Waste Heat from Crypto Mining is Emerging As a Valuable Resource

For all the benefits cryptocurrencies have brought over the years, there are also issues that detractors are more than happy to point out. Perhaps none sticks like mining.

Waste Heat from Crypto Mining is Emerging As a Valuable Resource

Cryptocurrency skeptics are quick to talk about how crypto mining's long-term adverse effects, how it harms the environment. But 2021 saw the introduction of some interesting companies looking to change the narrative.

SAITech's Impressive Innovation

Last month, the crypto market got its official introduction to SAITech - a Bitcoin mining operator based out of Singapore. Like many crypto mining firms, this company is looking to go green. And in a novel way - recycling waste heat generated through the mining process by supplying it for residential and industrial purposes.

Arthur Lee, SAITech's chief executive, describes the company as a clean energy mining operator. The company offers to host services with energy-saving solutions, though it currently focuses on Bitcoin mining due to its energy consumption.

SAITech aims to make mining more efficient, cutting out carbon emissions and ensuring that the entire mining space is increasingly green.

Currently, SAITech is targeting the Eurasia region. Lee explained this is not an accident, noting that most miners who left China after the country banned crypto mining relocated to that area. As they are the most likely to generate high mining power, they will require SAITech's services the most immediately.

But SAITech is already setting its sights on an even bigger play - expanding out of the Eurasia region. In September, the company announced it would undergo a merger with TradeUP Global Corp - a special purpose acquisition company (SPAC) - in order to be listed on the NASDAQ exchange.

As part of the SPAC deal, SAITech is expected to get a $288 million valuation. TradeUP Global Corp has committed $45 million in cash towards investing in SAITech and helping the company expand its services.

MintGreen is Doing Good Work Too

SAITech is the second company touting green innovation in the past few months. Back in October, MintGreen - a Canadian cleantech crypto miner - announced it had partnered with the Lonsdale Energy Corporation to provide heat to North Vancouver homes beginning in 2022.

As part of its announcement, MintGreen pointed out that its digital boilers could prevent the emission of about 20,000 metric tons of greenhouse gases per megawatt of power. The company claims that these boilers can recover up to 96 percent of the electricity used in Bitcoin mining.

Recovered energy can be used to heat buildings, and MintGreen is currently looking to supply heat for about ten North Vancouver residential and commercial buildings next year - no small feat.

Colin Sulivan, MintGreen's chief executive, explained that the partnership with Lonsdale aims to lend a hand in the global push for climate change.

And buildings are a thoughtful target. As the Global Alliance for Buildings and Construction reported in 2020, building construction and operations cause almost 40 percent of all carbon emissions in urban regions.

The Green Crypto Mining Evolution

Companies like MintGreen and SAITech are paving the way for a green revolution in the crypto space.

For a long time, the paradigm surrounding the crypto industry has been "mining is unsafe for the environment and needs to be curbed." There is some truth to the argument. Cambridge University researchers pointed out earlier this year that the Bitcoin network used as much electricity as small countries like Argentina.

Tesla also cited Bitcoin's effects on the environment when it announced it would put a hold on accepting the asset as a means of payment for its vehicles and other products. CEO Elon Musk has said they will resume crypto payments when Bitcoin's environmental impact has been addressed to a considerable degree.

But, considering how widespread mining has become, it is impossible to shut it off. Instead, we must design means to recycle mining energy releases, and we're already moving in that direction with MintGreen, SAITech, and more.

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