The Crypto Industry Wants To Go Green — But That’s Easier Said Than Done
A modern-day gold mine lies hidden in the cold Swedish Lapland. However, instead of picks and shovels, it is crammed with thousands of computer systems.
These devices, known as mining rigs, operate around the clock to find new cryptocurrencies — in this case, ethereum, the world’s second-largest coin.
To do so, they must compete with people all around the world to solve a complicated arithmetic puzzle, which is becoming increasingly difficult as more computer systems, dubbed “miners,” join the community. The goal is to ensure the system’s security and prevent fraud.
Hive Blockchain, a company that focuses on using clear vitality to mine bitcoin, operates this ethereum mining operation.
Making The Switch To Renewable Energy
The mine in question, a warehouse-like structure located in the navy city of Boden, houses a total of 15,000 mining rigs. It is larger than a typical soccer pitch at 86,000 square feet.
Hive Blockchain, a Canadian company that specialises on using green and renewable energy to mine cryptocurrency, operates the facility.
Hive’s Swedish mining facility is larger than a soccer pitch at 86,000 square feet.
Hive’s Swedish operation is powered by a local hydroelectric plant in Boden, in the country’s northwestern corner. The region is known for its abundance of low-cost, renewable electricity.
“In the north of Sweden, 100 percent of the power is either hydro or wind,” says Johan Eriksson, an expert at the Swedish Energy Agency.
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Is Decarbonization Sufficient?
Edinburgh-based crypto agency Zumo is a part of the Crypto Climate Accord, a coalition of corporations that aims to obtain net-zero emissions within the crypto industry by 2030.
Kirsteen Harrison, Zumo’s local weather coverage advisor, says the initiative is engaged on a chunk of software that will have the opportunity to confirm the supply of vitality utilized in mining crypto as renewable.
“There’s quite a lot of trials going on with that at the moment,” she said. “If that’s successful, then hopefully that will filter out to the rest of the sector.”
Simply decarbonizing the manufacturing of cryptocurrencies will not be sufficient although, according to some activists.
Greenpeace and different environmental teams are calling for the bitcoin community to replace its proof of work mechanism with one referred to as “proof of stake” as a substitute. That would take away the massive computational value of verifying new crypto transactions.
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