Bitcoin

South Australia Builds First Solar-Powered Mining Company

A solar-powered Bitcoin (BTC) mining factory has begun operations in South Australia, becoming the region’s first of its sort.

According to ABC News Australia, the facility owned by Lumos Digital Mining supplies roughly five megawatts of power for the activity in an effort to reduce Bitcoin’s carbon imprint.

Angelo Kondylas, a Lumos Digital Mining representative, said that the facility has the capability to mine at least 100 Bitcoins each year, however, the number relies on power availability.

He mentioned that if the firm has to scale up manufacturing, it may have to draw electricity from the main grid. The startup, based in the industrial city of Whyalla, also intends to assist other companies interested in using solar energy to mine Bitcoin.

“Energy generators may be spending $10 million because they have to switch off that day because there’s too much on the system. We’re basically like a sponge; we soak up the excess that’s not used,” Kondylas said.

Nick Champion, the state minister for trade and investment, stated that using solar energy will help to decarbonize the blockchain as demand grows.

However, Bitcoin mining has been chastised for its high energy use at a time when several authorities are striving to tackle climate change.

In reaction to the outcry, more mining companies are using renewable energy to extract the asset. Aspen Creek Digital, for example, has opened solar-powered Bitcoin mining operations in western Colorado.

The White House has cautioned that cryptocurrency creation might jeopardize efforts to mitigate climate change. A White House report said that actions must be made to remedy the situation, but no new policies were presented.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.