Canada has recently become the fourth largest Bitcoin mining country worldwide. Since China’s ban on cryptocurrencies, Canada now provides almost 10% of the Bitcoin mining power.
But what about the carbon footprint related to Bitcoin mining?
The largest criticism of Bitcoin mining surrounds the energy the carbon footprint created. Many countries have looked for solutions to this issue. Venezuela now uses volcanic energy to produce Bitcoin. Meanwhile, in the US, Texas Senator Ted Cruz is pushing a narrative to use excess natural gas production to power Bitcoin miners.
MintGreen, a large Bitcoin mining company in Canada, has now partnered with Lonsdale Energy Corporation to provide more than 100 buildings with energy systems with heat generated from Bitcoin mining. In a statement by MintGreen, the company aims to begin this project in 2022.
The wasted energy in powering equipment is directly related to heat production. MintGreen aims to reuse this residual heat through the usage of “digital boilers.”
This proprietary technology from MintGreen aims to recover more than 96% of the electricity used for Bitcoin mining in the form of heat energy. The energy can then be used for communities and service industrial processes.
A good Bitcoin miner will never cease running, and Bitcoin mining is something that is required 24 hours a day, every day. Recycling energy from Bitcoin mining would give a constant source of clean energy back. This is important as Canada has aggressive goals to reduce emissions by 80% by 2040.
If all goes well, by 2022, this project could generate heat for up to 155,000 residents in North Vancouver. This is another exciting and creative way to initiative produce Bitcoin. In the coming years, it’s expected that many more solutions like this will come about to promote cleaner cryptocurrencies.
Bitcoin mining’s carbon footprint is still one of the largest criticisms of the industry. Proof of Work consensus is the key driver behind the immense energy usage.
Many new blockchains have appeared that use different consensus algorithms, such as Proof of Stake, to avoid having such large energy consumption.
There is still a lot of doubt whether these different consensus algorithms have the same kind of decentralization and security as Bitcoin. Only time will tell.