- Ohio-based nuclear power plant eyed by Standard Power for Bitcoin mining
- An upcycled location is expected to host the carbon-free Bitcoin mining operation to boost confidence in environmental footprint
- China’s Anhui province will close all crypto mining initiatives within three years
With China recently cracking down on cryptocurrencies and crypto-mining operations within its jurisdiction, the United States is poised to become the center of the global crypto-mining industry.
Blockchain infrastructure provider Standard Power recently inked an agreement with energy retailer Energy Harbor Corporation for a crypto-mining facility in Coshocton, OH.
The partnership between the companies will run for five years, while the mining center is expected to begin operations by December of this year.
An upcycled location
Standard Power is going the distance to boost confidence in its carbon-free environmental footprint. What makes this particular crypto-mining operation interesting is how it’s being set up within an old paper mill, using green technologies, eco-friendly equipment, and locally generated electricity from a nearby source.
The use of sustainable tech is meant to address concerns that the Bitcoin economy is generating the same volume of carbon emissions as many developing countries. According to experts at the University of Cambridge, the total power consumption of Bitcoin-related operations throughout the world stands at 69.85 tera-watts per hour (TwH.)
Standard Power’s facility is just one of many popping up in the US landscape. Many Chinese crypto-mining firms are making their way to the US thanks to Beijing’s recent sweeping action against mining facilities within the country. Bitcoin mining in the country accounts for 36% of the cryptocurrency’s overall hash rate, but began to fall almost as soon as the crackdown began. The crackdown is not expected to ease any time soon.
At present, crypto-mining in the US only accounts for around 8% of Bitcoin’s global hash rate, but the number may rise as Chinese firms have been relocating their operations to North America. Thus, it is highly likely that the region, and the US in particular, will become the base of choice when it comes to the crypto-mining sector.
Part of the US’ appeal stems from facilities like Standard Power’s which are being touted as “carbon-zero” or carbon-neutral. Essentially, this means that such facilities may produce less in terms of emissions than old-school mining zones due to more advanced technology and sustainable power sources.
Environmental concerns trigger China crackdown
The environmental issue is one factor that led to China’s recent shutdown of crypto-mining facilities in several of its cities. With Chinese president Xi Jinping’s plans of drastically reducing the country’s overall carbon footprint by 2030, authorities have been cracking down on industries that are notorious for generating emissions that are detrimental to the environment.
As a result, however, illegal coal extraction for the purpose of fueling Bitcoin mining operations has become a serious concern. As of press time, the Chinese government has seen a direct link between crypto-mining and coal extraction in Xinjiang Province and Inner Mongolia.