- Energy Harbor has maintained that it can ensure all of its BTC-mining endeavours rely on renewable energy.
- Bitcoin miners have been compelled to shift their operations to crypto-friendlier grounds, such as in the U.S.
Energy Harbor Corporation (EHC), recently signed a 5-year deal with Standard Power to launch an eco-friendly Bitcoin mining operation. The latter is a leading hosting provider for blockchain mining companies. Following the launch, the carbon-free energy plant will provide electricity to a bitcoin mining unit in Coshocton, Ohio.
The two parties are yet to disclose the size of the mining plant or how much energy will be consumed. However, Energy Harbor has maintained that it can ensure all of its endeavours rely on renewable energy. According to a PR shared by Energy Harbor, the Bitcoin mining facility will begin receiving sustainable power later this year.
Harbor for Bitcoin mining
China has continued to widen its crackdown on cryptocurrency miners. The country has enforced these regulations to meet international agreements on carbon emissions and to cur ‘financial risk’. For these reasons, Bitcoin miners have been compelled to shift their operations to crypto-friendlier grounds, such as in the U.S.
For others, yet, this has become a business opportunity as they develop renewable energy mining set-ups. Such operations have intensified especially after Tesla CEO Elon Musk scrutinized Bitcoin for its high energy footprint. Musk further declined payment for his Tesla EVs in Bitcoin, causing a massive price crash in May. The tycoon said he might reconsider this decision, should 51 percent of Bitcoin mining utilize clean energy.
Standard Power’s CEO, Maxim Serezhin commented on this development saying:
We selected Ohio because of its low electricity costs with the availability of carbon-free sources of energy. By partnering with Energy Harbor, we have proactively structured our hosting capabilities to ensure that 100% of the power associated with this facility is carbon-free.
Ohio state also makes a strategic location for miners as it has friendly cryptocurrency policies. For instance, its Governor, John Kasich, signed a bill in August 2018 to make blockchain transactions acknowledgeable in state courts. Moreover, in November of the same year, Ohio legalized Bitcoin as a form of payment for taxes.
Pursuit of green BTC
The Proof-of-Work (PoW) mining algorithm has reduced the luster of Bitcoin and other cryptocurrencies using the same reward technique. US Treasure Secretary Janet Yellen admonished Bitcoin mining during a New York Times DealBook conference saying:
It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in those transactions is staggering.
The Bitcoin Mining Council is attempting to bring a better perception of Bitcoin besides promoting sustainable mining methods. The group was formed by several North American miners and is backed by MicroStrategy CEO Michael Saylor.
With the aim to become a reference point for the bitcoin mining industry, the Council has published statistics questioning the alarming data cited by politicians. One of their findings, tweeted by Saylor, stated that “mining electricity mix increased to 56% sustainable in Q2 2021, making Bitcoin one of the cleanest industries in the world.”