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• Car Hire Malagash Mine
• How cow poo is powering crypto mining
• Certified Mining and Construction Sales and Rentals Latest News
• ‘Like slave and master’: DRC miners toil for 30p an hour to fuel electric cars
• Noisy ‘mining’ operation leaves Brightridge facing ‘bit’ of a conundrum
• The Time Is Now
• Miners Are Called Entrepreneurs Today

WATCH RELATED VIDEO: Bitcoin Mining at Hut8 - Facility Tour

Car Hire Malagash Mine

Three natural gas-producing sites in southern Alberta could host "up to one million" bitcoin mining machines relocated from China under a deal proposed by Nevada-based Black Rock Petroleum Company amid Beijing's ongoing crackdown on cryptocurrency production and trading. Bitcoin is a digital currency that can be sent between users without the need for a central bank, leveraging blockchain technology to maintain a decentralized ledger of transactions.

Bitcoin's value has spiked in the last year. The process of unlocking new bitcoin to add to the existing supply is called "mining. No timeline for the deal was immediately announced, though the contract term for using the natural gas sites is listed as 24 months, according to a press release from Black Rock Petroleum Company.

Earlier this year, Chinese authorities cracked down on bitcoin mining due to apparent environmental concerns and other issues, ordering miners to shut down. Up to one million mining machines, or rigs, entering Alberta would represent a significant chunk of China's prior total mining capacity, experts say, with major impacts in energy consumption in the province.

Alex de Vries, a researcher and economist who runs the cryptocurrency analytics website Digiconomist, said the move to Alberta would represent a multi-billion dollar investment using fossil fuels as a power source.

As of Aug. It's difficult to definitively determine how many computers make up the global bitcoin mining network; de Vries pegs that number at around three million. In other words, the one million machines supposedly destined for Alberta could represent around a third of global mining capacity. Though he's skeptical of the "astronomical" figures proposed in Alberta, Brandon Arvanaghi, a U. They've raised more money, they've procured more power, they've gotten more land, and they're ready to scale up," Arvanaghi said.

Bitcoin processors can connect to the electricity grid or directly to an energy producer, such as a natural gas plant, to power their computer network.

While bitcoin miners tend to gravitate toward the cheapest sources of electricity, Arvanaghi said there are benefits to natural gas producers, too. Certain bitcoin mining companies utilize flare gas from oil drilling, saving it from being burned. Black Rock Petroleum Company, not to be confused with BlackRock, the giant New York-based investment firm, said in a release that the first , mining units would be hosted at the Quirk Creek gas plant, located near the southwestern hamlet of Millarville, Alta.

For a mining unit , picture a powerful computer with cooling fans. Each individual unit might not look too different from your home desktop PC processor — but the guts of this hardware are specifically designed to handle intensive and heavy-duty computing work.

It's unclear what the project could mean for Alberta's tax base. Black Rock said the site would be staffed by Chinese-language-speaking and English-speaking technicians and other employees, but it's unclear how many jobs the project would entail.

The logistics of bringing such a large number of mining rigs to rural Alberta would be challenging, Arvanaghi said. Charles Selby, president of Caledonian, said in an email that the company had entered into a non-binding letter of intent with Black Rock, which is subject to financing and other conditions.

At this stage, Quirk Creek may not be equipped to handle the demands such a significant number of bitcoin processors would require. In a brief phone call, Black Rock chief executive officer Zoltan Nagy said additional energy generation to meet the company's needs would be achieved by adding generators to the site. Nagy said additional details surrounding the financials of the deal would be forthcoming. Conducting a full interview at this time was premature, he said.

He said his company had been pursuing the purchase of Caledonian before the opportunity to relocate the Chinese bitcoin units arose. The top end of Black Rock's projections — one million mining machines — would suck up a gigantic amount of power in Alberta.

De Vries, the founder of Digiconomist, said depending on the exact equipment type, those machines would need between one gigawatt GW to 3. Power plants in Alberta cannot be constructed or operated without approval from the Alberta Utilities Commission AUC , and the province has other rules governing the production of electric energy. The Quirk Creek plant would almost certainly need approval from the AUC to host the bitcoin machines. Nagy said Black Rock hasn't reached out to provincial representatives but said the company was looking into it.

Far more than a few computer towers in an office building, the sheer size of bitcoin mining facilities can be surprising. For example, in , at the grand opening of Hut 8, a bitcoin mine in Medicine Hat , Alta. Black Rock Petroleum's filings with the U. Securities and Exchange Commission are limited, so its financial status is difficult to ascertain.

Alfred Lehar, an associate professor studying finance at the Haskayne School of Business at the University of Calgary, said it's hard to know definitively whether there is enough financial backing to make this deal happen.

OMH , which would cover many of the costs anticipated to arise out of the arrangement. Josh Goodbody is chief operating officer of Qredo, another cryptocurrency firm and a mining expert who used to work in China who has no connection to the Alberta project. He said consortiums of miners moving into North America have become increasingly common after China's crackdown. Even if Black Rock Petroleum's proposal does not live up to its billing, the act of pairing natural gas and bitcoin mining is no new phenomenon.

Saeed Kaddoura, an analyst with the environmental think-tank Pembina Institute, called bitcoin mining a "parasitic process" — one that he characterized as being "energy gluttonous [while chasing] the cheapest electricity around the world. As a way to store data securely, the blockchain is a decentralized ledger shared across multiple computer systems that publicly shares all transactions. Bitcoin uses the blockchain.

