btc

An Industry-Wide Revolution? Clean Energy Innovators Flock to the U.S for Public Listing

The intensifying geopolitical conflicts have led to a surge in global energy prices, and the world is struggling in a new energy crisis. The price of international crude oil futures rose by over $130 per barrel, and the gasoline price in the US soared to over $4 per gallon, the highest record since 2008.

Affected by such factors, European countries that rely heavily on energy imports start to feel the pinch of the new energy crisis. Since early April, some European nations have been hit by cold air intrusions for an extended period, and a few regions have suffered the lowest temperature in a century. However, due to the surging demand for natural gas, as well as the skyrocketing gas price, many residents cannot afford the expensive gas fees. As such, in these regions, woodfire has become a “normal” way to deal with extreme weather conditions.

Energy transition is imminent

Although fossil energy still dominates the present energy system, the new crisis has encouraged countries to review the development of renewable energy. Recently, the European Commission launched a strategic plan on energy. More specifically, the plan involves targets such as promoting energy diversification in EU countries, accelerating the adoption of clean energy technologies, etc.

At the moment, providers of sustainable energy include well-established public companies such as NextEra Energy, Orsted, and Iberdrola, as well as rising stars like SAI.TECH and Crusoe Energy.

In particular, SAI.TECH is a clean energy driven Bitcoin mining operator that offers hosting services with the world’s leading energy-saving solutions to computing, power and heating industries. Relying on an integrated solution of “liquid cooling + waste heat utilization”, SAI.TECH collects the waste heat generated by mining machines during the computing process for secondary use,such as providing heating services for greenhouses, residential and commercial buildings or even district heating. This approach replaces the traditional heat source with clean energy while slashing the cost of electricity.

Maintain miners’ profit margin

According to data from CCAF, as of April 21, 2022, the annual power consumption of global bitcoin mining is about 137.36TWh (1TWh=10^9 kWh), which exceeds that of Sweden.

Tesla’s CEO Elon Musk previously tweeted: “I still believe in cryptocurrency, but it cannot rationalize the massive use of fossil fuels, especially coal.” Driven by the current advocacy for “carbon neutrality” and the impact of international turmoil, renewable energy is apparently more attractive in a world where the price of fossil energy has soared.

The BTC price has fallen by 42% from its peak in November 2021. Meanwhile, multiple intensifying factors have pushed up the price of fossil energy like oil and natural gas. In light of such circumstances, the profit margin of BTC mining has dropped from 90% to around 70%. At the same time, the UK-based research firm Wood Mackenzie suggested in its latest report that renewable energy is 12% to 29% cheaper than the lowest-cost fossil fuel. For miners, the use of renewable energy makes great economic sense —maintaining the profit margin.

Big mining companies ready to take actions

At the just-concluded Bitcoin 2022, over 450 speakers dived into topics such as the core development process of Bitcoin, the difference between traditional finance and Bitcoin, etc. Many of them focused on BTC mining, and energy was also one of their concerns.

Adam Back, the co-founder of Blockstream, said during the conference that Blockstream and Block (formerly Square) are breaking ground on a solar-and battery-powered BTC mining farm in Texas using solar and storage technology from Tesla.

The “unique nature of the miners’ energy consumption profile” is so good for soaking up curtailed energy that it is hard for other industries to compete, said SAI Tech’s CEO Arthur Lee, whose company focuses on the deployment of mining farms which simultaneously provide heating to large installations such as greenhouses and shopping malls through their patented “liquid cooling and waste heat utilization technology”.

This is because clean energy stations are primarily built at remote areas, which benefits energy consumers with high mobility and a huge demand for energy. As crypto miners fit this profile perfectly, there is an inherent competitive advantage for them as clean energy consumers.

It has been reported that the SEC has declared effective TradeUP Global Corporation (Nasdaq:TUGC, TUGCW, TUGCU), a publicly traded special purpose acquisition company (SPAC company), and SAITECH Limited (“SAI.TECH”)’s registration statement relating to their previously announced proposed business combination that will lead to SAI.TECH become a public trading company on the Nasdaq stock market under “SAI”. SAI.TECH is a major partner of ViaBTC Pool (a world-leading comprehensive mining pool). The Extraordinary General Meeting to approve the business combination between TradeUP Global Corporation and SAI.TECH will be held on April 22, 2022 (EST). This represents a major milestone for crypto mining industry because it indicates that capitalists, institutional investors, and the industry itself will focus on identifying new opportunities i.e. energy efficient and ESG solutions in this field. In fact, the entire crypto mining industry is in transition towards scaled, specialized, and globalized growth.

For example, ViaBTC Pool is an all-inclusive crypto mining pool serving a global user base. It provides services that enable the mining of dozens of cryptos, including BTC, ET, LTC, etc. Moreover, ViaBTC Pool also features leading hashrates for mining mainstream cryptos like BTC and LTC. If the energy sector could strike a new balance between sustainability and cost, there will continue to be more mining-related institutions like ViaBTC and SAI.TECH.

