BTC Mining

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into Solar Farm

29/07/2021 by Idelto Editor

Bitcoin Mining Operation Reveals Plans to Convert Coal Ash Landfill Into a Solar Farm

Following the announcement from Greenidge Generation Holdings that detailed the company would be promoting a carbon-neutral stance, and the firm’s recent partnership with Foundry, Greenidge revealed on Thursday it is investing profits into a renewable energy investment program. The company is in the midst of expediting the closure of a coal ash landfill in order to construct a new solar farm.

Greenidge Invests in Renewable Energy Investment Program

In 2014, the Lockwood Hills landfill in Dresden, New York was purchased by Lockwood Hills LLC, which is a subsidiary of Greenidge. The site has been “safely maintained” over the last seven years, Greenidge claims, and it ended the use of coal-fired power at the adjacent power facility during that time. The announcement on Thursday says the company plans to safely cap and close down the landfill and Greenidge hopes to install “a solar project across the 143-acre site that will produce up to 5MW of power.”

The bitcoin mining company says that the move is aligned with the firm’s efforts to improve the environment in New York. While it is working on projects like the Lockwood Hills landfill, Greenidge details it is purchasing voluntary carbon offsets from U.S. greenhouse gas reduction projects. Jeff Kirt, CEO of Greenidge, believes bitcoin mining models can advance operations in a way that keeps the environment safe.

“Bitcoin mining at Greenidge is already a model for the industry in that we are advancing this emerging financial platform for people across the world in a manner that fully protects our environment and drives economic growth across Upstate New York,” Kirt said in a statement. The move makes renewable energy a reality by leveraging bitcoin mining profits to fund the creation of a new solar farm at a landfill site, Kirt added.

Greenidge President Says Bitcoin Mining Adds Jobs, Supports Local Community and Can Help the Environment

Greenidge is just one of many crypto mining projects attempting to rejuvenate the environment by transforming business models and removing waste through the process. For instance, Stronghold Digital Mining converts waste coal into alternative energy in order to mine bitcoin and other cryptocurrencies. At the end of May, EZ Blockchain partnered with a Texas-based oil provider to monetize wasted natural gas with bitcoin.

Before Greenidge’s acquisition in 2014, the Lockwood Landfill was permitted to hold coal combustion residuals (CCR) and other wastes. Greenidge details that it will ensure “the site will no longer accept waste of any kind,” add a water filtration system, and a permanent engineered membrane to stop erosion.

“For those of us who grew up and still live right here in the Finger Lakes, the Lockwood Hills landfill has been a constant presence, overlooking Seneca Lake and the Village of Dresden, and something we always hoped would eventually not be needed,” Greenidge president Dale Irwin said in a statement.

Irwin added that he was pleased that bitcoin mining facilities can not only create jobs and support local businesses, but crypto mining operations can also “facilitate the development of renewable energy at this old landfill site.”

What do you think about Greenidge converting the Lockwood Hills landfill in New York? Let us know what you think about this subject in the comments section below.

New York Town Bemoans Roadside ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium

24/07/2021 by Idelto Editor

A St. Lawrence county town located in New York near the Canadian border, Massena, is another region in the state that is having issues with bitcoin miners. According to recent reports from the local WWNY-TV news desk and Reuters, the Massena town supervisor is drafting new regulations for bitcoin mining operations.

Officials From Town of Massena Don’t Like the Look of Bitcoin Miners Operating Alongside Route 42

The town of Massena, with a population of around 13K, has attracted bitcoin miners according to a report from Reuters. The New York town’s officials have taken issue with bitcoin miners and the authorities plan to impose a 90-day moratorium on any new bitcoin miners looking to tap into the town’s energy sources.

According to Massena Town Supervisor Steve O’Shaughnessy, the town doesn’t want Massena’s roadsides to be filled with shipping containers that house mining rigs.

“We don’t want it littered with these trailers that are pumping out bitcoin,” O’Shaughnessy told WWNY-TV. “We just want to make sure if they’re going to come here, that it’s a nice presentable building,” he added.

New York Town Bemoans Roadsides ‘Littered’ With Bitcoin Miners — Officials Plan to Impose 90-Day Moratorium — Photograph of the alleged mining operations via the regional news station WWNY-TV.

The report notes that there’s been a surge of cryptocurrency miners setting up shop in Massena. The electrical company Massena Electric is currently in the midst of negotiations with three prospective operations.

“The key components for the developers is low-cost electricity and reliability, which are two things we’ve always had,” Andrew McMahon, Massena Electric’s superintendent said. Reports say Route 42 in Massena near Fort Covington has numerous mobile bitcoin mining units that are housed in shipping containers.

Massena Electric told WWNY-TV that the deals with bitcoin miners always come second to current customers but “customers could even benefit from the increased sales.”

