Bitcoin has seen a meteoric rise since its inception. With this rise in popularity has come a corresponding increase in price, leading to massive profits across the board for crypto holders. With Bitcoin still being the ‘market decider’, its growth always spells good fortune for the rest of the crypto market and that has, in turn, led to increasing crypto adoption in different industries.
However, one problem that seemingly seems to go under the radar quite often is the downside that crypto mining and Bitcoin mining, in particular, has on the environment. The mining company, MintGreen, seems to have found a viable middle ground recently and is implementing that solution in its native country Canada. MintGreen has always been pro-environment even as it mines Bitcoin and recently it has forged a partnership that allows it to deliver heat from its mining processes to the city of North Vancouver.
Mining, the process through which new coins are minted, is an extremely time-consuming and computer-intensive process. Ethereum mining alone uses up enough electrical power to light up some smaller countries. This has not gone unnoticed and is one of the main detractors to the mass adoption of cryptocurrencies. Even Billionaire Elon Musk, a popular crypto advocate, has periodically stated his worries about the amount of energy required by blockchains.
LEC Joins Hands With MintGreen To Tackle Climate Problems
MintGreen has been able to secure this new development through its partnership with the LEC(Lonsdale Energy Corporation), an energy provider owned by the city. Through this partnership, both sides are able to profit in new ways that could surely be implemented in other countries worldwide.
First, the LEC provides power to MintGreen’s mining farm as it does to all other units in the city. Where this deviates from conventional power distribution is that MintGreen now provides the heat from its mining process to service some of the city’s buildings using its ‘digital boilers’. With this LEC is able to cut costs and MintGreen is able to maintain its ‘green’ initiative. This is a win-win situation for everybody and proper regulation could mark a turnaround in the amount of anti-crypto sentiment by environmentalists.
This move comes as the latest in the city of North Vancouver’s efforts to achieve net-zero emissions by 2050. The LEC is similarly pleased with the newest development with a statement from its CEO Karsten Veng calling it “innovative” and “exciting”.
MintGreen head, Colin Sulivan was similarly enthused, commending the efforts of both LEC and North Vancouver. With the massive economic fallout following the Covid-19 pandemic and constantly increasing cost of energy, this new solution to the problem mining produces could be the start of a new era for crypto.