New crypto mining and construction
Bukele used a gathering of Bitcoin enthusiasts Saturday night to launch his latest idea, much as he used an earlier Bitcoin conference in Miami to announce in a video message that El Salvador would be the first country to make the cryptocurrency legal tender. A bond offering would happen in entirely in Bitcoin, Bukele said, wearing his signature backwards baseball cap. And 60 days after financing was ready, construction would begin. The city will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and Bitcoin mining — the energy-intensive solving of complex mathematical calculations day and night to verify currency transactions.
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- Square plans to build new bitcoin mining system: Crypto wrap
- El Salvador Bitcoin city planned at base of Conchagua volcano
- How Long Does It Take to Mine One Bitcoin
- El Salvador To Build Cryptocurrency-Fueled ‘Bitcoin City’
- The Present and Future of Crypto Mining in Kyrgyzstan amid Energy Crisis
- Pakistani province plans to build pilot cryptocurrency mining farms
- This power plant stopped burning fossil fuels. Then Bitcoin came along.
- High-powered cryptocurrency business coming to Sylvania
Square plans to build new bitcoin mining system: Crypto wrap
A nonprofit, independent media organization dedicated to telling stories of climate solutions and a just future. As more miners join the network — lured by the skyrocketing value of the bitcoin they receive in exchange for their work — the puzzles get harder, requiring ever greater amounts of processing power, and thus electricity, to solve.
Bitcoin mining is now estimated to gobble up more electricity than many entire countries. The energy used by the Bitcoin network in a single year could power all the tea kettles in the United Kingdom for over three decades. Proponents of Bitcoin would have you believe that many or even most mining operations are in far-flung locations using renewable energy that otherwise would have gone to waste. Jack Dorsey and Elon Musk, whose respective companies Square and Tesla have invested heavily in Bitcoin, claim the cryptocurrency will actually hurry the green energy transition by steering investment into renewables.
A paper prepared by Square predicts that electricity producers and Bitcoin miners will soon become one and the same. Greenidge Generation, a former coal power plant that converted to natural gas and began a Bitcoin mining operation, is positioning itself as part of the clean energy future.
Grist thanks its sponsors. Become one. To support our nonprofit environmental journalism, please consider disabling your ad-blocker to allow ads on Grist. Here's How. After belching noxious fumes and dumping toxic coal ash into a nearby landfill for seven decades, the plant was poised to be remediated and reused. When Greenidge applied for permits to restart operations, it claimed it would be generating power to meet existing electricity demand.
By , the plant was no longer producing power for the public at all. In an attempt to claw back the tens of millions that Atlas invested to convert the plant to natural gas, Greenidge turned to mining Bitcoin.
As Greenidge increased its mining capacity last year, there was a corresponding jump in its contributions to global warming. The equivalent of over , metric tons of carbon dioxide were emitted over the course of last year, a volume comparable to putting nearly 50, new cars on the road. In late March, the company revealed plans to merge with Support.
In its announcement, Greenidge said it wants to more than double its mining capacity on Seneca Lake by July — and to double it again by the end of , at which point it will total 85 megawatts. Greenidge also said that the company plans to replicate its vertically integrated model — cryptocurrency mining at the source of energy production — at other power plants, with a goal of at least megawatts of combined mining capacity by To accomplish that, the company would have to acquire and open at least four other power plants of similar capacity.
Atlas Holdings itself partially owns five power plants in New Hampshire that have more than 1, megawatts of combined capacity. In April, a cryptocurrency mining company called Digihost moved to acquire a megawatt natural gas-fired plant in Niagara County, New York. It could theoretically happen at any aging fossil fuel plant around the country: A source of dirty energy that has outlived its profitability could find a second life as a Bitcoin mining operation. Although emissions from Bitcoin mining have global consequences, many of the locals opposing Greenidge are equally concerned about its effects on water quality and wildlife.
In late March, Phil and Linda Bracht, two of the 30 petitioners on the lawsuit against Torrey, the county planning board, and Greenidge, took me and another petitioner, Carolyn McAllister, out in their boat to get a look at the plant from the water. All three live on Seneca Lake, just a mile from Greenidge.
The first part of the facility to catch the eye is its giant intake pipe, which is 7 feet in diameter and extends further than the length of two football fields from the shore over the water, like an elevated train to nowhere, before dropping below the lake surface.