New York Continues to Have Tussles With the Bitcoin Mining Industry, Route 42 Mining Facility Advertised for Sale

The crypto mining operation Petawatt Group is located in Massena, as the firm was able to purchase 140 acres of land two years ago. Petawatt Group and its co-founder Jason Rappaport say bitcoin mining operations can potentially bring jobs to Massena locals.

“We’re not like some new operation that decamped from somewhere else and coming in and trying to find power, you know, relatively inexpensively, and not being part of the community,” Rappaport stressed to the local news station.

New York and bitcoin miners have seemed to go hand-in-hand because of the state’s abundant access to cheap hydropower. However, residents and officials from a few New York communities have taken issue with bitcoin miners in a similar fashion.

For instance, residents who live alongside Seneca Lake blamed bitcoin mining for heating up the water. The lake was “so warm you feel like you’re in a hot tub,” a report by NBC News noted at the time.

Democrat senator Kevin Parker also introduced a bill that seeks to establish a three-year moratorium on any bitcoin mining operations in the state. The Committee on Environmental Conservation reviewed the bill on May 3.

The bill declared that cryptocurrency miners should be responsible for the environmental impacts the industry might cause the state. Senator Parker insists cryptocurrency mining has a negative environmental impact and mining businesses would have to pass state greenhouse gas emission targets in order to continue.

What do you think about the issues bitcoin miners are having in Massena, New York? Let us know what you think about this subject in the comments section below.

Compass Mining Partners With Oklo to Power Bitcoin Mining Operations With Advanced Fission

15/07/2021 by Idelto Editor

Bitcoin mining firm Compass Mining announced the company has entered a 20-year partnership with Oklo Inc., a California-based firm that produces clean, emission-free energy via advanced fission. Oklo explains the company is committed to providing 150 megawatts (MW) of clean power to Compass in order to drive bitcoin mining operations.

Advanced Fission and Bitcoin Mining Connect

In recent times, all types of renewable and sustainable energy sources have been applied to bitcoin mining processes as miners worldwide leverage excess flare gas, hydropower, solar energy, and geothermal solutions.

Just recently, the Bitcoin Mining Council published a report that estimated around 56% of Bitcoin’s SHA256 hashrate was powered by clean energy. In recent times, a great number of operations have also shifted to carbon-neutral methods of acquiring energy to mine bitcoin.

On Wednesday, the bitcoin mining company Compass Mining announced that it is partnering with Oklo Inc. in order to acquire clean energy to fuel its operations. The announcement on Wednesday details that Oklo will provide 150MW of power to Compass for the first phase of the partnership.

Oklo highlights that the firm’s advanced fission process can produce power for Compass for 20 years. Furthermore, there’s never a need to refuel with advanced fission processes and Oklo’s advanced fission powerhouses also leverage “capabilities to turn nuclear waste into clean energy.”

Basically, advanced fission is a form of nuclear fission in which an atom’s nucleus is split into either two or many smaller nuclei. The process produces an output of neutrons and gamma photons which can be leveraged for all types of energy purposes.

The fission of heavy elements was first discovered in 1938 by Otto Hahn and Fritz Strassmann. Fission does not depend on fossil fuels but the elements needed to create advanced fission processes are hard to find since elements like uranium and plutonium are used. People have also taken issue with the toxic waste left behind as it’s an extremely difficult waste product to dispose of.

Oklo’s Advanced Fission Method Is Different Than the Traditional Nuclear Fission Formula

Oklo’s advanced fission method uses a different approach and doesn’t utilize moderators like water to slow neutrons. Oklo foregoes this process as doing so allows neutrons to move much faster through the use of a smaller facility. The company also deploys a refined form of the uranium-235 isotope compared to the traditionally used uranium-238.

By using uranium-235, Oklo’s reactor can run substantially longer than traditional nuclear fission sites that need to refuel more often. Jacob DeWitte, the cofounder and CEO of Oklo, detailed on Wednesday that the company looks forward to working with Compass Mining.

“We are proud to blaze new trails on the commercialization of our powerhouses by partnering with Compass in decarbonizing Bitcoin,” DeWitte said in a statement. “Cryptocurrency mining offers promising pathways to accelerate the deployment of clean energy technologies, and Oklo is positioned to respond to commercial demands by offering end-users the convenience of buying clean, reliable, and cost-effective power that they can depend on,” the Oklo executive added.

Whit Gibbs, the cofounder and CEO of Compass, believes that partnering with Oklo will help “redefine the energy landscape for cryptocurrency mining.” Earlier this year, Oklo also became the first company in its sector to get an application accepted by the U.S. Nuclear Regulatory Commission (NRC) to construct and operate an advanced fission plant.

“Compass is thrilled to partner with a cutting-edge team like Oklo,” Gibbs added. “Together we can push the Bitcoin mining industry forward into a new phase of cheap and reliable power from advanced fission. Every bitcoin miner understands the need for cheap, reliable power.”

