Genesis Digital, a cryptocurrency mining company, is building a bitcoin mine that will be powered by 100% clean energy.
Environmentalists have been talking about the environmental impact of bitcoin mining for the past year. Some believe it is using energy in a senseless manner. On the other hand, Cryptocurrency advocates believe that it is pushing humanity towards the use of renewable energy. After all, both groups are right, and we have just received another testimony about this.
Sweden gets a new cryptocurrency mine
Genesis Digital Assets, an industrial-scale bitcoin mining company in Sweden, announced Thursday that it will build a new bitcoin mine by 2024 that will have the capacity of 100 megawatts. It will be powered by 100% renewable energy sources.
A spokesperson for Genesis Digital Assets said the plant in Sweden will be powered by 54.5% hydropower, 42.8% nuclear and 2.7% wind power. Tim Liepold, Chief Power Officer at Genesis Digital Assets, made the following comments:
GDA aims to use clean energy to power our facilities. We also want to create local jobs due to this latest expansion.
Genesis raised $431 million in September to expand its operations in North America and Scandinavia. The main investor in this round was Paradigm Ventures, while the company also raised $125 million in July through Kingsway Capital.
Genesis said in November it would build 300 gigawatts of new copper mines in West Texas. Genesis Digital Assets isn’t the same as Genesis, a crypto lending company owned by Digital Currency Group.
During an interview with Bloomberg, Intel CEO Pat Gelsinger said that bitcoin was a climate crisis. He said that one record on Bitcoin’s blockchain consumed enough energy to power a house for almost 24 hours. However, he also promoted Intel’s new mining chip, which he claimed solved this problem.
Gelsinger’s statement was pure propaganda. He ignored the fact that the amount of energy consumed in bitcoin mining does not depend on the number of transactions, how machines are constructed for mining, or how the Bitcoin protocol itself is designed. It depends on the price of bitcoin and how much the miners receive in rewards.