Crypto Currency Mining requires large quantities of computer operating 24/7 for 365 days a year. The large amount of energy it consumes, and heat generated from hundreds of CPU and Graphic card is insane. It needs an extensive cooling mechanism to keep the mining factory running all the time.
The City of North Vancouver owned Lonsdale Energy Corporation (LEC) has reached a deal with MintGreen, a clean tech crypto mining company, to use recovered heat electricity from bitcoin mining to help heat nearly 100 residential and commercial building that is connected to the district energy utility.
The company’s digital boilers recovered over 96% of the electricity used for bitcoin mining in the form of heat energy that can be re-used. This greatly reduce the amount of electricity wasted in this sector and this method of energy recovery should be implemented for all the crypto currency mining factory. It helps owner save on their electricity bill and protects the environment.
The use of low-carbon heat source (LEC) will begin in 2022 and it expects to reduce 20,000 tonnes of greenhouse gas emission. There is already 7.47 million sqft area depends on LEC for heating needs. That translates to 6,500 homes, a 106-room hotel, many offices, and commercial retail outlet. This shows how much energy was consumed in the mining process and the importance of reusing the energy.
Crypto mining has been a lucrative business since the introduction of bitcoin and continues to grow as the valuation of these currency increases. If the project is successful and expanded globally this could be game changer for our environment.