The resilient miner MintGreen has completed its initial investment round led by the world’s largest digital asset manager, CoinShares.
Some of the funds will probably be used to support two pilot projects aimed at demonstrating how MintGreen’s own technology can improve the energy efficiency of bitcoin mining.
MintGreen plans to launch two pilot projects in the next quarter. The first involves the sale of thermal waste from bitcoin mining to a sea salt plant on Vancouver Island, where the heat is used to boil water and distill salt chips.
Thermal waste will also be resumed by the Canadian whiskey company Shelter Point Distillery in the production process.
CoinShares’ March 17 announcement indicates that the companies will work together to recycle thermal waste from cryptocurrency mining to hot water and heating, which will be sold to industrial consumers.
The companies hope their efforts can change the perception of bitcoin mining as wasteful and inefficient, as stated in a blog post:
“We are excited to partner with MintGreen when we join the board as well as the like-minded investors we have brought to our side in this agreement to help transform the Bitcoin mining landscape and its image in the mainstream media.”
MintGreen is a Canadian company that builds and operates extensive Bitcoin mining systems using clean energy sources.
Bitcoin has long struggled to overcome the notion that it is very inefficient in its use of energy, as the mainstream often compares energy costs in the mining sector with whole countries.
The BBC reported last month that Bitcoin mining is more energy-intensive than all of Argentina, with Michelle Rausch from the University of Cambridge:
“By design, Bitcoin consumes so much power. This is not something that will change in the future, unless the price of bitcoin falls. ”
Ordinary analysis, however, often ignores the fact that most bitcoin mines run on renewable energy, which would otherwise be wasted. The third global reference study on the origins of cryptography at the University of Cambridge showed that more than three quarters of miners use renewable energy.