Bitcoin in green: Spanish crypto-miners rely on solar energy

Posted on Friday , 2018-10-12 , 11:53 PM | Mining

In Seville, a 300-megawatt solar farm will be built, which will ensure that Bitcoin is mined with clean energy. Can projects like this solve the problem of high energy consumption at Bitcoin & Co.?

Green Bitcoin: Spanish crypto-mining company Cryptosolartech has released a statement announcing its collaboration with Chinese solar cell manufacturer Risen Energy and its Spanish offshoot Risen Energy Spain. In Seville, the starting signal is to be given for the construction of a photovoltaic system that will enable Bitcoin's Green Mining. The solar cells installed there will supply 300 megawatts of solar energy after completion of several build-up phases, thus fueling Cryptosolarte's ASICs.

"The first phase is the construction of three photovoltaic plants with a total capacity of 45 MW in the province of Seville. These will supply the crypto-currency farms with electricity in capacities of 5 MW and 9 MW. The mining farms are still under construction and will be in Malaga. "
Risen Energy Spain is responsible for the detailed planning and control, procurement and execution of the construction and assembly work (EPC) of solar installations. In addition, Cryptosolartech announces that the collaboration with the solar company is not limited to this. Instead, there will be further cooperation on research and development in blockchain and IoT technology.

The blockchain energy problem
The power supply problem for blockchain technologies such as Bitcoin and other cryptocurrencies has become public awareness over the last year. For the mining of new Bitcoin professional cryptocurrency miners build whole computer farms, which must be supplied with power. How much energy exactly the Farming consumes, is difficult to determine. Pessimistic analyzes, like that of Alex de Vries, assume that crypto energy consumption could soon surpass power consumption in countries like Austria. Crypto enthusiasts say, among other things, that conserving fiat currencies consumes many times more energy as they have to maintain currency and financial institutions that are no longer needed for cryptocurrencies.

Is Green Mining the solution?
749/5000 The fact is that the problem is not energy consumption, but the global CO2 emissions generated by the consumption of fossil fuels such as oil and natural gas. If crypto-miners put more emphasis on renewable energy such as solar and wind, more than just the blockchain would be of help. The construction of new solar systems in countries where only coal, gas and oil prevail could also benefit local people from clean energy. At the same time, these new types of energy consumers could create more incentives to drive forward the development of related infrastructures. However, in many areas it is still too time-consuming to switch to solar power, but green mining in Seville could change that soon.