A sustainable tech company is looking the carbon footprint of the massive Bitcoin mining industry by recycling a major portion of the heat emitting from the mining systems. BTC mining is an energy intensive process that generates a lot of heat and is often criticized by critics as an environmentally damaging process of a big proportions.
Bitcoin is often criticized for using fossil fuels around the world. A single Bitcoin transaction have been calculated by conventional estimators to use as much electricity as 1 million VISA transactions. However, that is not a fair comparison as VISA transactions are based on debt and not actual transfer of value but still it is a big number to be comfortable around.
Electricity consumption and its problematic sources aren’t the only concerning issues with Bitcoin mining systems. The miners themselves generate a lot of heat as well and they need to be cooled aggressively so they can be overclocked and used at high processing speeds. This is where you will find that most of the Bitcoin miners are present around relatively colder climates like in Siberia, Iceland, Eastern Europe and North America.
But SAITech, the company based in the Singapore is looking to use this excessive waste heat and use it for industrial and home purposes. The company is a relatively huge Bitcoin mining operator in the country and is looking at new opportunities in the sector, especially as mining rewards are getting more and more competitive with time. The company is in the process of undergoing a $228 million worth merger with an existing company called TradeUP Global to list itself on the NASDAQ exchange.
According to SAITech’s Twitter:
.@knutsvanholm we @SAI2TECH make your vision come true. Our plug-and-play #bitcoin mining centers can get close to where idle energy is and convert it into #digital assets. #BTC #SAI #SAITECH https://t.co/QouvjgpAoy
— SAI (@SAI2TECH) November 19, 2021
However, this could easily be a PR exercise right before going public as harnessing heat from Bitcoin mining is a challenging proposition. The main issue with the Carbon footprint is not easy to anlayze and address directly because of the inaccurate current surveys in place. But, still this is a useful new direction that the crypto sector needs to go in order to address some of the more serious concerns regarding the sector’s sustainable future. The waste heat can especially be useful in more colder climates like Siberia, etc where heating is a requirement for all households for much of the year.
Image Source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
