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New Wave of Green Energy Programs Influence Crypto Mining Sector

Since the mass exodus of crypto mining operations out of China based on intensified crackdowns has triggered the urge for sustainable and environmentally friendly mining activities.

This is founded on ongoing projects by Bit Digital, Bitfarms, Marathon Digital Holdings, Riot Blockchain Inc., and EV Battery Technologies.

With 27,744 crypto miners under its watch, The U.S.-based Bitcoin mining company is eyeing zero-carbon emission sources in its mining system.

On the other hand, EV Battery Technologies, a blockchain and battery tech company, recently launched a commercial emission-free crypto mining solution dubbed Daymak Solar Tree. Furthermore, it collaborated with the Renewable Obligation Base energy economy for environmentally friendly initiatives in cryptocurrency mining.

Riot Blockchain Inc., another large-scale American Bitcoin mining company, also joined a controllable load resource program by the Electric Reliability Council of Texas, the state’s grid operator, to make mining sustainable.

In Central America, El Salvador’s decision to use volcano power to mine Bitcoin (BTC) was propelling the leading cryptocurrency’s quest to accelerate renewable energy development.

This move showcased that Bitcoin can act as an accelerant to renewable energy development. Geothermal energy is renewable, clean, and in some places, it makes use of a previously untapped resource.

Meanwhile, Bitcoin miners have been able to dust themselves off from the Chinese government’s suppression because the hashrate recently reached historic highs.

This has been made possible because the miners relocated to other areas like the United States, Kazakhstan, and Iraq.

Therefore, American miners have emerged among the largest beneficiaries, given that US-based pool Foundry recently generated the biggest share of issued Bitcoin.

With clean energy programs being rolled out, this approach enhances the narrative of making crypto mining green.

Musk Abandons Twitter Board, Tesla Builds Partnership to Make BTC Mining Eco-Friendly

Elon Musk, the biggest shareholder of Twitter, has decided not to join the board of Twitter, says CEO Parag Agrawal. Meanwhile, in an effort to make Bitcoin mining more environmentally friendly, Musk’s Tesla has teamed up with Blockstream, and Jack Dorsey-owned Block (formerly Square) to power a mining facility with solar energy, according to CNBC.

Musk-led Telsa utilizes a 3.8 megawatts (MW) solar PV array and a 12 megawatt-hour (MWh) Megapack, the Bitcoin mining facility in Texas, which is expected to be completed construction later this year, will be propelled by 30 Petahashes per second of mining hardware using 100% solar energy.

Megapack is a robust lithium-ion battery developed by Tesla that offers energy support and storage.

Adam Back, a British cryptographer and the co-founder and CEO of Blockstream, noted:

“This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”

Tracking the project using an open dashboard

Back said:

“People like to debate about the different factors to do with bitcoin mining. We figured, let’s just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate.”

The dashboard will be open to the public, showing the real-time performance of the project, including total Bitcoin mined and power output.

Meanwhile, Blockstream will be responsible for the mining infrastructure and oversee the project.

As Texas State enjoys sufficient solar and wind energy, it is emerging as an ideal location for Bitcoin miners.

Back confirmed that wind power will be added to the expand the scale of Bitcoin mining if the project is profitable. He stated:

“You’re making a sort of calculation of the optimal economic mix between solar and battery. There’s 3.8 megawatts of solar and one megawatt of mining, so you can see you have to overprovision, because the peak solar input varies during the day and, of course, it’s not there at night.”

Incorporating wind energy would minimize overall costs by balancing solar’s downtime.

Neil Jorgensen, Block’s global ESG lead, noted the project would be a stepping stone toward using renewable energy in BTC mining. He noted:

“By collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin’s synergy with renewables.”

Meanwhile, ExxonMobil, an oil and energy giant, recently announced the launch of a pilot program to convert excess natural gas into energy that powered mobile generators to mine Bitcoin.

