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North Vancouver could use bitcoin mining to generate heat in 2022



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

According to a press release, MintGreen-owned “digital boilers” have been shown to recover more than 96 percent of the electricity used for bitcoin mining as a heat source that heats residential buildings and power industries. could. The administration of North Vancouver will use this technology to provide heat to more than a hundred buildings and residential complexes in the city.

A recently released press statement by the LEC states that cryptocurrency miners operating at full capacity throughout the year will have continued access to a clean heating solution for North Vancouver’s population of more than 50,000.

“The complex issue of climate change requires innovative solutions, and with the City of North Vancouver LEC is showing tremendous leadership in environmental management,” said LEC CEO Carsten Weng.

North Vancouver is aiming to achieve net-zero emissions by 2050 and using bitcoin mining as a heat-generating source is a step towards achieving the goal.

Climate change concerns have emerged as a major cause of concern for governments and leaders around the world. The recent UN climate report, released in August, also urged lawmakers to prioritize the production of clean and green energy.

The process of bitcoin mining – which is done by solving complex math problems on advanced computers – has recently faced criticism for consuming too much energy and adding to carbon emissions. For example, China banned crypto-activities with it being one of the major reasons for high energy consumption.

Methods to mine bitcoins using clean energy are beginning to emerge in various places around the world.

For example, the Central American country of El Salvador has started mining from geothermal volcanic energy that does not harm the climate.

Earlier, Anthony Scaramucci, CEO of investment firm Skybridge, also said that in the next ten years, bitcoin mining will turn into a completely renewable activity.

In 2018, a report by British crypto firm CoinShares had also revealed that the majority of crypto miners, 78 percent, are already using renewable energy sources to run their mining operations.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on 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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