Vancouver In Canada To Use BTC Mining For Heating

Vancouver in Canada will start using Bitcoin mining to provide heating for its citizens thanks to MintGreen and LEC joining forces to supply heating by releasing the energy from BTC mining. In our latest Bitcoin news, we are reading more about it.

North Vancouver is a part of the Canadian district of British Columbia and it is on the path to becoming the first city that will use bitcoin mining for heating residential and commercial buildings. The initaitive will likely be available from 2022 after a new partnership between crypto miner MintGreen and Lonsdale Energy Corporation-LEC. Bitcoin mining’s impact on the environment was causing quite the controversy recently especially after Elon Musk made some remarks on the matter and his EV Giant Tesla stopped receiving BTC payments. While the main cryptocurrency has its merits, many consider it to be a key player in the future financial network mining it consumers a huge amount of electricity.

As such, Vancouver in Canada intends to allocate the released energy from the process of mining into heating the buildings of its residents. As per the recent press release, the Lonsdale Energy Corporation will team up with the local crypto miner MintGreen to launch the first stages at the start of 2022. During its engagement, the latter asserted that its Digital Boilers will prevent 20,000 tonnes of GHGs from getting into the atmosphere per MW compared to the natural gas. Colin Sullivan, the CEO of MintGreen said:

“The complex issue of climate change requires innovative solutions, and LEC, with the City of North Vancouver, is showing tremendous leadership in environmental stewardship.”

Karsten Veng, the Chief Executive Officer at Lonsdale Energy Corporation raised hopes that the new collab will be very beneficial for the greener future of the city:

“Being partners with MintGreen on this project is very exciting for LEC, in that it’s an innovative and cost-competitive project, and it reinforces the journey LEC is on to support the City’s ambitious greenhouse gas reduction targets.”

According to Anthony Scaramucci who is the founder and CEO of SkyBridge this is a good idea and he even predicted that this could happen in less than ten years:

“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”

Scaramucci also partnered with the climate tech company MOSS Earth to buy and retire the tokens that represent about 40,000 tons of carbon, with the goal to neutralize the estimated CO2 footprint that BTC generated from SkyBridge’s multi-strategy funds.