Search Inside Bitcoins

MintGreen Crypto Mining Firm Sees CoinShares Leed Seed Round

CoinShares, one of the top digital asset managers out there, has successfully led the seed investment round for MintGreen, a new sustainable crypto mining firm.

Salt and Whiskey Promised With Bitcoin Mining

The seed funds themselves will most likely be used to support two new pilot projects for MintGreen. Both of these projects were developed with the goal of demonstrating how the proprietary technology solution of MintGreen could help improve the Bitcoin mining space’s overall efficiency.

Both of these pilot projects are set to begin come next quarter. Both of these projects involve heat waste. One of the projects revolves around Shelter Point Distillery, which will recycle the heat waste bitcoin mining generates for its production processes. Another such project revolves around the Vancouver Island Sea Salt facility, with the intent of boiling water for salt distillation for that project, in particular.

Aiming To Change The World’s Views

CoinShares announced on the 17th of March, 2021, that it intends to work with MintGreen to start to recycle the heat waste crypto mining causes into various heating and hot water services. This, in turn, can be sold to industrial clients, as well.

Bitcoin Mining Difficulty Witnesses Historic Drop

In the blog post, the companies both expressed their hopes of changing the general public’s views around crypto mining in general when it comes to the wasteful, inefficient power usages of the space. The blog expressed the mandatory excitement of the companies to be working together, CoinShares noting that it will join MintGreen’s board all in a bid to help mainstream media’s public image of cryptocurrencies.

Comparing Industries To Countries

As for MintGreen itself, it’s a crypto firm based in Canada, one specializing in the construction and operation of bitcoin mining systems that make use of cleanly sourced energy. This, in turn, could just be what crypto mining in general needs. It’s a long-viewed perception of how inefficient Bitcoin mining is in terms of energy. This is true to a degree, and mainstream media has opted to compare crypto mining’s energy costs to that of entire countries.

In a prime example of this, the BBC made a report showing that Bitcoin mining on its own is using up more energy than the entirety of Argentina as a country. Michel Rauchs from the Cambridge University gave a statement about the matter.

He highlighted that this electricity consumption isn’t something that will change in the future unless the price goes down in a permanent way, and significantly at that. Another key aspect he highlighted was that Bitcoin, by its nature, was developed to consume copious amounts of electricity to make mining difficult.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close