The Singapore technology company says it recycles 90% of the waste heat generated by Bitcoin mining

Miners need a lot of energy to verify transactions and create new blocks on Bitcoin (Bitcoin) Blockchain. according to For Statistica, the amount of electricity consumed by a Bitcoin transaction is equivalent to more than 1 million VISA transactions. In addition, if the energy used for mining comes from fossil fuels, the environmental burden of cryptocurrency will increase even more.

But Singapore-based Eurasian Bitcoin mining operator SAITech seeks to recycle waste energy from mining for residential, agricultural and industrial applications.The company also received $228 million in financing Special Purpose Acquisition CompanyOr SPAC, merged with TradeUP Global Corp to make its stock listed on the Nasdaq Stock Exchange. In an exclusive interview with Cointelegraph, SAITech’s CEO Arthur Lee discussed the company’s heat capture technology, its efficiency, the energy use of mining equipment, and the future path after the merger of SAITech:

United Telegram: Would you mind briefly describing your liquid cooling and waste heat recovery technology?

Arthur Lee: SAI is a clean energy encryption mining operator. We provide hosting services through leading computing power and heating energy-saving solutions. You can think of us as a horizontally integrated clean energy company; we provide services for the computer industry, power and heating industries. But at present, we are mainly focusing on the Bitcoin mining industry because it consumes too much energy; we need to find solutions for the entire industry, make it better, reduce carbon emissions, and improve the efficiency of the entire industry. At present, we only provide liquid cooling systems, saying that we reuse the heat of the mining machines and provide heating services for customers, so that the electricity we can save is used in two parts: one for heating and one for calculation.

But currently we can only use part of the electricity. After the calculation and testing are completed, we will provide heating services. Based on this, we released the carbon footprint ESG report this year. Through our method, we can prove that we can save more electricity and reduce carbon emissions. We have also joined many non-governmental organizations, such as the United Nations Framework Dialogue on Climate Change. We signed a UN pledge to reduce costs through clean computing power in the digital asset industry. Our goal is to provide more services to customers worldwide, not only in Asia, but also in Europe and America.

CT: How efficient is your technology in terms of heat recovery? Are there any indicators to share?

Al: I can simply use part of the electricity for you, and we can use about 90% of the electricity to provide heating services. For the whole system, it is an integrated system, not just a heating system; we have four parts of technology; the first is SAIHEAT, we use the heat of the chip. Next is Saiwatt; we have discovered more clean energy resources, such as hydropower, solar energy, wind energy and other clean energy. We will become their better batteries and solve their energy conservation and energy storage problems. The third is Cybite technology. Based on this technology, we provide an integrated system; you know, mining pools, wallets and blockchain browsers.

We just integrate functions to provide services for customers and industry providers. The fourth technology we will use is SAICHIP, you know that we have better liquid technology that can reuse heat and better cooling systems, so we cooperate with manufacturers such as BITMAIN and other mining machines, and we will provide our liquid Cooling technology makes the miners more efficient, through which we can improve the efficiency of the entire system. For us, liquid cooling and heating services are just the beginning, but we will reuse them and have a more efficient system.

CT: Why did you choose Kazakhstan in all countries Build most of your mining business?

Al: You know, before Chinese regulation, most of the miners in the world were in China; they used 20% of China’s entire hash rate. After supervision, many miners want to go out, such as North America, Eurasia, South Asia, and perhaps Europe. For us, the entire Eurasian continent is a better place for miners, because on the one hand, miners who go to the United States pay more criminal taxes. The Eurasian market is very close to China, so many Chinese miners can go there faster. Third, the energy supply is very efficient; in Eurasia, especially Europe and Central Asia, energy is cheap and abundant, and more electricity can be used. , Cheap electricity. Fourth, construction fees and construction costs in Eurasia are cheap because of cheap labor and high efficiency. We think Eurasia is like the Middle East of the oil industry, so Eurasia will be another Middle East of the mining industry.

CT: Do you have any data on the total hash rate of all miners?

Al: Currently, we operate approximately 4,500 mining machines for customers in Eurasia. Next year, we will expand our self-operated mining machines to provide customers with more custody services.

CT: After merging SPAC, what will be the future path?​​ For example, will you expand to countries other than Kazakhstan? and many more.

Al: After the merger, we plan to develop in two directions; the first is research and development, we will improve our efficiency, and at the same time we will provide a new product that is more efficient and cost-effective. The second is to expand the market from Eurasia to North America and other places. We will provide more hosting services and increase the percentage of SAIHEAT used to provide heating services. Provide more heating services for agriculture, residents, and industry. We may purchase more mining equipment at an appropriate time next year, build our own self-mining system, and look for more partners around the world, such as those with more clean energy and heating needs. And provide services for them.

SAITech’s global mining business | Source: SAITech Investor Introduction

CT: Have you accepted any of them [green] initiative? For example, to help build the local Kazakh economy, and so on?

Al: I think that for the Bitcoin industry, just like mining companies and trading companies, they just provide services to customers. I think mining is more like investment, and buying Bitcoin is like saving. In terms of investment, miners are regarded as banks, providing institutions and settlement services. Suppose that mining companies become a clean energy issue. In that case, they will face more problems in the future. More people will pay attention to ESG and carbon emissions, so the entire industry, not only for us, but for the entire industry, will pay attention to how we use more clean energy and even save energy. Suppose we can use our products to provide more services. In this case, we will reuse heat. For the Bitcoin industry, we provide customers with more products; for the entire industry, this means that we can save more electricity consumption, and we will reduce the carbon emissions of the entire industry. No one is worried that this industry will have more carbon emissions and more energy waste.

CT: Do you want to add any other statements or visions about the company, especially those about sustainable mining?

Al: Yes, you know our name SAI, S is sustainable, A is available, I am innovative, so we want to find more technologies that can provide customers, the entire market and the industry with sustainable availability and innovation service. For us, the entire industry is like the energy industry, so energy is the main cost of mining services, maybe chips are the second part, so electricity is the main part. We are the first company in the industry to publish carbon footprint and ESG reports. We just say that we have better solutions, such as SAIHEAT SAIWATT and SAIBYTE. We have better solutions to help us promote carbon emissions and efficiency. We want to become a large company that provides services to the mining industry. We not only do our own mining, but also want to cooperate with other mining companies. We use our technology, open source for them, and we can use these technologies together. We will help them reduce their carbon emissions and help themselves find more electricity. For the entire industry, we will do better and more efficient.