Conclusion

The current rise in energy prices has led to an imminent “reshuffle” of the BTC mining industry, and mining companies using traditional energy sources might go out of business due to declining profits. Based on actions taken by the leading BTC mining companies such as Core Scientific and Marathon Digital Holdings, the adoption of renewable energy like solar power and wind will gradually become the mainstream trend in the field of crypto mining. However, generally speaking, the market cap of companies engaged in the clean energy business remains low compared with that of traditional energy companies, and clean energy boasts a vast potential market.

Business Combination

TradeUP Global Corporation Announces Shareholder Approval of Business Combination with SAITECH Limited

TradeUP Global Corporation Shareholders Approve the Proposed Business Combination with SAITECH Limited and the Parties expect to Close by the end of April 2022

Following the Closing of the Business Combination, the Renamed Company is expected to Continue Trading on The Nasdaq Stock Market Under “SAI” and “SAIW”

NEW YORKApril 22, 2022 /PRNewswire/ — TradeUP Global Corporation (“TradeUP Global” or “TUGC”) (NASDAQ: TUGC, TUGCU, TUGCW), a publicly-traded special purpose acquisition company, announced today that its shareholders voted to approve the previously announced business combination (the “Business Combination”) with SAITECH Limited (“SAITECH” or “SAI”) , an energy-saving bitcoin mining operator and a clean-tech company that integrates bitcoin mining, heating and power industries, and all other proposals presented at TradeUP Global’s Extraordinary General Meeting held on April 22, 2022.

TradeUP Global plans to file the results of the meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the “SEC”) today.

SAITECH and TradeUP Global plan to close the Business Combination as soon as practicable, subject to the satisfaction or waiver of customary closing conditions. One business day following the closing of the Business Combination, TradeUP Global’s Class A ordinary shares and warrants  are expected to trade on The Nasdaq Stock Market LLC under the new ticker symbols “SAI” and “SAIW” respectively.

Arthur Lee, SAI Founder and CEO, commented, “We are very excited to have achieved this milestone which will officially lead SAI to becoming a public company on the Nasdaq Stock Market. For the past two years, many crypto mining companies have become public. Essentially, these crypto mining companies are fast-growing High-Performance Computing (HPC) datacenter operators, and they have a strong incentive to adopt clean power and more efficient liquid cooling solutions. SAI joins the industry with its unique liquid cooling expertise and unparalleled waste heat recovery capabilities for large-scale heating applications. We will focus on promoting our innovation globally to lay out a more sustainable infrastructure across bitcoin mining, power and heating industries.”

About SAITECH

SAITECH is a Eurasia-based energy saving digital asset mining operator that engages in the hosting of bitcoin mining machines for its clients. SAITECH uses a proprietary liquid cooling and waste heat recovery technology for digital asset mining machines that enables utilization of waste heat to provide recycled energy heating for potential customers while achieving lower mining operating costs. SAITECH strives to become the most cost-efficient digital assets mining operation company globally while simultaneously promoting the clean transition of the bitcoin mining industry.

About TradeUP Global Corporation

TradeUP Global Corporation, is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. For more information, please click here.

About the Business Combination

As of the closing of the Business Combination, SAITECH and TradeUP Global will combine, with TradeUP Global being renamed “SAI.TECH Global Corporation” and its Class A ordinary shares continuing to be listed on The Nasdaq Stock Market under the new ticker symbol “SAI”.

Forward-Looking Statements

This Press Release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  TradeUP Global’s and SAITECH’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events.  Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements.  These forward-looking statements include, without limitation, the Company’s and SAITECH’s expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the closing.  These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.  Most of these factors are outside the Company’s and SAITECH’s control and are difficult to predict.  Factors that may cause such differences include, but are not limited to:  (1) the outcome of any legal proceedings that may be instituted against the Company and SAITECH following the announcement of the business combination agreement and the transactions contemplated therein; (2) the inability to complete the business combination, including due to failure to obtain approval of the shareholders of the Company, approvals or other determinations from certain regulatory authorities, or other conditions to closing in the business combination agreement; (3) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement or could otherwise cause the transactions contemplated therein to fail to close; (4) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; (5) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (6) costs related to the business combination; (7) changes in applicable laws or regulations; (8) the possibility that SAITECH or the combined company may be adversely affected by other economic, business, and/or competitive factors; (10) the impact of COVID-19 on SAITECH’s business and/or the ability of the parties to complete the business combination; and (11) other risks and uncertainties indicated from time to time in the definitive proxy statement/prospectus relating to the business combination, including those under “Risk Factors” in the definitive proxy statement/prospectus, and in the Company’s other filings with the SEC.  The Company cautions that the foregoing list of factors is not exclusive.  The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

SOURCE TradeUP Global Corporation

Link: https://www.prnewswire.com/news-releases/tradeup-global-corporation-announces-shareholder-approval-of-business-combination-with-saitech-limited-301531368.html