Genesis Mining unveils programme to recycle excess energy

Genesis Mining unveils programme to recycle excess energy from mining farms

It is an argument often opposed to Bitcoin (BTC): cryptomoney is particularly expensive in energy. But a mining company, Genesis Mining, plans to use the miners‘ excess energy to power greenhouses.

The firm announced this project, which has been in development for a year, in a press release issued yesterday. It makes it possible to recycle energy (notably heat) from mining farms to feed greenhouse crops. The Bitcoin Bank initiative is being developed in Boden, Sweden. Genesis Mining has partnered with the municipality, with one goal in mind: to enable the town to produce part of its food locally, without having to resort to imports.

Mattias Vesterlund, a researcher from the Research Institutes of Sweden (RISE), explained:

„A 1 MW data centre would be able to boost local self-sufficiency by 8%, with products that are competitive on the market. »

For this pilot project, Genesis Mining placed mining equipment near the greenhouses in question, then connected them with ventilation ducts to allow heat to pass through. And the results are very encouraging, according to Andreas Johansson from the Technical University of Lulea :

„For the cold climates of northern Sweden, our calculations show that a 300m² greenhouse can easily be heated with a 550 kW container, even with outside temperatures as low as -30 degrees Celsius. But the potential is even higher than that. »

Promoting renewable energies

The CEO of Genesis Mining, Marco Streng, confirms that the company wants to focus on the ecological consequences of its activity. The company has established itself in the Nordic countries, where many locations offer 100% renewable energy. This is a crucial choice, according to Streng :

„Mining is what makes cryptomoney and applications possible, and we truly believe that the benefits of this decentralisation will transform the world, but they cannot exist at the expense of the environment. »

The trend also exceeds Genesis Mining. More and more alternative solutions exist for miners and ecosystem participants who wish to promote cryptomony and blockchaining while paying attention to the ecological consequences. We should therefore continue to see this type of initiative develop in the years to come.