Mintgreen, a cryptocurrency miner, has reached a deal to supply the city of North Vancouver, Canada, with heat generated from bitcoin mining starting in the winter of 2022. The company is working with Lonsdale Energy Corp ., the public service which currently supplies energy to the city.
Mintgreen is a renewable, clean energy startup that uses Bitcoin Mining (BTC) to monetize heat production. The company builds and operates large-scale mining systems that make money through crypto, heat sales, and tax credits.
Colin Sullivan, CEO of Mintgreen, said the company has developed technology capable of recovering 96% of the electricity used for bitcoin mining as thermal energy. The heat is then redirected to households and commercial buildings for a fee.
The proprietary technology, which uses what Mintgreen calls “digital boilers” to capture heat from mining, is expected to prevent the equivalent of 22,000 metric tonnes of carbon emissions per megawatt, according to an Oct. 14 statement. . North Vancouver aims to achieve net zero emissions by 2050.
Upon launch in 2022, the heat will be sold to customers occupying approximately 100 residential and commercial properties in North Vancouver, a city of just over 50,000 residents. This will be Mintgreen’s “first” large-scale deployment of its technology, Sullivan said.
Clean bitcoin mining
Apart from that, bitcoin miners have also started experimenting with using what is known as stranded, flared and vented natural gas to power their mining rigs. Normally, this is gas that will either be wasted or burnt. As in the case of electricity converted to heat, the use of natural gas stranded in the extraction of BTC reduces carbon emissions.
Solar platforms are also gaining attention, mainly because they run on renewable energy while providing a considerably cheaper way to mine bitcoin – once the solar panel payment is made, mining becomes almost a free business. For example, an individual miner set up a desert operation with 25 Antminer asics in 2017 and reported making significant profits.
Scientists blame emissions of greenhouse gases such as carbon dioxide as the cause of climate change. Now, bitcoin mining, a power-intensive operation, is also caught in the matrix. Stepped in tradition, some academics and economists have criticized the process by which new bitcoins are minted, often referred to as mining, claiming it is fueling climate change.
They say mining consumes too much electricity produced from fossil fuels like coal, a major source of carbon emissions. However, a 2018 study by UK crypto asset management company Coinshares found that the majority of bitcoin miners – around 78% – use renewables to power their mining operations, while preventing the waste of excess electricity. .
The study concluded that “bitcoin mining may in fact act as an electricity buyer of last resort”, contrary to the mainstream media conception that it is an environmental nuisance. But that was before China’s recent crackdown on all cryptocurrency activity, including mining, which was significant in the populous Asian country.
Yet renewables dominate in the mines of the Pacific Northwest, in US states such as Washington and Oregon, as well as in the Canadian province of British Columbia. And many miners use renewable energy in Scandinavia. In total, these regions mine over 50% of the world’s total bitcoin.
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