By Shelly Melancon (Switzerland)
Energy Harbor Corporation onboards a new partner for a 5-year deal that will see it provide clean and renewable energy to mining companies. Standard Power is the partner for the new project. Environmental risks resulting from mining operations have been a major concern in the past few months, leading to a series of bans on the activities of miners in some countries like China.
Energy Harbor is a US-based electricity generation firm that uses nuclear power, which has been a major attraction for miners in recent times in view of carbon concerns. The deal will see Standard Power, a mining firm, liaise with the former to provide nuclear energy to its Bitcoin mining farm in the state of Ohio. Standard Power also provides hosting service to mining firms.
Environmental Concerns on Mining Prompts Partnership
This partnership comes on the heels of concerns being raised in some quarters about mining activities. There have been reports of environmental risks that carbon mining could pose. This was the factor Chinese regulators fronted as the reason for the recent crackdown on the activities of miners in the country. Miners have been leaving the countries in droves to regions where their activities are encouraged.
In view of this, calls are being made for alternative sources of energy to eliminate the risks posed by carbon mining. Nuclear energy has been suggested as an alternative to carbon. Also, Latin American country, El Salvador, is looking to draw energy from its volcano wells in mining Bitcoin, which it recently made a legal tender alongside the US dollar.
In the Sichuan province of China, some mining farms use hydropower to generate clean energy during the rainy season. However, this option is not sustainable, which is the reason for the strategic partnership between Standard Power and Energy Harbor Corp. According to Standard Power’s press release, it chose Ohio for the project due to the low-cost electricity the American state boasts of. Miami also boasts of nuclear energy and its Mayor has been clamouring for miners leaving China to set up mining farms in the city.
Green Energy BTC Mining Now at 56%, Says BMC.
Meanwhile, the Bitcoin Mining Council (BMC)– established solely to address Bitcoin mining challenges– revealed that green energy for BTC mining is now at 56% earlier in July. Its report was well-received and instigated calls to Tesla to reinstate Bitcoin payments for its EVs as promised. Tesla neither its CEO, Elon Musk is yet to respond to the calls being made by crypto enthusiasts.
Bitcoin mining is energy consuming and requires high-grade mining tools. While the voices of concern get louder, attempts are being made by miners to mine BTC and other cryptocurrencies with clean energy. Bitcoin mining difficulty and hash rate have really reduced since China’s ban began. As Chinese miners begin to settle in mining-friendly regions like Iran, Kazakhstan, Uzbekistan, Texas, Serbia, both are gradually recovering. Before the ban, China contributed more than half to the global mining hash rate.
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