Energy Harbor Corp, a leading retail energy provider, has announced a five-year partnership with mining hosting provider Bitcoin Standard Power. The plan is invest and provide reliable, carbon-free electricity to a new center in Coshocton, Ohio. The start of operations is scheduled for December 2021.
An abandoned paper mill will be transformed into a state-of-the-art facility to enable the two companies to achieve their goal of green, sustainable, locally generated electricity for extraction.
The emphasis is on “green” as the University of Cambridge's Bitcoin Energy Consumption Index puts the Bitcoin economy on par with the carbon dioxide emissions of developing countries such as Sri Lanka and Jordan. Scholars estimate BTC's annualized energy consumption to be around 69,85 TWh.
According to the University of Cambridge, Bitcoin mining operations in China accounted for 36% of the network's hashrate. This is likely to lessen as China closes its mining operations. Demand for electricity has fueled a surge in illicit coal mining and undermined President Xi Jinping's environmental goals, which has become a burning issue.
It is not easy to untangle Bitcoin mining and its impact on coal consumption in China, however, Chinese authorities have discovered direct links between cryptocurrencies and coal in mining hotspots in Xinjiang and Inner Mongolia.
Next on Beijing's list is the Anhui province in eastern China. All mining projects within this province will be closed over the next three years as authorities believe there will be a large gap in supply assurance if mining continues.
In response to this crackdown, Chinese miners are rapidly moving their operations overseas, and North America has emerged as a hub for them with its zero-carbon farms. Miners in this area currently account for 8% of the global hashrate, closely followed by miners in Russia, Kazakhstan, Malaysia and Iran.
The number is expected to increase as energy retailers are looking at renewable mining projects in the area. With environmental concerns out of the way, Bitcoin adoption is likely to increase in the future.
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