One of the largest bitcoin mining operations in the world, Genesis Mining, has been working on an experiment with Systemair, Lulea Technical University, Research Institute of Sweden, and the local Boden municipality. The teams in Sweden are developing a system that converts excess heat from Genesis’s bitcoin mining to power greenhouse operations.
Bitcoin mining is extremely competitive and the network consumes a lot of electricity to secure transactions and mint new coins. For instance, the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that the Bitcoin (BTC) hashrate consumes an estimated 12.54GW and an annualized consumption level of around 88.14TWh. Out of 20 mining pools, there’s a whopping 150 exahash per second (EH/s) pointed at the BTC chain.
This week, Genesis Mining, revealed a new innovative project the firm is working on with a few teams. Genesis has been working in Boden, Sweden, a large region located around the coastal city Lulea with four groups. Systemair, the local Boden municipality, Lulea Technical University, and the Research Institute of Sweden in a partnership with Genesis have been developing a system that converts excess mining heat into greenhouse power. The pilot aims to recycle excess energy from bitcoin mining into sustainable heat sources.
According to the participants, the pilot plans to address supporting Sweden’s objective toward self-sufficient food production. The study is being promoted by Genesis Mining’s philanthropic arm dubbed “Hashpower For Science.” Mattias Vesterlund, Senior Researcher at RISE (Research Institutes of Sweden) explained how the project can achieve self-sufficient production models.
“A 1 MW datacenter would have the ability to strengthen the local self-sufficiency up to 8% with products that are competitive on the market,” Vesterlund detailed. Genesis Mining’s custom-built crypto mining storage containers will…