How Canadian Entrepreneur Samir Tabar Is Paving the Way for Sustainable Crypto Mining

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This article was produced in partnership with Jordan Finkle

With the economy experiencing quite the rollercoaster over the past couple of years, the finance industry has seen many changes as financial giants and disruptive startups navigate new challenges on a regular basis. The banking industry seems to be in a much healthier position now than it was following the 2008 financial crisis, according to Insider Intelligence, and total global assets have reached more than $124 trillion.

The entire finance industry has seen a major shift to digital, especially as the pandemic forced people all over the world to move all facets of their life online. One of the biggest changes that has happened within recent years is the rise of cryptocurrency. As of 2021, there are an estimated 300 million global crypto users worldwide, per data from TripleA. However, the crypto industry has faced some flack for its lack of sustainability.

Mining for cryptocurrency requires large amounts of carbon dioxide and electrical energy, but there are some pioneers within the space that are working to ensure the industry is as sustainable as possible moving forward. Samir Tabar is one of these leaders that is working to ensure the future of cryptocurrency is as sustainable as possible. Tabar, who has experience working as a lawyer, financier and more recently, co-founding a major Blockchain company that is ahead of its time.

Before entering the professional world, Tabar earned two prestigious degrees—he earned a Bachelor’s Degree from Oxford University and a Master of Law Degree from Columbia University. Tabar plunged into the professional world working for renowned Wall Street law firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. However, Tabar realized that Wall Street was limiting, and he made a contrarian move across the world to Japan.

In Japan,Tabar helped build one of the biggest hedge funds in the country, and he eventually then became Head of Capital Strategy for Bank of America Merill Lynch for the entire Asia Pacific region. Then, the catastrophic financial crisis shook the world in 2008, and Tabar was disheartened by seeing some of the bad business taking place within his own industry. Around the same time, there was a new player in the market that was shaking things up: Bitcoin.

Tabar wanted to get involved in crypto from early days, so he co-founded Fluidity, a company that connects traditional finance with decentralized infrastructure. The team at Fluidity made a decentralized exchange called AirSwap that allowed users to make trades directly with one another, rather than through a financial institution or other middleman. Once Fluidity was sold to ConsenSys, Tabar joined Bit Digital, where he currently serves as the Chief Strategy Officer.

At Bit Digital, Tabar has fought for a more sustainable and equitable industry. He helped the company reach 67 percent carbon-free levels, up from 37 percent in just one quarter, and he also helped spearhead the relocation of Bit Digital’s 40,000 mining machines from China, onto American soil. Bit Digital’s mining operations now take place primarily in Nebraska, where they run on solar power, and upstate New York, near Niagara Falls, where the machines run on hydropower.

As Tabar continues to lead Bit Digital to the forefront of sustainability and carbon-free Bitcoin mining, follow along on his journey here.

 

 

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