Skip to main content

Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green

Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green

A crypto mining data center in the state of South Australia will be running mainly on solar-generated electricity, a media report reveals. The coin minting facility has been set up in a region known for its energy-hungry iron ore extraction and steel production.

Bitcoin Farm to Mine Cryptocurrency on Solar and Excess Energy in South Australia

The ‘Steel City’ of Whyalla in South Australia has become home to a new crypto mining installation that will run on electricity generated from solar power. Operated by the Lumos Digital Mining company, the 5-megawatt facility will be minting bitcoin, a process often blamed for its energy-intensive nature.

Australian national broadcaster ABC notes in a report that at a time when the world is trying to reduce energy consumption, the extraction of the leading cryptocurrency by market capitalization uses more power than medium-sized nations such as Argentina. It’s echoing criticism often highlighted by mass media around the world.

Local authorities see the solar-based crypto mining project as a proof that bitcoin generation can be more environmentally friendly. Commenting on the undertaking, South Australia State Minister for Trade and Investment Nick Champion elaborated:

This is important for decarbonizing blockchain, which is a very energy-intensive industry. I think it’s the beginning of a new economy out here at Whyalla.

The government official also hopes to see other data centers mining cryptocurrency using renewable energy in the future. “There will be demand for blockchain, but also carbon-neutral blockchain so I think we will see more and more facilities like this,” he expects.

His statement comes after a recent report by the White House Office of Science and Technology Policy estimated that cryptocurrency production in the United States alone represents as much as 0.3% of global greenhouse gas emissions.

According to a Lumos Digital Mining representative, the new crypto farm can potentially mint around 100 BTC annually, depending on the available power. Angelo Kondylas said the company could also sell some of its solar power to other consumers or increase crypto output to utilize surplus energy from different sources when electricity generation exceeds demand.

Kondylas pointed out that power generators may suffer heavy losses when they switch off at times of low consumption. “We are basically like a sponge. We soak up the excess that’s not used,” he explained. The operator intends to eventually double the size of the mining facility.

Bitcoin mining on renewable and surplus energy has been gaining traction around the world, with growing investor interest in solar-based coin minting projects in the U.S. and increasing capacity of cryptocurrency farms running on associated petroleum gas (APG) at Russia’s oil fields.

Do you expect to see more cryptocurrency farms powered by renewable energy? Share your thoughts on the subject in the comments section below.



from Bitcoin News https://ift.tt/GT3oYBZ

Comments

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...