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(Bloomberg) –
Compass Mining Inc. continues to expand in Canada while aiming to make Bitcoin mining greener and more available to individual transaction processors.
The Bitcoin miner is partnering with Red Jar Digital Infrastructure, an infrastructure company, to open an Ontario-based facility that will more than double Compass’ existing mining capacity. About 95% of the facility’s electric power will come from “clean” energy in the form of nuclear and hydropower, said Whit Gibbs, compass’ chief executive.
“The focus is on where we can locate renewable, reliable and cheap energy sources,” as operations expanded, Gibbs said by phone from Latvia.
The procedure of employing extensive computer networks to determine Bitcoin transactions in exchange for new currencies, known as mining, has generated strong complaints about its high degree of energy consumption. The factor stood out this year when Elon Musk of Tesla Inc. He tweeted about Bitcoin’s environmental history and cited it as one of the reasons he didn’t accept the currency as a means of payment for his company’s cars. Analysts at the time said that the energy intake of crypto miners was comparable to that of many evolved countries.
Proponents of crypto have pointed to the shift towards renewables as a sign that the Bitcoin network is evolving to be more environmentally friendly. doors for new entrants who would arguably be more willing to prioritize “clean” energy.
In July, Compass announced a partnership with startup Oklo Inc. to introduce nuclear fission in mining. When it comes to the Ontario facility, the company is also in tactics to make the remaining five consistent with the greenest percentage of electric power, Gibbs said.
The force that will be used to force the Ontario installation will come from overflow sources, meaning it will most likely go unused and will go to waste.
Green energy use becomes even more vital for Compass as it expands to retail miners, who, according to Gibbs, can prioritize renewables more than institutional miners.
“This is a big step for the retail mining industry,” Gibbs said. “Compass has worked with hundred megawatt installations. However, typically, those sites will generate 5, 15, 20 megawatts for Compass customers. In this case, we are going to have a hundred megawatts committed “for individual miners and miners.
Mining at the new facility is expected to begin through the end of January, though Gibbs said the total one hundred megawatt capacity would be built slowly over the next few quarters.
© 2021 Bloomberg L. P.