++ Group, the world’s largest producer of low-carbon aluminum and the largest privately owned hydroelectric power producer, has established its first cryptocurrency mining joint venture.
The new initiative, called Bit +, will focus on creating facilities that support low-carbon cryptocurrencies. Bit + Partner One + Group is the Russian company BitRiver, which provides hosting services and turnkey solutions for large enterprise mining operations.
BitRiver currently operates the largest data center providing Bitcoin (BTC) mining services in Russia and providing similar services across the country and its neighboring countries in the CIS.
The first result of the Bit + venture project is the installation of a new facility next to the existing BitRiver data center in Bratsk, located in the Irkutsk region of Russia. En + Group has allocated 10 megawatts of electricity to the plant, which consists of modular mining units already in operation. The companies plan to increase the plant’s capacity to around 40 MW.
The plant originally consisted of 14 modular units, each of which is a converted shipping container, the size of a large-scale data center for encryption operations. Each unit can hold up to 400 Bitmain S19 Pro miners.
In an official statement, En + Group provided some context regarding the selection of the Irkutsk region and its demonstrated capacity for low carbon mining solutions:
“Our energy resources in [Irkutsk] Oblast produce low-carbon, low-cost electricity from renewable sources, and we can provide these partnerships with surplus energy. In addition, the average annual low temperatures reduce the energy consumption of data centers, making them more efficient and reducing More than carbon emissions. ”
Reportedly, high power consumption remains the Achilles heel of the crypto sector, especially for coins such as Bitcoin, whose consensus algorithm requires large computing resources and therefore exceptionally high power levels to maintain.
Many energy experts have tried to reorganize the bitcoin energy debate away from energy consumption. Instead, they have focused on analyzing where this energy is produced and how it is generated, arguing that the most important thing is to ensure that less harmful choices are made while generating the energy.
Now that the financial and geopolitical players have entered the final stages of global climate policy, it remains to be seen how much greener energy consumption in cryptocurrencies, rather than seeking to limit them, will suffice to make the sector truly sustainable.