North Vancouver May Use Bitcoin Mining to Generate Heat, in 2022

The energy provider of North Vancouver, Lonsdale Energy Corporation (LEC) has partnered a crypto-tech firm MintGreen for clean Bitcoin mining.

By Radhika Parashar | Updated: 18 October 2021 11:31 IST

North Vancouver May Use Bitcoin Mining to Generate Heat, in 2022

Bitcoin mining is done using advanced computers

Highlights

North Vancouver will be the 1st city to use heat from Bitcoin mining
The city aims to decarbonise its energy production
The development is slated for execution in 2022

The Canadian city of North Vancouver is considering Bitcoin mining as a way to generate and provide heat to its residents. The city's energy provider Lonsdale Energy Corporation (LEC) is planning to move away from the use of conventional natural gas and “decarbonise” the production of heat. In 2022, the LEC in collaboration with a Canadian crypto mining firm MintGreen, aims to reduce over 20,000 greenhouse gases from entering the atmosphere by generating heat using Bitcoin mining and not natural gas.

“Digital Boilers”, a proprietary of MintGreen, has shown to recover over 96 percent of the electricity used for Bitcoin mining as a heat source that can warm up residential buildings and power industries, according to a press release. The administration of North Vancouver will be using this technology to provide heat to more than hundred buildings and residential complexes in the city.

With cryptocurrency miners operating at full capacity throughout the year, North Vancouver will have a continuous access to a clean heating solution for its population of over 50,000, a press statement issued by the LEC recently said.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

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

North Vancouver is targeting to achieve net-zero emissions by 2050 and using Bitcoin mining as a heat-generating source is a step towards achieving the goal.

The concerns around climate change have emerged as a major cause of worry for governments and leaders around the world. The recent UN Climate Report released in August has also urged lawmakers to prioritise the production of clean and green energy.

The process of mining Bitcoin – that is done by solving complex math problems on advanced computers — has faced criticism for consuming too much energy and adding to carbon emissions recently. China, for instance, imposed a ban on crypto-activities with high energy consumption being one of the major causes.

Ways to mine Bitcoins using clean energies have begun to emerge in different places around the world already.

The central American country of El Salvador, for example, has begun powering mining with geothermal volcanic energy that does not harm the climate.

Earlier, Anthony Scaramucci, the CEO of investment firm SkyBridge had also said that in the next ten years, Bitcoin mining will transform into a fully renewable activity.

In a 2018, a report by British crypto firm Coinshares had also revealed that majority crypto miners, 78 percent, have already been using renewable energy sources to power their mining operations.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Bitcoin, Bitcoin Mining, Mining, North Vancouver, Heat, Cryptocurrency

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More