This is where Greenidge can draw up to million gallons of fresh water per day to cool the plant. Like all thermoelectric power plants, Greenidge uses steam to spin the turbines that produce electricity, but the steam has to be condensed back to water by exchanging heat with the fresh water before it can be reused.
Once-through cooling systems like this — where water is used once and then expelled at a higher temperature — require vast amounts of water, with consequences for both wildlife and water quality.
In recent years, fishers have reported fewer and smaller catches on the lake. John Halfman, a professor of geoscience and environmental studies at Hobart and William Smith College on the northern end of Seneca Lake, says the size of the biggest fish caught in the derby has been steadily decreasing, while the time it takes to make a catch is increasing.
Michael Black, a petitioner and fisherman going on his 50th summer living on the lake, said he used to catch between 60 and lake trout each year from his dock south of Greenidge. While there are multiple reasons fish might be suffering, Black worries that hot water discharges are exacerbating the threats they face. Tiffany Garcia, a freshwater ecologist at Oregon State University, wrote a letter to the Town of Torrey raising similar concerns about the effects of hot water discharges on the larger lake ecosystem.
Residents fear that warmer waters will also increase the likelihood and severity of harmful algal blooms, or HABs, near Greenidge. While the presence of blue-green algae or cyanobacteria is normal in lakes, a small number of these organisms produce potent toxins that can be dangerous or even fatal for people and other animals. Under the right conditions — which include lots of sun, still water, and, crucially, heat — these algae can explode in vast, dangerous blooms that are becoming increasingly common in the U.
Gregory Boyer, the director of the Great Lakes Research Consortium at the State University of New York, studied the effect of artificially increasing water temperature by just 2 degrees on Lake Champlain. That small change resulted in a surge of bacteria growth, with toxic species of bacteria increasing to a greater degree than nontoxic species.
In earlier lawsuits challenging permits the DEC issued to Greenidge, Boyer submitted affidavits on behalf of local environmental groups saying that the large discharges of heated water from Greenidge could increase HABs in the area and should be studied further. Gary McIntee, who lives just south of Greenidge, told me that the water flowing down the Outlet is often flush with nutrient-rich runoff from farms as well as discharge from a wastewater treatment plant upstream, creating an ideal mix for HABs.
HABs would render their only source of running water unusable. As the DEC points out , not even boiling, chemical disinfectants, or water filters will protect people from HABs and their associated toxins. HABs can also overwhelm industrial water filtration systems , temporarily rendering public water undrinkable. And as winemaker Vinny Aliperti pointed out, algal blooms keep the tourists away. Greenidge Generation vigorously denies that its plant is having an adverse impact on the environment.
Those drives, however, can be turned off whenever the plant needs maximum water flow. Greenidge also affirmed that it is on schedule to install protective screens by However, although there are specific fishing regulations upstream from the Greenidge discharge canal, the lower part of the Outlet is also a designated trout stream ; this explanation also does not account for the trout that live in Seneca Lake itself.
However, as Boyer told me, the number of HABs was down across the region in , likely because of high winds over the summer. Finally, Greenidge reiterated that its activities are all within the limits set by its permits from the DEC and the U.
In March , the plant hired McKeon, a lobbyist at Mercury Public Affairs and the founder and former executive director of Republicans for Cuomo, which organized bipartisan support for the now-governor during his first run for the office. Environmentalists have repeatedly challenged this decision in court. Instead, the question should be: Is the plant more harmful than no plant at all? For example, since the DEC has recommended new and repowered plants use so-called closed-cycle cooling, in which cooling water is recirculated through the plant instead of discarded, significantly reducing wildlife mortality from impingement and entrainment, as well as the volume of hot water discharges.
Of course, that was before the plant started mining hundreds of thousands of dollars worth of Bitcoin every day. So somebody is greedy. At the end of April, the Town of Torrey gave the company a green light to build four new buildings to house additional Bitcoin-mining hardware. Before leaving town, I spent some time on the Keuka Outlet Trail. It follows the stream that connects Keuka Lake to Seneca Lake, running over an old railway, and ends near the Greenidge property line, which is posted liberally with no-trespassing signs.
The stream used to power an industrial thoroughfare. In there were seven gristmills, 14 sawmills, an oil mill, four carding machines for processing wool and other fibers, as well as multiple distilleries. A nonprofit has since transformed the area into a nature retreat with a wide gravel path for walking, running, and biking, well-situated benches for moments of quiet repose, and water access for fishing or boating. This could have been the fate of an old coal-fired power plant on Seneca Lake, which in its later years produced energy people rarely needed and was too costly to run at a profit.
