North Vancouver, British Columbia, is considering Bitcoin mining as a means of generating and supplying heat to its citizens. Lonsdale Energy Corporation (LEC), the city’s energy provider, plans to “decarbonize” heat production by moving away from traditional natural gas. The LEC, in conjunction with MintGreen, a Canadian crypto mining company, hopes to prevent over 20,000 greenhouse emissions from entering the atmosphere by generating heat with Bitcoin mining rather than natural gas by 2022.
According to a press release, “Digital Boilers,” a MintGreen proprietary, has proved to recover over 96 percent of the electricity consumed for Bitcoin mining as a heat source that can warm up residential buildings and power companies. North Vancouver’s government plans to use this technology to heat more than a hundred buildings and residential complexes in the city.
According to a news release published by the LEC recently, with bitcoin miners functioning at full capacity throughout the year, North Vancouver will have ongoing access to a clean heating solution for its population of over 50,000.
“The complicated issue of climate change necessitates innovative solutions, and LEC is demonstrating remarkable leadership in environmental stewardship in partnership with the City of North Vancouver,” stated Karsten Veng, CEO of LEC.
North Vancouver wants to be carbon-free by 2050, and using Bitcoin mining as a heat source is one way to get there.
Climate change issues have become a major source of concern for governments and leaders all around the world. In August, the United Nations published a report urging policymakers to prioritize the development of clean and green energy.
Mining Bitcoin, which involves solving hard arithmetic problems on sophisticated computers, has recently been criticized for consuming too much energy and contributing to carbon emissions. China, for example, has banned crypto-activities, citing excessive energy usage as one of the main reasons.
Clean energy mining methods have already begun to appear in many locations across the world.
El Salvador, for example, has started using geothermal volcanic energy to power mining, which is not harmful to the environment.
Anthony Scaramucci, the CEO of investment firm SkyBridge, previously stated that Bitcoin mining will become a totally renewable industry in the next ten years.
A survey published in 2018 by British crypto business Coinshares found that 78 percent of crypto miners are already employing renewable energy sources to fuel their operations.