First solar-power Bitcoin mining plant opens in South Australia

A solar-powered Bitcoin (BTC) mining plant has begun operations in South Australia to turn into the first-of-a-kind heart within the area. 

The plant operated by Lumos Digital Mining supplies about 5 megawatts of electrical energy for the exercise in a bid to curb Bitcoin’s carbon footprint, ABC Information Australia reported on September 16. 

Angelo Kondylas, an official from Lumos Digital Mining, acknowledged that the middle has the potential to mine a minimum of 100 Bitcoins in a yr, however the quantity relies on energy availability. 

He famous that the corporate would possibly, in some unspecified time in the future, draw energy from the primary grid if there’s a want for ramping up manufacturing. The corporate, positioned within the industrial metropolis of Whyalla, additionally plans to information different entities considering leveraging photo voltaic vitality to get entangled in Bitcoin mining. 

“Power turbines could also be] spending $10 million as a result of they’ve to modify off that day as a result of there’s an excessive amount of on the system. We’re mainly like a sponge; we take in the surplus that’s not used,” Kondylas stated. 

Decarbonizing the blockchain

Elsewhere, Nick Champion, the state minister for commerce and funding, famous that leveraging photo voltaic vitality will contribute to decarbonizing the blockchain amid elevated demand.

Notably, Bitcoin mining has come beneath criticism for the asset’s vitality consumption at a interval totally different jurisdictions are working in direction of combating local weather change.

In response to the backlash, extra mining operators are leveraging renewable vitality sources to mine the asset. As an illustration, Aspen Creek Digital additionally launched solar-powered Bitcoin mining operations within the western a part of Colorado.

Combating local weather change 

On this line, the White Home not too long ago warned that the production of cryptocurrencies might derail efforts to fight climate change. A report from the White Home indicated that steps have to be taken to deal with the difficulty, though no proposed guidelines have been shared. 

“Relying on the vitality depth of the know-how used, crypto property might hinder broader efforts to realize net-zero carbon air pollution per U.S. local weather commitments and objectives,” a White Home official acknowledged. 

The most recent issues on Bitcoin energy consumption are a part of President Joe Biden’s Executive Order that directed Federal businesses to check the event of cryptocurrencies. 

Consequently, on September 16, the White Home released its first-ever crypto framework lobbying for extra management and different legal guidelines on cryptocurrencies.