Nearby residents might have breathed easier, and there would have been one less threat to Seneca Lake and the animals and people who depend on it.
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Jessica McKenzie. Vinny Aliperti stands outside the tasting room at the winery he owns and operates near Seneca Lake. Greenidge is positioning itself as part of a clean energy future. Eric Holthaus. Support solutions-based climate news The only newsroom focused on exploring solutions at the intersection of climate and justice. Lee Harris Politics. Shannon Osaka.
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El Salvador Bitcoin city planned at base of Conchagua volcano
Mining cryptocurrency requires lots of cheap energy and many miners have settled on Texas as their destination. In the middle of rural Texas , a cryptocurrency mine is currently under construction. Hundreds of machines more powerful than the average computer will soon be housed in this acre mining facility in Dickens county, where they will work day and night to solve a complex series of algorithms. All the machines need to thrive are spaces to sit and electricity — lots of it.
How Long Does It Take to Mine One Bitcoin
The facility, which will be powered predominantly by renewable energy, is expected to be completed in the first half of Argo added that construction of the site will add 20 new full-time jobs in Dickens Country and will give the firm access to up to MW of electrical power. Registered in England with Company Registration number You can contact us here. Data delayed 15 minutes unless otherwise indicated. Terms of use. Sign in. London News Sections. Opinion Feature Deep dive Research All insights
El Salvador To Build Cryptocurrency-Fueled ‘Bitcoin City’
This is the second in a series of articles on the growing interest in and shift toward cryptocurrency, concerns over its carbon footprint, and innovations being explored by the oil and gas industry to reduce that footprint. As the oil and gas industry faces growing pressure to reduce its carbon footprint and commit to more eco-friendly policies, emissions management, and reduction have become central to its targets and goals. In , BP announced its ambition to become a net-zero company by the year Many other industry leaders have followed suit by making commitments to increase renewable energy usage and reduce emissions. To meet these goals, producers will need to find innovative ways to tackle environmental challenges while also protecting cash flow and reducing risk.
The Present and Future of Crypto Mining in Kyrgyzstan amid Energy Crisis
Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Sign in. Accessibility help Skip to navigation Skip to content Skip to footer. Become an FT subscriber to read: Laos pushes into crypto as it authorises mining and trading Leverage our market expertise Expert insights, analysis and smart data help you cut through the noise to spot trends, risks and opportunities. Join over , Finance professionals who already subscribe to the FT.
Pakistani province plans to build pilot cryptocurrency mining farms
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This power plant stopped burning fossil fuels. Then Bitcoin came along.
Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger's maintenance and development. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again. Cryptocurrency mining is painstaking, costly, and only sporadically rewarding.
High-powered cryptocurrency business coming to Sylvania
A nonprofit, independent media organization dedicated to telling stories of climate solutions and a just future. As more miners join the network — lured by the skyrocketing value of the bitcoin they receive in exchange for their work — the puzzles get harder, requiring ever greater amounts of processing power, and thus electricity, to solve. Bitcoin mining is now estimated to gobble up more electricity than many entire countries. The energy used by the Bitcoin network in a single year could power all the tea kettles in the United Kingdom for over three decades. Proponents of Bitcoin would have you believe that many or even most mining operations are in far-flung locations using renewable energy that otherwise would have gone to waste.
In May Riot announced the acquisition of Whinstone U. Whinstone is based in Rockdale, Texas and its facility is located on an acre site, hosting Bitcoin mining customers in three buildings totaling , square feet. The site is subject to a long-term lease agreement, with electricity provided via a long-term power supply contract. Since early , the Whinstone team has worked on creating the largest hosting company in North America. Pairing low cost of energy and a market-leading development and operations team, Whinstone has been able to build the largest Bitcoin mining hosting campus as measured by machines operational and megawatts developed at a single site. Their team of professionals use cutting edge technology and comprehensive analytics to deliver industry-leading reliability and responsiveness. Whinstone currently hosts Bitcoin mining operations for three institutional clients who, by the end of , are expected to utilize up to MW of aggregate power capacity.
After two years, the cumulus data center campus in Salem Township has officially broken ground. Local officials and representatives from the department of community and economic development joined the Talen team to celebrate the milestone Thursday morning. The first is gonna be a data center. It will be a large building that will house many computers.
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