According to a media report, the crypto mining data center will run mainly on solar-generated electricity in South Australia. The region is known for its high-energy steel production and iron ore extraction.
Bitcoin Farm to Mine Cryptocurrency from Solar and Excess Energy in South Australia
A new crypto mining facility will be operating on solar electricity in the steel city of Whyalla, South Australia. The 5-megawatt facility, which will be operated by Lumos Digital Mining, will be producing bitcoin. This process is often criticized for being energy-intensive.
The Australian national broadcaster ABC reports that the extraction of cryptocurrency market capitalization's leading cryptocurrency uses more power than countries such as Argentina, at a time in which the world is trying reduce its energy consumption. This criticism is often repeated by mass media across the globe.
Local authorities view the solar-based crypto mining project in South Australia as proof that bitcoin generation is more sustainable. Nick Champion, South Australia's State Minister for Trade and Investment, commented on the undertaking.
This is crucial for decarbonizing the blockchain industry, which is very energy-intensive. It's the beginning for a new economy here in Whyalla, I believe.
A government official hopes that other data centers will be able to mine cryptocurrency with renewable energy. He believes that there will be demand for both carbon-neutral and blockchain technology so he anticipates more of these facilities.
After a White House Office of Science and Technology Policy report, his statement follows the recent estimate that cryptocurrency production in the United States accounts for 0.3% of global greenhouse gases emissions.
A representative from Lumos Digital Mining said that the new crypto farm could potentially produce around 100 BTC per year, depending on how much power is available. Angelo Kondylas stated that the company could sell some of its solar energy to other users or increase crypto output in order to use surplus electricity from different sources when demand exceeds supply.
Kondylas noted that power generators can suffer large losses when they are switched off during low consumption. "We are basically a sponge." He explained that we absorb any excess material. The operator plans to eventually double the size the mine facility.
Bitcoin mining using surplus and renewable energy is gaining popularity around the globe. There has been growing investor interest in U.S.-based coin minting programs and an increase in capacity for cryptocurrency farms that run on associated petroleum gas (APG), which comes from Russia's oil fields.
Are you expecting to see more cryptocurrency farms that are powered by renewable energy sources? Please comment below to share your views.
By: Lubomir Tassev
Title: Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green
Sourced From: news.bitcoin.com/solar-powered-crypto-farm-in-australia-to-prove-bitcoin-mining-can-be-green/
Published Date: Sat, 17 Sep 2022 22:00:52 +0000