North Vancouver, part of the Canadian District of British Columbia, is fast becoming the first city to use bitcoin mining to heat residential and commercial buildings. The initiative is expected to be available from 2022 after a partnership between the cryptocurrency miner – MintGreen – and the Lonsdale Energy Corporation (LEC).
BTC Mining as a heating alternative
The impact of Bitcoin mining on the environment has recently sparked significant controversy, especially after Elon Musk made remarks about it and his electric vehicle giant Tesla stopped receiving BTC payments. because of this. And while the main cryptocurrency by all means has its merits, and many see it as a key player in the future financial network, its operation consumes a considerable amount of electricity.
As such, the Canadian city of North Vancouver – home to more than 50,000 people – intends to allocate the energy released from the process to heat the buildings of its residents. According to a recent press release, the Lonsdale Energy Corporation (LEC) will partner with local cryptocurrency miner – MintGreen – to initiate first steps in early 2022.
During his engagement, the latter affirmed that his “digital boilers” would prevent 20,000 tonnes of GHGs from entering the atmosphere per MW compared to natural gas. Colin Sullivan – CEO of MintGreen – commented:
“The complex problem of climate change requires innovative solutions, and LEC, along with the City of North Vancouver, is showing tremendous leadership in environmental stewardship. “
Karsten Veng – CEO of Lonsdale Energy Corporation – also expressed hope that the collaboration would benefit the city’s greener future:
“Being a MintGreen partner on this project is very exciting for LEC, in that it is an innovative and competitive project, and it strengthens the path LEC has traveled to support ambitious greenhouse gas reduction targets. greenhouse in the city. “
Can BTC Mining Become Fully Renewable?
According to Anthony Scaramucci – the founder and CEO of SkyBridge – the answer is yes. Additionally, he predicted it could happen in less than ten years:
“We expect bitcoin mining to be fully renewable by the end of the decade. In the meantime, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-conscious investors. “
In addition to his statement, Scaramucci has also partnered with climate technology company – MOSS Earth – to purchase and withdraw tokens representing nearly 40,000 tonnes of carbon respectively. The transaction aimed to neutralize the estimated CO2 footprint of BTC generated by SkyBridge’s multi-strategy funds and the First Trust SkyBridge Bitcoin Fund.
FREE Binance Futures 50 USDT Voucher: Use this link to sign up and get 10% discount on fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 50% free bonus on any deposit up to 1 BTC.