Bitcoin mining heated buildings? North Vancouver is considering it for Lonsdale
Posted October 19, 2021 11:34 am.
Last Updated October 19, 2021 12:47 pm.
Some homes and businesses in North Vancouver could soon be heated by Bitcoin mining, if plans go ahead next year.
City-owned Lonsdale Energy Corporation (LEC) has contracted MintGreen, a Canadian cryptocurrency mining company, to deliver low-carbon heat on its hydronic district energy system by 2022.
LEC CEO Karsten Veng tells CityNews the cryptocurrency mining initiative is part of its efforts to lower greenhouse gas emissions.
At a very basic level, cryptocurrencies such as Bitcoin are mined by computers finding solutions to complex math problems. The process, however, uses vast amounts of electricity and produces a lot of waste in the form of heat.
Many environmental concerns have been raised about the process due to the high energy consumption and waste as a result.
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In some countries, the process is done using electricity powered by fossil fuels, however, the majority of the province of B.C. does not use those energy sources for electricity.
Using its own invention, MintGreen says it will harness “the electricity used for bitcoin mining in the form of heat energy that can be used to sustainably heat communities and service industrial processes.”
“MintGreen’s Digital Boilers will prevent 20,000 tonnes of GHGs from entering the atmosphere per MW compared to natural gas. Production of both bitcoin and usable thermal energy positions the Digital Boilers to be the cost leading low-carbon heating technology,” MintGreen said in a statement.
LEC says the agreement will work to recover the waste heat and inject it into the heating grid using digital boilers sustainably, the company says.
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“Cryptocurrency miners run at full capacity 365 days a year, which creates the unique opportunity to provide a reliable and clean heating baseload for North Vancouver’s district energy system,” MintGreen wrote in a release.
LEC has been providing energy to buildings in the Lonsdale area through its hot water system since 2003. It currently serves 6.6 million square feet of various building types in the area.
“For clarity, LEC is not involved in the data computing process; LEC is solely recovering otherwise wasted heat,” Veng said in a statement.
However, despite claims North Vancouver will be the world’s first city heated by Bitcoin, it doesn’t appear the majority of residents will see a change because the system will not be heating everyone and the City is seeking other options.
“LEC is on a journey to lower greenhouse gas emissions, and this project will be part of that, however, this project will only account for a small share of LEC’s total energy generation. LEC is reviewing the feasibility of several other low carbon projects, such as sewer heat recovery and ocean source heating,” Veng said in a statement.
The next step of the project is to get final approval from the City of North Vancouver. It’s unclear when that will happen.
CityNews have reached out to the City of North Vancouver for more clarity, but have not received a response in time for deadline.