A cryptocurrency mining data center in South Australia will run primarily on solar power, media reports have revealed. The coin minting facility was located in an area known for energy-intensive iron ore extraction and steel production.
Bitcoin farm mining cryptocurrencies with solar power and surplus energy in South Australia
‘Steel City’ Whyalla South Australia is now home to a new crypto mining facility powered by electricity generated from solar power. A 5-megawatt facility operated by Lumos Digital Mining will mint Bitcoin, a process that is often slammed for its energy-intensive nature.
Australia’s national broadcaster ABC reports that major cryptocurrency extraction by market capitalization is using more electricity than mid-sized countries such as Argentina at a time when the world seeks to cut energy consumption points out. This reflects criticism often highlighted by mass media around the world.
Local governments see solar-based cryptocurrency mining projects as proof that bitcoin generation is greener. Commenting on the initiative, Nick Champion, South Australia’s Minister for Trade and Investment, said:
This is critical for the decarbonization of blockchain, a highly energy-intensive industry. I think it’s the beginning of a new economy here in Whyalla.
Government officials also hope to see other data centers using renewable energy to mine cryptocurrencies in the future. So I think there will be more and more facilities like this,” he predicts.
his statement is a recent report The White House Office of Science and Technology Policy estimates that cryptocurrency production in the United States alone is equivalent to 0.3% of global greenhouse gas emissions.
According to Lumos Digital Mining officials, the new crypto farm could potentially mine around 100. Bitcoin Annually, depending on available power. Angelo Condillas said the company will sell some of its solar power to other consumers, or increase crypto output to harness surplus energy from various sources when power generation exceeds demand. said it can be done.
Kondylas pointed out that the generator can suffer significant losses if it is switched off when power consumption is low. “We’re basically like sponges. We absorb excess stuff that isn’t used,” he explained. The operator plans to eventually double the size of his mining facility.
Bitcoin mining using renewable energy and surplus energy is gaining attention all over the world. investor interest US solar-based coin minting project Increased capacity of cryptocurrency farms running on associated oil and gas (APGMore) in the Russian oil fields.
Do you think we will see more renewable energy powered cryptocurrency farms? Share your thoughts on the matter in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com It is not intended to provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.