North Vancouver Could Use Bitcoin Mining To Generate Heat In 2022

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The Canadian city of North Vancouver is considering mining Bitcoin as a way to generate and provide heat to its residents. The city’s energy supplier, Lonsdale Energy Corporation (LEC), plans to move away from using conventional natural gas and decarbonize heat production. In 2022, the LEC, in collaboration with a Canadian cryptocurrency mining company MintGreen, aims to reduce the entry of more than 20,000 greenhouse gases into the atmosphere by generating heat using the Bitcoin mining and not natural gas.

Digital Boilers, owned by MintGreen, have been shown to recover over 96% of the electricity used to mine Bitcoin as a heat source that can heat residential buildings and energy industries, according to a press release . The North Vancouver administration will use this technology to provide heat to more than 100 buildings and residential complexes in the city.

With cryptocurrency miners operating at full capacity throughout the year, North Vancouver will have continued access to a clean heating solution for its population of over 50,000, a press release recently said by the LEC.

The complex problem of climate change requires innovative solutions, and LEC, along with the City of North Vancouver, is showing tremendous leadership in environmental stewardship, said Karsten Veng, CEO of LEC.

North Vancouver aims to achieve net zero emissions by 2050 and using Bitcoin mining as a source of heat generation is a step towards achieving the goal.

Concerns about climate change have become a major cause of concern for governments and leaders around the world. The recent United Nations climate report released in August also urged lawmakers to prioritize the production of clean and green energy.

The process of mining Bitcoin which is done by solving complex mathematical problems on advanced computers has recently come under criticism for consuming too much energy and adding carbon emissions. China, for example, has imposed a ban on crypto activities where high power consumption is one of the main causes.

Ways to mine Bitcoins using clean energies have already started to emerge in different places around the world.

The Central American country of El Salvador, for example, has started fueling mining with geothermal volcanic energy that does not harm the climate.

Previously, Anthony Scaramucci, CEO of investment firm SkyBridge, also said that over the next ten years Bitcoin mining will turn into a fully renewable business.

In a 2018, a report by UK crypto company Coinshares also found that the majority of crypto miners, 78%, were already using renewable energy sources to power their mining operations.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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