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Blockchain and Financial technology | Decentralized Finance (DeFi) | Cryptocurrency | Bitcoin mining
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Canadian City, North Vancouver, becomes the first city in the world to use bitcoin mining to tackle climate change
Canadian City, North Vancouver, announced Thursday that it will be the first city in the world to be heated almost entirely by bitcoin mining, an innovative way to tackle climate change by creating valuable cryptocurrency coins and at the same time usable thermal energy. Municipal energy services company partners with MintGreen, a Canadian cleantech cryptocurrency miner, to create clean and renewable energy for cities by mining the popular digital currency using their proprietary “Digital Boiler”, which takes more than 96% of the electricity used for bitcoin mining in the form of heat energy.
Bitcoin mining uses blockchain technology to reward investors with profitable digital tokens
In Bitcoin mining, high-powered computers are used to verify virtual coin transactions. Bitcoin operates on what is known as a blockchain, which is basically a public ledger, which contains the history of every transaction. Mining computers solve complex mathematical problems to add new blocks to the chain and in turn are rewarded with digital tokens, making the venture profitable. “The complex problem of climate change requires innovative solutions and LEC, with the city of North Vancouver, is demonstrating outstanding leadership in environmental management,” said MintGreen CEO Colin Sullivan in a statement.
The mined cryptocurrency is estimated to provide heat to 100 residential and commercial buildings in North Vancouver, Canada
The boiler will mine cryptocurrency at full capacity 365 days a year and then provide heat to 100 residential and commercial buildings in North Vancouver, Canada. In its justification for investing in new heating technology, the city cited the United Nations Climate Report earlier this year warning of the “extreme” impacts of impending climate change. In 2019, the city of North Vancouver voted to increase its greenhouse gas reduction target to achieve net-zero emissions by 2050, while Canada as a country proposed a $170 per tonne carbon tax that will take effect in 2029 and is expected to increase the cost of conventional natural gas.
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