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Along with numerous effects of cryptocurrencies, it has environmental concerns in form of heat generation and energy consumption in mining
Well, it seems like the environmental effects of crypto mining, especially bitcoin mining, will be resolved soon. Canadian city North Vancouver has this opportunity to call itself the first city that would get warmth and heat because of cryptocurrency.
Recently local energy provider Lonsdale Energy Corporation partnered with a bitcoin mining startup named MintGreen. Together they have agreed on a goal to solve two major problems simultaneously.
They will develop an innovative and low carbon heating solution that will be first tested in North Vancouver city in the British Columbia region of Canada. The plan is to recycle the energy created by Bitcoin mining for a good cause instead of releasing it into the air.
Bitcoin mining is the process of validating and securing cryptocurrency transactions for which it needs high computing powered computers that consume a high amount of energy and at the same time release a huge amount of heat due to processing. These are the major environmental threats that cryptocurrencies possess. But following the innovative idea, the potential danger could be minimized to some extent.
MintGreen is expected to recycle approx 20,000 tonnes of greenhouse gases that will be converted into heat which is usually released into the atmosphere. As per the company claims, in this way, it will be able to recover over 96% of the electricity used in Bitcoin mining farms. By collecting the produced heat, it would be used back as thermal energy, further generating more electricity.
Apart from generating electricity, there would also be some to produce heat to several buildings sustainably considering its region with low temperature, and there could be more possible ways to use the energy.
It’s just a matter of time; once the experiment succeeds and achieves its projected targets, it will be no more threat to the environment. Mining would not consume energy from outside that currently, it needs to operate. Once the system is rolled out, the mining firms will be able to generate their electricity by themselves.
Energy consumption and heat release are among two major problems because of which mining of cryptocurrencies, especially bitcoin mining, has been criticized all over. Various countries think of it as an issue that could create an electricity shortage, while many other countries see it as an opportunity to earn from it.
China was among the countries with the most mining farms, but the country has shut down all the operations related to cryptocurrencies, including mining in the region. As a result, those bitcoin miners shifted to different parts of the world to search for a new and suitable place in the US, Russia, and Kazakhstan. These countries are worth mentioning as they are the top countries having the most bitcoin mining activities.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