In a statement, a spokesperson with Alberta Environment and Parks said the provincial government was "encouraged that we continue to attract new investments from around the globe that support a diversified economy.

On Monday, the UN climate panel sounded a dire warning , cautioning "irreversible" climate impacts and warning that humans were dangerously close to runaway warming. De Vries of Digiconomist said that report raised warning flags for bitcoin mining projects around the globe.

Joel joined CBC Calgary in Reach him by email at joel. Pseudonyms will no longer be permitted. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open.

We reserve the right to close comments at any time. Join the conversation Create account. Already have an account? Calgary 'Up to 1 million' bitcoin processors could be relocated to Alberta from China under energy firm's proposal Three natural gas-producing sites in southern Alberta could host "up to one million" bitcoin mining machines relocated from China under a deal proposed by Nevada-based Black Rock Petroleum Company amid Beijing's ongoing crackdown on cryptocurrency production and trading.

Social Sharing. Curious about cryptocurrency? Here's everything you need to know. What is cryptocurrency? Why the rise of bitcoin could be the first shot in a currency revolution. Bitcoin mining engineer Brandon Arvanaghi talks China crackdown 6 months ago Duration Joel Dryden.

How cow poo is powering crypto mining

In my previous post about blockchain and cryptocurrency , I discussed why I thought Tesla was making such a substantial investment in Bitcoin and allowing the cryptocurrency to be used for car purchases in the future. The balance of its revenue stream, which comes from selling surplus Renewable Energy Credits RECs , will dry up in the next several years as competing automakers can produce their own Zero-Emission Vehicles ZEVs and build up their own RECs with states that require them. Cryptocurrency What every business needs to know. Read More. Allowing its customers to purchase vehicles entirely or partially with Bitcoin is potentially one way of differentiating Tesla from other auto manufacturers. But this in and of itself is not a sustainable business strategy. Perhaps Elon Musk has another, even wilder business plan for Tesla over the long-term -- a plan just as crazy ambitious as building giant reusable space rockets that can land on their tails.

Certified Mining and Construction Sales and Rentals Latest News

Originally published by The Spinoff. Two local lads have been mining bitcoin for a decade. Josie Adams asks them why they still believe — and how they answer criticism about mining's environmental impact during a global climate crisis. The ground was hot and making a rumbling noise. In a basement underneath the building, 1,watt Asic machines, plus a bunch of Mitre 10 pedestal fans, were plugged into the wall. Hotel guests across the road complained they couldn't use the microwave. The transformer was drawing the power of half a block of Queen Street. The two young and sweaty guys responsible for this ruckus in downtown Auckland were in their fifth year of mining bitcoin. The men didn't know it yet, but in a couple of years they'd lose all their money — again.

‘Like slave and master’: DRC miners toil for 30p an hour to fuel electric cars

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Noisy ‘mining’ operation leaves Brightridge facing ‘bit’ of a conundrum

Source: AFP. By Joe Devanesan 11 January, Bitcoin mining refers to the production of the digital coin by solving complex algorithms with specialized computers. Miners also provide security to the network. New coins are awarded to miners who complete the calculations first along with transaction fees for their services.

The Time Is Now

Digital gold mining has long turned into a full-fledged business — the activity of maintaining a distributed platform and creating new blocks with the ability to receive rewards in the form of issued currency and commission fees in various cryptocurrencies, in particular, in Bitcoin. High hardware requirements led to the fact that the bitcoin market was divided between the largest pools, where there was combined computing power. Today, the cryptocurrency market in general, which is based on blockchain or distributed ledger technology, is experimental. Firstly, in terms of prices for cryptocurrencies, we see significant price jumps, and secondly, even within the technological structure of the largest currencies Bitcoin and Ethereum occur changes, sometimes significant. For example, the separation of Bitcoin into Bitcoin and Bitcoin Cash.

Miners Are Called Entrepreneurs Today

HOUSTON — On a residential back street of Houston, in a , square-foot warehouse safeguarding high-end vintage cars, oil and gas execs and bitcoin miners mingled, drank beer, and talked shop on a recent Wednesday night in August. These two groups of people may seem as though they are at opposite ends of the professional and social spectrums, but their worlds are colliding — fast. As it turns out, the industries make for compatible bedfellows. The Texas native and father of three has spent 14 years in oil and gas, and he epitomizes what this monthly meetup is all about.

City of the big shoulders, hog butcher for the world, Chicago is looking to add another title for the digital age: cryptocurrency finance center. With little regulation and no backing other than the faith of its fervent believers, cryptocurrency has turned into digital gold for early adopters, despite wild market fluctuations and no shortage of naysayers. Launched in by anonymous computer developers , Bitcoin is a decentralized peer-to-peer payment network. While there is no central bank, the encrypted digital transactions are verified by blockchain technology, a type of database that forms a permanent ledger of all transactions across the shared computer network. Other major cryptocurrencies include Ethereum and Dogecoin, which was started in by a pair of software engineers as a joke. Major banks are starting to warm up to cryptocurrencies.

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Selim refused again, but many others have not. And now the hum of cryptomining has become commonplace in northern Kosovo, where since the Kosovo war ethnic Serbs have resisted integration with the rest of predominantly ethnic Albanian-populated Kosovo. The practice has become so widespread, BIRN has found that even remote villages, as well as urban centres, have become hubs for the production of Bitcoin. Photo: BIRN.