CoinShares will support MintGreen in managing industrial Bitcoin mining systems co-located with utilities to facilitate the sale of heat waste to industrial clients.
MintGreen, the Canada-based sustainable crypto mining firm that builds and operates immersive Bitcoin mining systems with clean-sourced energy has teamed up with top digital asset manager CoinShares to complete its seed investment round.
Two pilot projects aimed at establishing how MintGreen’s proprietary technology can improve energy efficiency in the crypto mining industry will likely be supported with a portion of the recently received funding. The CleanTech company’s pilot projects are expected to commence next quarter and will address the two primary concerns related to cryptocurrency mining — sustainability and power costs.
MintGreen’s first project will tackle the immense amount of heat waste generated through Bitcoin mining by selling this heat to the Vancouver Island Sea Salt facility, where the heat can be used to boil water and distill salt flakes. Canadian whiskey company Shelter Point Distillery is another recipient identified by the firm that can repurpose heat waste in its production process.
CoinShares announced earlier today that the digital asset manager will work with MintGreen to monetize heat generation by recycling heat waste from crypto mining into hot water and heating services for industrial clients.
The announcement further explained how MintGreen’s business model of building and managing industrial bitcoin mining systems co-located with utilities and industrial plants guarantees two revenue streams — crypto and the sale of heat, with a potential third revenue stream in the form of tax credits.
By repurposing the heat waste and selling it to industries that can benefit from it, the two crypto firms hope to change the mainstream perceptions of Bitcoin mining as being wasteful and inefficient.
“We are excited to work with MintGreen, where we will join the board, and the like-minded investors we brought into this deal alongside us to help transform the Bitcoin mining landscape and its image in the mainstream media,” CoinShares’ blog post said.
Bitcoin has long battled the criticism of being energy inefficient with the energy expenditure of the mining sector often being compared to entire countries. The BBC reported last month that Bitcoin mining is more energy-intensive than the whole of Argentina.
“It is really by design that Bitcoin consumes that much electricity. This is not something that will change in the future unless the Bitcoin price is going to significantly go down,” Cambridge University’s Michel Rauchs said in the report.