What do you think about the partnership between Oklo and Compass Mining? What do you think about bitcoin miners leveraging advanced fission processes? Let us know in the comments section below.

Internet Company The9 Reveals Hosting Partnership With Russian Bitcoin Miner Bitriver

14/07/2021 by Idelto Editor

During the first week of April, the publicly-listed gaming and internet company The9 Limited revealed its intentions to purchase 2,000 Avalonminers from the manufacturer Canaan. On Monday, The9 announced it has signed a hosting agreement with the Russian-based firm Bitriver as the company will leverage 15 megawatts (MW) of Bitriver’s capacity for two years.

The9 Teams Up With the Bitcoin Mining Operation Bitriver

The9 Limited (Nasdaq: NCTY) has explained its plans to collaborate with the bitcoin mining company from Moscow, Bitriver. As part of the agreement, both parties can extend the two-year agreement for 15 MW for each additional year thereafter. “At present, the targeted data-center for The9’s mining machines has an initial total power supply capacity of 300 MW, which could be extended up to 500 MW,” the announcement details.

The9’s deal with Bitriver follows the company’s acquisition of 2,000 bitcoin mining rigs from Canaan, which gave the company 0.1 exahash per second (EH/s) of hashpower. The legally binding memorandum of understanding (MOU) noted that the machines were traded for Class A ordinary shares. Over a month later, The9 signed a definitive agreement to acquire a Canadian company called Montcrypto.

The plan with Montcrypto is to construct a 20 MW bitcoin mining facility in Calgary, Canada. “The carbon-neutral infrastructure Montcrypto provides [is] a greener and more environmentally friendly power supply to the cryptocurrency mining business of The9,” the company detailed on June 4. The Russian company Bitriver has also been making various moves within the bitcoin mining industry.

In mid-April, Bitriver announced it launched a sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. Bitriver’s tokens called “bitriver token (BTR)” represent a single watt-hour (Wh) of the mining company’s power in Bratsk. As far as the latest deal with Bitriver, The9’s announcement further explains that the firm will continue to seek out energy solutions in order to expand.

“The9 will continue to actively seek low-cost electricity and sustainable energy mining facilities in different regions of the world,” the company’s announcement concludes. “To accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both self-construction of mining facilities and hosting cooperation with mining facilities companies.”

What do you think about The9 partnering with the Russian bitcoin mining firm Bitriver? Let us know what you think about this subject in the comments section below.

Greenidge Joins Foundry USA, Deal Gives Bitcoin’s Fifth-Largest Pool 800 Petahash

14/07/2021 by Idelto Editor

Greenidge Generation Holdings Inc., the mining firm based in Upstate New York, has announced the company has partnered with the Digital Currency Group mining and staking subsidiary Foundry Digital LLC. Furthermore, Greenidge revealed that it has purchased 2,300 Microbt-manufactured Whatsminer M30S mining rigs and also secured financing for 6,000 Bitmain-made Antminer S19 devices.

Greenidge Partners With Foundry, 8,300 Bitcoin Miners Transferred in the Deal

On Wednesday, Greenidge announced that the company has partnered with the Rochester, New York-headquartered Foundry, a company that provides North American crypto mining businesses with capital and intelligence.

Greenidge will be joining the Foundry USA mining pool which currently commands the fifth-largest hashrate worldwide. At the time of writing, Foundry USA commands 10.46% of Bitcoin’s global hashrate or 10.23 exahash per second (EH/s) of hashpower.

In addition to the collaboration, the two firms jointly announced the sale of 2,300 Whatsminer M30S mining machines that will be used by Greenidge. The company’s announcement notes that the 2,300 mining rigs were previously operational at Greenidge’s facility in Dresden, New York, and Foundry sold 1,800 devices to Greenidge. The remaining Whatsminer M30S machines will be transferred by the end of 2021.

‘Pioneering the Integration of a Clean Power Plant Operation and Carbon-Neutral Cryptocurrency Mining’

As far as the Bitmain Antminer S19 models are concerned, 5,000 are currently operating and the remaining 1,000 machines will be transferred by Q3 2021. Greenidge will join a number of firms that are already members of the Foundry USA pool alliance. Other Foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8, and Bitfarms. Jeffrey Kirt, the CEO of Greenidge explained that Foundry and the company had a previous relationship in hosting arrangements.

“Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” Kirt said in a statement.

The partnership with Foundry follows Greenidge’s plans to develop a mining facility in South Carolina. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022.

“The Spartanburg site will be the company’s second mining facility in the United States as it seeks to expand to 500 MW of mining capacity by 2025,” the announcement on Wednesday details. Greenidge’s latest arrangement will add “approximately 800 petahashes of computing power to the [Foundry USA] pool” or 0.8 EH/s of hashpower.

“Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry,” the executive added.

What do you think about Greenidge partnering with Foundry Digital LLC? Let us know what you think about this subject in the comments section below.