Mintgreen, a cleantech company, has promised to offer heat created by bitcoin mining to the city of North Vancouver, Canada, commencing in the winter of 2022. The company is collaborating with Lonsdale Energy Corp., the city’s current energy provider.
Mintgreen is a green and sustainable energy business that monetises heat generation through bitcoin (BTC) mining. The company creates and runs industrial mining systems that generate revenue from cryptocurrency, heat sales, and tax credits.
Mintgreen’s CEO, Colin Sullivan, claims his company has found a way to recover 96 percent of the electricity consumed for bitcoin mining into heat. For a price, the heat is then routed into homes and business buildings.
According to a statement released on Oct. 14, the proprietary technique, which uses “Digital Boilers” to capture heat from mining, is estimated to prevent the equivalent of 22,000 metric tonnes of carbon emissions per megawatt. North Vancouver intends to attain net-zero emissions by the year 2050.
The heat will be supplied to consumers occupying roughly 100 residential and commercial premises in North Vancouver, a population of slightly over 50,000 people, when it launches in 2022. According to Sullivan, this will be Mintgreen’s “first” large-scale implementation of its technology.
Bitcoin miners have also been experimenting with using stranded natural gas to power their machines. The utilisation of stranded natural gas in BTC mining cuts carbon emissions in the same way that electricity converted to heat does.
Solar-powered cryptocurrency mining systems are also gaining traction, owing to the fact that they utilise renewable energy while simultaneously providing a significantly cheaper method of extracting bitcoin that nearly becomes a cost-free endeavour once the solar panel is paid for.
Renewables are prevalent in mining throughout the Pacific Northwest, including Washington and Oregon in the United States and British Columbia in Canada.