Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green

Solar-Powered Crypto Farm in Australia to Prove Bitcoin Mining Can Be Green

A crypto mining data center in the state of South Australia will be running mainly on solar-generated electricity, a media report reveals. The coin minting facility has been set up in a region known for its energy-hungry iron ore extraction and steel production.

Bitcoin Farm to Mine Cryptocurrency on Solar and Excess Energy in South Australia

The ‘Steel City’ of Whyalla in South Australia has become home to a new crypto mining installation that will run on electricity generated from solar power. Operated by the Lumos Digital Mining company, the 5-megawatt facility will be minting bitcoin, a process often blamed for its energy-intensive nature.

Australian national broadcaster ABC notes in a report that at a time when the world is trying to reduce energy consumption, the extraction of the leading cryptocurrency by market capitalization uses more power than medium-sized nations such as Argentina. It’s echoing criticism often highlighted by mass media around the world.

Local authorities see the solar-based crypto mining project as a proof that bitcoin generation can be more environmentally friendly. Commenting on the undertaking, South Australia State Minister for Trade and Investment Nick Champion elaborated:

This is important for decarbonizing blockchain, which is a very energy-intensive industry. I think it’s the beginning of a new economy out here at Whyalla.

The government official also hopes to see other data centers mining cryptocurrency using renewable energy in the future. “There will be demand for blockchain, but also carbon-neutral blockchain so I think we will see more and more facilities like this,” he expects.

His statement comes after a recent report by the White House Office of Science and Technology Policy estimated that cryptocurrency production in the United States alone represents as much as 0.3% of global greenhouse gas emissions.

According to a Lumos Digital Mining representative, the new crypto farm can potentially mint around 100 BTC annually, depending on the available power. Angelo Kondylas said the company could also sell some of its solar power to other consumers or increase crypto output to utilize surplus energy from different sources when electricity generation exceeds demand.

Kondylas pointed out that power generators may suffer heavy losses when they switch off at times of low consumption. “We are basically like a sponge. We soak up the excess that’s not used,” he explained. The operator intends to eventually double the size of the mining facility.

Bitcoin mining on renewable and surplus energy has been gaining traction around the world, with growing investor interest in solar-based coin minting projects in the U.S. and increasing capacity of cryptocurrency farms running on associated petroleum gas (APG) at Russia’s oil fields.

Do you expect to see more cryptocurrency farms powered by renewable energy? Share your thoughts on the subject in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin above 20K AGAIN! Is Bitcoin Price Bullish Today?

The crypto market is moving still in a sideways trend. Trading cryptocurrencies is being favored by crypto enthusiasts rather than simply buying and holding. The reason for this is that consolidation phases are much more predictable thanks to technical analysis. Crypto traders are loving the current crypto dynamics in the market. After Bitcoin fell to

Breaking: Do Kwon Linked 3,313 Bitcoin To Be Seized? S. Korea Deepens Probe

Trouble for Do Kwon, Terra co-founder seems to be increasing after Interpol issued Red Notice against him. In the latest hit, South Korean authorities have moved on to deepen their probe against the alleged crypto fugitive. Do Kwon to lose his Bitcoins? According to reports, South Korean prosecutors are moving… Read more

Bitcoin Skyrockets As Stock Market Crashes, Is It Breaking Correlation

The crypto market is experiencing a surprise bounce. Bitcoin has rallied from the $18K-$19K range to cross the $20K mark. It has increased by over 5% in the last 24 hours and is currently trading at $20.1K.  However, since the stock markets are dumping, Bitcoin looks to break the correlation…. Read more

Bitcoin and Crypto Defy Wall Street Meltdown With Strong Rally

Wall Street started the week in a correction mode with all three top U.S. indices correcting 1% on Monday, September 26. However, Bitcoin and the broader crypto market have made a surprising move northwards with the BTC price shooting past $20,000 levels. With the recent BTC move, more than $14… Read more