it myself.
I quickly became fascinated with mining in particular and solving the deficit in clean energy, and conversations around climate change became more prevalent. I started Sazmining as a senior in college to bridge the themes of decentralized finance with conscious investing and sustainability.
Whats the draw for a company to use Sazmining?
We’re proud that Sazmining is one of the most cost-efficient and value-driven newcomers to the Bitcoin mining space and the world’s first and only green Bitcoin mining option for individuals. Sazmining is genuinely unlike any other company in this space. We don’t mark up the machines and we operate to make a profit. In that sense, we tie our success to our customer’s success.
Are there any hindrances to earning once I get a rig up and running?
There is not. Once you pay for the rigs, they are operational immediately without any startup waiting period. While we are finalizing the platform for an official Q4 launch, interested miners can sign up on our waitlist to receive their rigs.
Does the platform cover for a situation whereby the user’s rig malfunctions?
One of Sazmining’s key differentiators is that if one of our rigs goes down, we perform a hot swap so that the customer’s wallet starts receiving Bitcoin from another, functioning rig. To my knowledge, no one else in the industry provides that service.
We also have insurance that manufacturers offer, although we don’t have extended insurance on our machines.
Is there any situation whereby payment for a mining rig purchase is not confirmed, if so, how will that be resolved?
We offer customers the option to purchase their mining rigs on a first come, first served basis by position on the waitlist. We will hold the customer’s position on the waitlist for 72 hours before releasing it to other customers on the waitlist.
If I start mining and the BTC value goes down, will that affect my profits?
Yes. When you buy a mining rig, you become your own entrepreneur. You own a hard asset that generates Bitcoin. Upon receiving your mined Bitcoin, you may hold it or sell it at the market rate. You have the power to decide how to manage the value that you created through your mining rig.
Are there any provisions for refunding unconfirmed payments and what’s the process involved?
Up until the option is offered to purchase a customer’s rig reservation, refunds are processed upon request within 24 hours. They are sent back in like kind, i.e. dollars for dollar deposits and Bitcoin for Bitcoin deposits.
Why is Sazmining focused on using green energy for Bitcoin mining?
Traditional Bitcoin mining can be costly and prohibitive. Sazmining provides the B2B backend service connecting interested retail miners with existing green rig operations – aggregating consumer demand and making mining accessible to all.
How is Sazmining working to change the status quo of bitcoin mining?
Bitcoin’s reputation suffers from two falsehoods. One is that Bitcoin is energy-inefficient. On the contrary, Bitcoin miners can work from anywhere and so have been employing energy that would have otherwise gone to waste. The other is that it is ‘too late’ to buy or mine Bitcoin. Because of its ultimate scarcity and superior qualities as money, Bitcoin will continue to increase in value.
How do you feel Bitcoin changes the way we think about money?
Money has always been heavily regulated by the government. What crypto, and specifically Bitcoin, has done is change the way we think about money. No one has really ever challenged traditional finances and the way we think about money until Bitcoin was created. We accepted traditional finance as the status quo. Bitcoin provides a straight path to consumers, without involving the bank as a middleman.
Is there any registration from regulators that guarantee the safety of users’ funds, and what makes using Sazmining a better option than other platforms?
We’ve developed a platform and partnerships that give users sovereignty over their funds. Customers’ mining rigs generate Bitcoin, which is deposited directly into their wallets. They own the keys, not us. That gives our customers far more safety than other platforms that take custody of users’ funds.
Are there any upcoming partnerships or future collaborations to make Sazmining mainstream?
We are fortunate to have one of the strongest networks in the entire mining industry, and we bring these partnerships to all customers. We have exciting announcements on the horizon about where customer machines will be run, so stay tuned for updates. Also, hop on the waitlist so you can be one of the first to access this exciting opportunity!