Can cryptocurrencies go green?

Can cryptocurrencies go green?

green cryptocurrency.png

There are moves to make energy-hungry cryptocurrency mining operations greener as criticisms grow over the high power consumption of crypto firms.

Mining platform HashGains, for one, is looking to build crypto mining data centres in India and Canada using renewable energy sources.

“With the growing worries around Bitcoin mining causing environmental damage… there was no better opportunity but to build green energy data centres which run on free sources of energy like wind and solar,” says Anuj Bairathi, CEO of HashGains.

The company has launched an initial coin offering of HashGains aimed at raising $30m for constructing two mega data centres and acquiring mining machines.

And there’s the Moonlite Project which also aims to build mining facilities powered solely by renewable energy, and is looking to base its first mining operation in Iceland.

“Our data centres enjoy a contractual supply of the cleanest energy available, and at a multi-year fixed rate, and additionally do not need to provide extensive cooling infrastructure due to the cool Icelandic climate,” says the Moonlite Project.

Iceland will probably use more energy mining Bitcoin than powering homes this year, and the coastal town of Keflavik already boasts three of Iceland’s largest Bitcoin mining farms.

Image: Moonlite Project

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