Top 10 Projects illustrating why Bitcoin Mining is run by Renewable Energy
July 1, 2021 - Expert Commentary
Bitcoin has gotten a bad rap over electricity consumption.
Indeed, mining Bitcoin is not the most power-efficient task you could ever do. That said, some of the characterizations you hear about Bitcoin mining are overblown.
One unfortunate conclusion that critics make is that Bitcoin’s high electricity consumption automatically equates to a high carbon footprint. This correlation is made without a complete factual basis.
Mining Bitcoin is not inherently dangerous to the environment. It does not emit fumes like automobiles or the aviation industry. Bitcoin mining has a significant carbon footprint when it uses energy from dirty sources like coal. This fact often slips between the cracks in the constant Bitcoin-bashing online.
VBit is on the frontline of this revolution. Bitcoin mining using renewable energy is not only possible but economically viable.
Many large Bitcoin miners are using renewable sources of energy. Their operations don’t have a carbon footprint and offer a glimpse into the future of mining. They include:
- VBit Inc.
Charity begins at home.
VBit walks the talk. The company leadership saw it fit to invest in clean, renewable energy from early on.
Data centers in strategic locations in the U.S. allow VBit to utilize cheap renewable energy. Besides, these areas are naturally cool, providing an added advantage for Bitcoin mining equipment that produces lots of heat.
VBit provides equipment reselling and hosting services for miners on top of continuous education as part of awareness. These services are possible because of cheap renewable power. Such is the dynamism Bitcoin miners can display when they put their creative ideas to good use.
- Square Inc.’s Partnership with Blockstream
Square has attained publicity owing to the profile of its CEO Jack Dorsey, who is also CEO of Twitter.
Dorsey has been a prominent Bitcoin backer. His company invested hundreds of millions in Bitcoin in recent times.
Square announced in early June that it would partner with blockchain technology provider Blockstream Mining to build an open-source, solar-powered Bitcoin mining facility. Notably, this move came after Elon Musk suspended Bitcoin payments to Tesla over energy concerns. The investment will be $5 million and aims to mine Bitcoin using renewable energy.
Cryptocurrency is an extension of the financial services and digital payments the company majors in. Square invested $170 million in Bitcoin in February and is showing commitment to make this industry sustainable. Accordingly, the company has also permitted Bitcoin purchases using its Cash app.
- ARK Invest involvement in Bitcoin Mining Operations
ARK Invest is another significant backer of renewable energy in Bitcoin mining.
Accordingly, they are a private investment start-up and founded on the principle of Open Source Research.
ARK focuses on disruptive innovation, including genomics, industrial transformation, and web development.
Notably, the company added Bitcoin worth $20 million in March. CEO Cathie Wood intends to back the first Bitcoin ETF.
ARK has published a paper with Square Inc. outlining how Bitcoin can fuel renewable energy investments.
- Atlantica Sustainable Infrastructure (NASDAQ listed)
Atlantica owns renewable energy installed generation capacity, efficient natural-gas-fired generation capacity, electric transmission lines, and water desalination plants in multiple countries.
The company made $300 million in equity investments in 2020, and in the first quarter of 2021, it already had agreed to $280 million in new investments.
Their expansion comes at a time of explosive growth in Bitcoin prices. Producing sustainable energy for Bitcoin mining and the electricity grid is a massive boost for an asset turning its credibility.
- Brookfield Renewable Corporation (NYSE)
Daniel Foelber from Brookfield believes that Bitcoin can spur historic investments in renewable energy.
The company has a renewable capacity of around 18.8 gigawatts.
Their production of cheap renewable power at scale allows them to be a significant entity, even attaining a stock market listing.
Bitcoin miners can use the renewable energy from Brookfield and mine Bitcoin sustainably.
- WePower – Estonia
WePower views the blockchain and renewable energy as a natural power couple.
The company has invested in small clean energy producers in the country.
Due to technological advancements, the cost of producing renewable electricity is significantly lower.
Estonia is a country that gets plenty of wind and hydroelectric power. This company aims to enhance blockchain and Bitcoin-related activities in the country.
- Gryphon Digital Mining
Gryphon Digital Mining raised $14 million in April to establish renewable energy-driven mining in the U.S.
The company has only existed for a year but already has 730 Petahashes worth of mining operations.
Such ambitious investment in renewable energy Bitcoin mining is excellent for the growth of green mining worldwide.
London-based company 4New is planning to mine Bitcoin from a fascinating energy source: waste.
The company contends that 2 billion tons of garbage gets into the environment every year.
So, the idea is to address energy waste in Bitcoin mining by using waste itself.
They plan to take 100,000 tons of waste annually and use anaerobic digesters to produce energy cleanly.
The production can be leveraged for many purchases, but crypto mining looks to be a primary beneficiary.
The company has already got tens of millions of dollars from various investors.
Accordingly, the capital will facilitate purchases from existing waste-to-energy plants and logistical operations. 4New already has two processing power plants and will add a third.
Such is the dynamism of power sources and creativity that the mining sector exhibits.
You hear of the perceived shortcomings of wind and solar power constantly.
There are indeed fluctuations in the power generation of most plants. That said, many plants regularly exceed capacity.
Berlin-based, Swiss-registered blockchain company Envion is developing a mobile crypto-mining data center that can utilize excess wind and solar power. Some wind power plants in Germany occasionally produce high amounts of energy, and prices go even negative. This scenario is the dreamland for a crypto miner.
Accordingly, it is a win-win. Bitcoin miners need cheap power, and these renewable power plants require the demand for their excess power. During periods like storms, wind power plants in Germany go on overdrive.
Envion will plug into these plants and derive a substantial cost-benefit from their operation. The company has raised over $100 million from around 30,000 investors.
Notably, this company has had some leadership wrangles and some problems, but investors hope the officials get their act together and get to their mission.
- Blockchain Power Unit
Blockchain Power Unit is yet another German blockchain company seeking to plug more mining rigs directly into renewable energy sources.
Their goal is to put computers inside wind turbine towers.
The company targets German wind farmers who will lose subsidies after Germany’s Renewable Energy Sources Act expires. Germany has an incredible number of turbines, and converting even a tiny percentage for use in crypto mining will be awesome.
VBit Mines Bitcoin Sustainably
At VBit, renewable electricity was a theme long before Elon Musk expressed concerns about Bitcoin’s carbon footprint.
We have data centers in cool areas of the U.S., located next to hydroelectric power plants that produce cheap renewable electricity.
This kind of foresight made us pioneers.
Others are only joining the party. We provide hosting services for prospective miners who can rest easy knowing that their ASIC rigs are mining Bitcoin using clean power.
As more miners look to go green, we shall continue to optimize our processes to maintain a competitive advantage. Visit the VBit Mining Shop to learn more about Bitcoin mining!