Sustainable To dry wood, a bitcoin miner uses waste heat

Not only does one Norwegian Bitcoin miner use 99 percent sustainable energy, but it’s also drying wood and, soon, seaweed with waste heat.

Norway is a European leader in renewable energy management. Hydropower provides up to 99 percent of Norway’s energy, and the system frequently has a green energy surplus.

However, using regenerative hydropower to attempt to solve legitimate Bitcoin blocks was not enough for Kryptovault, Norway’s largest data centre and Bitcoin (BTC) miner.

The heated air generated by Bitcoin mining equipment is recycled and utilised to dry off chopped logs at the Hnefoss Bitcoin mining complex, which employees have aptly christened “the Cathedral” due to its immense and cavernous expanse.

Kjetil Hove Pettersen, CEO of Kryptovault, told that Norway is a “excellent site for mining,” and that seaweed drying activities will begin in the first half of 2022, alongside the log-drying process.

Norway has a lot of “trapped” energy, according to Pettersen, citing a significantly higher production than consumption as well as a restricted capacity to move the excess energy:

“This equates to incredibly inexpensive energy prices, and instead of letting trapped energy go to waste, we can’rescue’ it.”

The elimination of electricity subsidies from Bitcoin mining farms in 2018 appears to have had little impact on the Scandinavian country’s reputation as a desirable location to mine bitcoin.

When reporting on Kryptovault’s operation, the Guardian publication, which usually argues Bitcoin mining energy-FUD, flipped the narrative. “Can Bitcoin be sustained?” they wondered in their article. ”

That question is answered by Svein Bjerke, General Manager of the timber company that receives the dried logs. Bjerke claims in a video that using waste heat from Bitcoin mining to dry wood is the “most environmentally friendly way to do this.”

Furthermore, Bitcoin mining’s secondary advantages extend beyond the environment. Due to the presence of Kryptovault’s energy-hungry procedure, Hnefoss grid consumers are actually better off over time.

Grid costs, like trees, are chopped down year after year as total energy use in the area rises. The more energy is used, the lower the long-term prices become. According to the company, “Kryptovault’s existence in our grid” has saved almost 2 million Euros.

Nonetheless, getting to 100% green and renewable Bitcoin mining hasn’t been easy. Miners in Norway encounter a variety of issues, including:

“Financial problems involving banks, tax, and regulatory compliance from a project and engineering standpoint.” Even the simple task of opening a bank account when working in this industry can be difficult nowadays.”

These hiccups are unlikely to deter Kryptovault’s goal of converting sustainable energy into Satoshis. “I can’t think of any greater industrial use-cases than what we’re doing,” Pettersen says.

“For us, Bitcoin is the name of the game,” Pettersen quips when asked if Kryptovault would consider mining other cryptocurrencies in the future.

 

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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