It is undeniable that the energy-intensive history of Bitcoin (BTC) has continued to increase in popularity over the last couple of years. What is sometimes overlooked, however, is that in recent months, an increasing number of bitcoin miners have switched to using energy sources, mainly from renewable energy sources.
To further explain this topic, it is worth noting that a number of studies, including a recent one published by the University of Cambridge, have shown that more than 75% of all miners working today use renewable energy sources to run their daily operation. …
In this regard, MintGreen, a Canadian cryptocurrency mining company, announced an agreement with Lonsdale Energy Corporation to provide residents of North Vancouver, British Columbia, with heat generated by BTC mining by early 2022.
To illustrate the deal, a MintGreen spokesman recently said that the company’s digital boilers can recycle more than 96% of the electricity it uses to extract Bitcoin. As a result of this installation, the company will reportedly be able to prevent 20,000 tonnes of greenhouse gases per megawatt from being released into the atmosphere annually.
In addition, MintGreen also claims that the energy collected can and will be used to provide heating for a total of 100 residential and commercial buildings in the Canadian city, which currently has around 155,000 people according to recent census data.
But can this just be the tip of the iceberg when it comes to how the crypto industry positively affects the environment?
Renewable energy is a game changer
Expressing his views on the matter, MintGreen CEO Colin Sullivan said the company’s partnership with Lonsdale aims to mitigate and address a range of climate change-related issues that people tend to associate with various cryptocurrency mining activities.
Zach Bradford, CEO of CleanSpark, a sustainable bitcoin mining and energy technology company, told Cointelegraph that the relationship between power generation and bitcoin mining will continue to deepen and expand over the next decade, adding that there are many available energy resources. in the north. America, which is more concerned with bitcoin mining, is particularly suited to profit from it. Then he added:
“At the moment, power plants are located too far from large metro areas to be used efficiently with normal demand. A Bitcoin miner can work with the community to save this energy, use it to extract Bitcoin and send excess energy to other parts of the network. ”
When asked about the long-term feasibility of a setup as proposed by MintGreen, he considered it completely dependent on the company, explaining that there are two scenarios that can be used to expand the topic: “In one in one scenario, Bitcoin miners set up a store where there is overcapacity, that is, where energy has already been lost. Mining takes these captured electrons and turns them into something useful – bitcoins. “He added that in Bradford’s second scenario,” bitcoin miners are increasing the total electricity production in the area. . ”
And while the latter can lead to “loss of energy” for mining, says Bradford, with such a setup, there is usually much more total energy available. In case the local energy infrastructure needs extra energy – to heat or cool homes during high periods – the nights can use this surplus stream to meet users’ needs.
The future of Bitcoin is getting greener
According to Bradford, the extraction of Bitcoin is the first significant investment in decades to help strengthen the existing energy infrastructure in North America, as he believes that Bitcoin not only increases energy consumption in the regions where it is extracted, but also improves the ability to generate electricity. . in this region. by adding:
This is a key aspect that sometimes gets lost in ideological struggles. Energy consumption in North America will increase significantly over the next decade as electric vehicles become more popular. In California, electric vehicles already load the state’s grid. California’s present is the future of North America. ”
Related: Cryptocurrency Transfers See acceptance, but volatility can be a barrier
In this context, one can see that Bitcoin mining drives development and energy production, and almost everyone, not just miners, participates to take advantage of this development.