Is there any hidden link between cryptocurrency and the energy sector?
With the bitcoin community continuing to expand, many still wonder how this energy-intensive industry could be sustainable.
From El Salvador which aims to build a ‘bitcoin city’ fully powered by geothermal energy harnessed from a volcano, to a Kazakhstan state electricity provider which recently announced power cuts to crypto miners, there is still controversy surrounding the production of the infamous digital currency.
ELN caught up with Andrew Webber, Founder and Chief Executive Officer of Digital Power Optimization to find out more about potential ways renewables could help bitcoin to become a carbon-neutral industry and the role of bitcoin in making clean energy projects robust.
Mr Webber said: “While this activity (bitcoin mining) does consume a lot of energy, there is a huge amount element of crypto mining that is green and it’s often driven off of hydro sources, it’s often driven off of relatively green sources.
“There are plenty of crypto miners using wind, we are working with a number of clients to develop solar-powered crypto mining facilities today integrating them with battery storage and ultimately helping developers of new green energy build more of it.
“If you can build a renewable energy project with a vertically integrated crypto mine as part of the planning and development stage all through the planning process you can come up with a project that will work when it otherwise might not have.”
Watch the video for the full interview.