Elon Musk gives up to join Twitter’s board

On the other hand, days after Elon Musk, the CEO of Tesla Inc. and SpaceX, attained a 9.2% ownership stake of Twitter and was appointed a member of the board of directors, he decided to abandon plans to be part of the board in Twitter. Nevertheless, Musk remains the largest shareholder of the social media giant.

Bhutan Embraces Bitcoin Mining with Green Energy

Bhutan, the small Himalayan kingdom, has been quietly accumulating and mining Bitcoin since April 2019. The country of less than 800,000 people is leveraging its abundant hydroelectric power to power its Bitcoin mining operations. Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its gross domestic product.

According to an exposé in local Bhutanese news and inquiries from Forbes, Bhutanese officials have confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019. The price per Bitcoin has since soared to roughly $28,000 per coin at the time of writing. While the scale of Bhutan’s mining operations remains a mystery, some Druk Holding and Investments (DHI) employees have listed “crypto mining” as their tasks and skills on their LinkedIn profiles.

It is worth noting that the state-owned holding company DHI has invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people. The government is reportedly exploring partnerships to expand its mining operations further. One such partnership is with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer’s mining capacity by about 12%.

It is unclear why the government chose not to disclose this project to its citizens or international partners. However, Bhutan’s focus on green energy and sustainability makes it an ideal destination for mining Bitcoin. Bitcoin mining is the world’s cleanest industry, with more than 50% of its energy sources being renewable or clean energy. Due to cheap, abundant hydroelectric power, DHI reported that Bhutan is an ideal destination for mining Bitcoin.

Bhutan adds to a long list of regions from East Africa to Scandinavia mining Bitcoin with hydropower, one of the cheapest clean energy sources. The country’s commitment to green energy and sustainability is commendable, and it sets an excellent example for other countries looking to adopt Bitcoin mining. With its vast hydroelectric potential, Bhutan has the potential to become a significant player in the Bitcoin mining industry.

Hive Digital Technologies Bolsters Global Reach with Swedish Data Center Acquisition

Hive Digital Technologies, a prominent player in cryptocurrency mining, has recently announced a significant expansion of its global operations. The company’s latest move involves the acquisition of a new property and data center in Boden, Sweden. This acquisition is set to enhance Hive’s Bitcoin production capabilities significantly.

The newly acquired property, previously part of the European Union’s Horizon 2020 project, marks a substantial step in Hive’s expansion strategy. The company entered a property transfer agreement with Turis AB, underlining its commitment to fortify its presence in the cryptocurrency mining landscape. This strategic location in Sweden, positioned near Hive’s existing data center, is poised to become a key asset in the company’s portfolio.

Consistent with Hive’s dedication to environmental sustainability, the new data center in Sweden will adhere to the company’s green energy practices. Johanna Thornblad, Hive’s country president for Sweden, highlighted this expansion as a testament to Hive’s commitment to environmental responsibility and energy efficiency. The facility is expected to house the next generation of Application-Specific Integrated Circuit (ASIC) servers, a crucial component in enhancing Bitcoin production.

In a strategic shift earlier this year, Hive Digital Technologies rebranded itself by dropping the term “blockchain” from its official name. This move signifies the company’s evolving focus towards financial opportunities in artificial intelligence (AI), cloud computing, and graphics processing units (GPUs). Despite the emphasis on AI, Hive remains deeply involved in Bitcoin and cryptocurrency mining, with its leadership affirming the synergistic coexistence of blockchain and AI as pillars of Web3.

Hive Digital Technologies’ acquisition of the data center in Boden, Sweden, represents a significant milestone in its global expansion strategy. By leveraging its commitment to green energy and innovative practices, Hive is poised to enhance its Bitcoin production while contributing to the sustainable growth of the cryptocurrency industry.

The acquisition aligns with Hive’s broader industry initiatives. Earlier, Hive participated in launching the Digital Power Network (DPN), which underscores the importance of proof-of-work (PoW) mining in the cryptocurrency ecosystem. Furthermore, the company plans to use its 38,000 Nvidia GPUs to offer more efficient alternatives for small and medium-sized businesses, highlighting its diversification and adaptability in the evolving digital landscape.