Bitcoin Mining to Heat Homes

North Vancouver, a Canadian district, is on the path to becoming the first Canadian city to use bitcoin mining for heating commercial and residential buildings. After a partnership between MintGreen, the cryptocurrency miner, and Lonsdale Energy Corporation(LEC), the initiative should be ready by 2022.

Bitcoin Provides Alternative Heating Solution

The impact of Bitcoin mining on the environment has caused a lot of controversy in recent years, particularly after Elon Musk made comments about the matter. Tesla, his electric vehicle giant, stopped receiving BTC payments due to it. While the primary cryptocurrency has its merits and is considered a key player in the future network of financial services, mining it requires a lot of electricity.

North Vancouver, Canada, which is home to over 50,000 people, plans to use the energy it generates for heating its buildings. A recent press release stated that the Lonsdale Energy Corporation will partner with MintGreen, a local cryptocurrency miner, to launch the first stages of the project at the start of 2022.

The latter stated that the “Digital Boilers” would prevent 22,000 tonnes of GHGs per MW, compared to natural gases. Colin Sullivan – MintGreen CEO – commented:

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

Karsten Veng, Chief Executive Officer of Lonsdale Energy Corporation, expressed hope that the collaboration would benefit the city’s greener future.

“Being partners with MintGreen on this project is very exciting for LEC, in that it’s an innovative and cost-competitive project, and it reinforces the journey LEC is on to support the City’s ambitious greenhouse gas reduction targets.”

Can Crypto Mining Become Fully Renewable?

Anthony Scaramucci, founder and CEO SkyBridge, says yes. He predicted that it would happen in less than ten year.

“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”

Scaramucci’s statement was not the only one. He also partnered up with MOSS Earth, a climate tech company, to purchase and retire tokens that represent nearly 40,000 tons carbon. The transaction was intended to offset the CO2 emissions of BTC from SkyBridge’s multistrategy funds as well as the First Trust SkyBridge Bitcoin Fund.