Monday, November 28, 2022

Solar-powered bitcoin mining is ‘a new economy’: Australian minister

Solar-powered bitcoin mining is 'a new economy': Australian minister

Key Facts:
  • The initial production capacity of the farm will be up to 100 BTC per year.

  • The Australian Government welcomes this initiative in the fight against climate change.

A new 100% solar-powered bitcoin mining farm was launched in the region of South Australia, specifically in the city of Whyalla. The milestone attracted the attention of government officials, who believe that the generation of bitcoin (BTC) could be more environmentally friendly.

The farm was built and commissioned by the company Lumos Capital Mining. at the beginning of The farm’s consumption capacity will be 5 MW, which, its director, Angelo Condillas, estimates, will give it a production capacity of 100 BTC per year. Anyway, it will depend on the availability of energy.

Australian officials commented on the matter by Nick Champion, Minister of State for Trade and Investment. These types of farms are industries with high energy demand.And that, being provided by solar power, could mean the “start of a new economy” in the Whyalla area.

Champion commented that, in pursuit of 0 CO2 emissions, Mining farm is a good optionSo it is possible that “every time we see more and more installations like this”.

CO2 emissions and energy consumption have always been a constant criticism against bitcoin mining., However, studies show how mining has gradually shifted to an eco-friendly model. A study led by the Bitcoin Mining Council, as monitored by Cryptonoticious, reported that approximately 58% of the energy used by this industry comes from renewable energy sources,

Condylus also remarked that, because of the energy production that would take place in the farm, It is possible to sell some of the output to the power company when it is high and the facilities consume less.,

Similarly, the director of the company commented that it aims to double the size of the mining farm.

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