Bitcoin Miner Plans to Double its Capacity Through Completely Renewable Means
BitRiver, which accounts for 2% of global Bitcoin mining, uses more than 90% green power as it builds its data centers in regions with electricity surpluses and renewable energy sources.
As the price of Bitcoin continues to soar, the mainstream media and no-coiners have taken to bash the leading cryptocurrency for its energy consumption as a coping mechanism. Lately, NFTs have also been accused of the same, especially after artists made millions of dollars through their art.
But as reports in the crypto industry have pointed out, much of Bitcoin mining happens through renewable sources. Even Norwegian energy giant Aker ASA, which is investing in Bitcoin, is establishing mining operations and had this to say about it,
“Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement. Our ambition is to be a valuable partner in new renewable projects,” wrote co-founder Kjell Inge Røkke.
Bitcoin uses energy on the scale of a small country. Social media apps use energy on the scale of a mid-sized country.
The carbon footprint of video calls is 25x larger than that of phone calls. How about taking a look at your Tik Tok & Zoom use before whining about Bitcoin? https://t.co/dyoEucZCLR
— Alex Krüger (@krugermacro) March 10, 2021
Furthermore, Bitcoin mining company BitRiver uses more than 90% green power, as it builds in regions with electricity surpluses and renewable energy sources.
BitRiver, which accounts for 2% of global Bitcoin mining, is further working on doubling its capacity by the end of this year.
According to Alexander Brazhnikov, executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain, Russia accounts for about 7% of the world’s bitcoin mining.
The Russian firm is operating a vast data center that runs on cheap local hydroelectric power. BitRiver hosts equipment at its 100-megawatt data center in the city of Bratsk for foreign miners from the US, Europe, and Japan. And this is why the current legislation in the country doesn’t hamper them “in any way.”
“Current demand from our clients exceeds 700 megawatts and is approaching one gigawatt,” said Chief Executive Igor Runets. “We will, of course, continue to build data processing centres. In 2021, we plan to reach 300 megawatts of power.”
The company is also building another 100-megawatt center in the neighboring Buryatia region.