Home
News
The city of Vancouver would soon be diving into the future. New York will be tracing the steps of the Chinese route and cutting its connection to its other industry, Vancouver believes in making use of a unique method: curbing the heat emitted from bitcoin mining.
MintGreen, the Canadian mining operator, and the Lonsdale Energy Corporation, if decided to sign a contract, then the narrative that Bitcoin is bad for the environment would become meaningless.
The Vancouver Sun reports the story describing the Lonsdale Energy Corporation’s operation as
The city-owned corporation is responsible for heating around 100 buildings having 7,000 apartments in Central and Lower Lonsdale regions making use of clean energy alternatives such as solar panels and natural gas boilers.
The city of Vancouver would need to render a municipally-owned space for the operation of MintGreen if the deal gets signed.
Vancouver will be able to save 20,000 tonnes of carbon emissions from entering the atmosphere over the period of 12 years it ponders.
In addition, the process is expected to have a 96% recovery of electricity used in Bitcoin mining in the form of heat energy.
Colin Sullivan CEO of MintGreen tells how the process works:
Bitcoin Mining servers are located in a vessel filled with a non-conductive coolant. The coolant is moved by a pump over the server which is connected to a heat exchanger, a mechanical device, imparting heat directly to LEC’s district energy system.
The Vancouver Sun put forward some points regarding Bitcoin mining and how harmful it is.
Werner Antweiler, environmental economics professor, representing the publication says:
Bitcoin Mining has a huge impact on environmental activity since the source of energy required to operate nodes are often fossil fuels such as Coal ” in countries such as China.”
CEO of Lonsdale Energy Corporation, Karsten Veng, foreseeing the dissent of Bitcoin haters, has created a safe distance from the asset class. He clears that the company is just buying the heat and have no plans to invest in Bitcoin.
Revealing the company’s plan says that they are exploring renewable energy sources including heat recovery from the sewage and ocean plants, adding “Any product that can produce excess heat, we’re interested.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
