I am at a loss with this one… Volato Group, Inc., a company providing software and innovation solutions for the private aviation industry, announced a new business offering that claims to support aviation company sustainability programs by “repurposing underutilized aircraft resources for cryptocurrency mining.”
Apparently, meaning installing bitcoin mining computers on airplanes and running those during flights.
I can’t wrap my head around that – although there is some sense to one point they make:
“By operating in the cool and energy-rich environment of cruising aircraft, the system delivers superior efficiency compared to ground-based mining setups.”
I get the concept of taking advantage of cold ambient air to cool down mining rigs, and that “revenue generated from Bitcoin mining can support the purchase of Sustainable Aviation Fuel (SAF) or fund carbon offset programs,” but still – this seems like a real stretch. Who is to say that the companies use those new revenues for sustainability purposes (maybe that is in Volato’s contract)? And what does “energy-rich environment of cruising aircraft” mean?? I’ll have balsamic vinaigrette with my word salad, please.
Volato is certainly optimistic about their prospects – “The commercial aviation sector alone, with a Total Addressable Market (TAM) of approximately 25,600 aircraft, demonstrates the immense scalability of the system.” Certainly there is a balance point or limit between the extra weight of the equipment, the fuel expended and the upside for the operators, right?
I found nothing on the company’s website or most recent SEC filings about this, so for now the press release seems the only public information on this, uh, innovation. If ever there was a carbon management opportunity that screamed for real due diligence…
Will we have to consider allocating a portion of travel (and package shipment) carbon footprint to bitcoin mining? As if Scope 3 wasn’t hard enough.
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