North Vancouver, a Canadian district, is on the path to becoming the first Canadian city to use bitcoin mining for heating commercial and residential buildings. After a partnership between MintGreen, the cryptocurrency miner, and Lonsdale Energy Corporation(LEC), the initiative should be ready by 2022.
BTC Mining: An Alternative Heating Option
The impact of Bitcoin mining on the environment has caused a lot of controversy in recent years, particularly after Elon Musk made comments about the matter. Tesla, his electric vehicle giant, stopped receiving BTC payments due to it. While the primary cryptocurrency has its merits and is considered a key player in the future network of financial services, mining it requires a lot of electricity.
North Vancouver, Canada, which is home to over 50,000 people, plans to use the energy it generates for heating its buildings. A recent press release stated that the Lonsdale Energy Corporation will partner with MintGreen, a local cryptocurrency miner, to launch the first stages of the project at the start of 2022.
The latter stated that the “Digital Boilers” would prevent 20,000 tonnes of GHGs per MW, compared to natural gaz. Colin Sullivan, CEO of MintGreen, commented:
“The complex issue surrounding climate change calls for innovative solutions. LEC and the City of North Vancouver are showing remarkable leadership in environmental stewardship.”
Karsten Veng, Chief Executive Officer of Lonsdale Energy Corporation, expressed hope that the collaboration would benefit the city’s greener future.
LEC finds it very exciting to partner with MintGreen in this project. It’s innovative and competitive and reinforces LEC’s commitment to supporting the City’s ambitious greenhouse-gas reduction goals.
Is Bitcoin Mining Fully Renewable?
Anthony Scaramucci, founder and CEO SkyBridge, says yes. He predicted that it would happen in less than ten year.
“We expect that bitcoin mining will become fully renewable by the end the decade.” Carbon offsets are a good way to preserve the bitcoin network and encourage adoption by ESG-minded investors.
Scaramucci’s statement was not the only one. He also partnered up with MOSS Earth, a climate tech company, to purchase and retire tokens that represent nearly 40,000 tons carbon. The transaction was intended to offset the CO2 emissions of BTC from SkyBridge’s multistrategy funds as well as the First Trust SkyBridge Bitcoin Fund.
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