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Australian Solar Powered Crypto Farm Proving Bitcoin Mining Is Green – Mining Bitcoin News

A cryptocurrency mining data center in South Australia will run primarily on solar power, media reports have revealed. The coin minting facility was located in an area known for energy-intensive iron ore extraction and steel production.

Bitcoin farm mining cryptocurrencies with solar power and surplus energy in South Australia

The ‘Steel City’ of Whyalla in South Australia is now home to a new crypto mining facility powered by electricity generated from solar power. A 5-megawatt facility operated by Lumos Digital Mining will mint Bitcoin, a process that is often slammed for its energy-intensive nature.

Australia’s national broadcaster ABC reports that major cryptocurrency extraction by market capitalization is using more electricity than mid-sized countries such as Argentina at a time when the world seeks to cut energy consumption points out. This reflects criticism often highlighted by mass media around the world.

Local governments see solar-based cryptocurrency mining projects as proof that bitcoin generation is greener. Commenting on the initiative, Nick Champion, South Australia’s Minister for Trade and Investment, said:

This is critical for the decarbonization of blockchain, a highly energy-intensive industry. I think it’s the beginning of a new economy here in Whyalla.

Government officials also hope to see other data centers using renewable energy to mine cryptocurrencies in the future. So I think there will be more and more facilities like this,” he predicts.

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 accounts for 0.3% of global greenhouse gas emissions.

According to Lumos Digital Mining officials, the new crypto farm could potentially mine around 100 BTC per year, depending on the power available. Angelo Condillas said the company will sell some of its solar power to other consumers, or increase crypto output to harness surplus energy from various sources when power generation exceeds demand. said it can be done.

Kondylas pointed out that the generator can suffer significant losses if it is switched off when power consumption is low. “We’re basically like sponges. We absorb excess stuff that isn’t used,” he explained. The operator plans to eventually double the size of his mining facility.

Bitcoin mining using renewable and surplus energy is gaining momentum around the world, with investor interest in solar-based coin mining projects in the United States increasing, and associated oil gas (APG) in Russian oilfields. ) is increasing the capacity of cryptocurrency farms to run.

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australia australia bitcoin bitcoin mining carbon crypto crypto farm crypto mining cryptocurrency cryptocurrency data center electricity emissions energy mining facility mining farm electricity renewable solar , Whyalla, South Australia

Do you think we will see more renewable energy powered cryptocurrency farms? Share your thoughts on the matter in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain and fintech, international politics and economics are sources of inspiration.

image credit: Shutterstock, Pixabay, Wiki Commons

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Australian Solar Powered Crypto Farm Proving Bitcoin Mining Is Green – Mining Bitcoin News

Source link Australian Solar Powered Crypto Farm Proving Bitcoin Mining Is Green – Mining Bitcoin News

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