Renewable Energy

How Irish farmers turn cow dung into digital gold (Bitcoin)

Tom Campbell, an Irish dairy farmer who runs a farm in County Armagh, is using excess energy from his farm to mine Bitcoin.

An Irish dairy farmer has found an unusual way to make use of the excess energy produced on his farm — by turning to Bitcoin (BTC) mining. Tom Campbell, who runs a farm in County Armagh, Northern Ireland, produces renewable energy using a method called anaerobic digestion. This involves breaking down biodegradable material to a point where it creates methane gas, which can be used to produce electricity.

Campbell primarily uses the electricity to power his farm, but when there is excess energy that cannot be exported to the grid, he uses it to mine Bitcoin. Mining involves using specialized computers to solve complex mathematical equations, with successful miners rewarded with BTC. Bitcoin mining requires a lot of energy, and Campbell’s farm produces up to 700 kilowatts of electrical output, equivalent to powering nearly 12,000 households.

The Irish government has set a goal to decrease greenhouse gas emissions by 25% by 2030. However, the agricultural sector in Ireland is responsible for over 35% of these emissions, with cows being the primary source. With 7.3 million cows in the country, managing their waste in an eco-friendly manner is crucial. Anaerobic digestion is a promising solution, potentially generating enough electricity for every home in Ireland if 41% of farms adopted the technology. This could make a significant contribution to achieving the country’s greenhouse gas emission targets.

Campbell’s decision to mine Bitcoin may seem unusual, but it makes sense from an economic perspective. When grid demand is low, miners can use the excess clean energy. By doing this, Campbell can sell the excess electricity to the grid as renewable, green electricity while profiting from Bitcoin mining.

While some farmers have raised concerns that meeting greenhouse gas emission targets could drive them into bankruptcy, Campbell’s approach shows that it is possible to find innovative solutions that benefit both the environment and the farmer’s bottom line. With renewable energy sources such as anaerobic digestion becoming increasingly popular, more farmers could turn to Bitcoin mining in the future to make use of their excess energy.

Click below to watch Campbell’s exclusive interview with Cointelegraph to learn how he’s transforming cow dung into digital gold.

Can blockchain help combat climate change?

Blockchain’s transparency and traceability can aid sustainability and reduce carbon emissions for climate change.

With rising temperatures, melting ice caps and more frequent and intense extreme weather events, the effects of climate change are becoming more and more obvious. There is an urgent need to prevent climate change, and numerous technologies and methods are being investigated to do so. Blockchain technology is one of these possibilities, and it has the potential to be very effective in the fight against climate change.

At its core, blockchain is a decentralized ledger that can securely and transparently record transactions and store data. This technology has already been used in a variety of applications, from cryptocurrency to supply chain management. However, its potential applications in combating climate change are still being explored.

Here are a few ways in which blockchain can help combat climate change.

Bring it on, Global Warming!

The United Citizens Organization launched an initiative during Cop26 to help combat climate change with blockchain technology. https://t.co/4FPlyHP2qb

— Cointelegraph (@Cointelegraph) November 11, 2021

Creation and management of carbon credits

The creation and administration of carbon credits is one way that blockchain technology can help fight climate change. A tradable permit called a “carbon credit” permits the holder to emit a certain amount of greenhouse gases, such as carbon dioxide. To reduce their emissions, businesses and organizations can buy carbon credits, which can be traded on a market.

The management of carbon credits may become more transparent and effective with the use of blockchain. All carbon credit transactions can be tracked in real-time and documented using a decentralized ledger. By doing so, fraud can be avoided, and the intended use of carbon credits can be guaranteed.

Promote renewable energy sources

By establishing a decentralized energy infrastructure, blockchain technology can also encourage the adoption of renewable energy sources. Without the aid of a centralized organization or utility company, people and companies can buy and sell renewable energy directly from and to one another using a decentralized energy grid. This can support the adoption of renewable energy sources, such as solar and wind power, and lessen dependency on fossil fuels.

Supply chain management

Supply chain management is another area where blockchain technology is being used to tackle climate change. Businesses can find opportunities to lower their carbon footprint and make more sustainable decisions by utilizing blockchain to track the carbon footprint of products and materials across the supply chain. By promoting sustainable production and consumption practices, greenhouse gas emissions can be significantly reduced.

Monitoring and reporting carbon emissions

The monitoring and reporting of carbon emissions from numerous sources, such as businesses, vehicles and structures, can also be done using blockchain technology. Governments and organizations can more precisely measure and report on their emissions and monitor progress toward their emission reduction targets by utilizing a decentralized ledger to track emissions.

Challenges to implementing blockchain to reduce carbon emissions

Using blockchain technology to address climate change is not without its difficulties and restrictions. The requirement for standardization and compatibility is one obstacle. Blockchain needs a uniform set of rules and protocols that all stakeholders can agree upon in order to manage carbon credits and track emissions effectively.

The scalability of blockchain technology presents another difficulty. Many blockchain networks currently only have a modest amount of capacity and can only process a small number of transactions. If blockchain is widely utilized to manage carbon credits or track emissions, this might become a bottleneck.

Last but not least, there are issues with the energy usage of blockchain technology. Some of the environmental advantages of adopting blockchain to fight climate change may be outweighed by the energy consumption necessary for blockchain transactions.

The road ahead

Although blockchain technology is still in its infancy in terms of adoption and development, its prospective uses in halting climate change are promising. Blockchain can hasten the shift to a low-carbon economy by enhancing transparency, efficiency and accountability in regulating carbon emissions and encouraging sustainable practices.

Yet in order for blockchain to be successful in addressing climate change, there are also difficulties and constraints that must be overcome. Ultimately, a combination of technologies and solutions will be required to address the complex and urgent challenge of climate change.

Bitcoin miners as energy buyers, explained

Bitcoin miners as energy buyers utilize renewable energy sources and excess electricity offered by utility companies to fuel their mining operations.

Does the energy system benefit from Bitcoin mining?

Bitcoin mining can spur demand for electricity, which can help advance the development of renewable energy sources, but it also uses a lot of energy and raises carbon emissions.

On the positive side, electricity demand generated by Bitcoin mining can be utilized to promote the development of renewable energy sources and speed up the transition away from fossil fuels. This is due to the fact that Bitcoin miners frequently look for inexpensive electricity, and renewable energy sources, such as solar and wind power, can offer this at a reasonable rate. Thus, Bitcoin mining can be viewed as a strategy for encouraging the creation of renewable energy plants.

By using extra energy that would otherwise be wasted, Bitcoin mining can also help the energy system. For instance, miners might decide to set up operations next to hydroelectric dams, which frequently have additional energy available at particular times of the day. Miners can contribute to improved utilization of the already available energy resources by employing this extra energy for mining.

On the other hand, mining Bitcoin may have detrimental effects on the energy infrastructure. For instance, mining can be a substantial energy consumer because it calls for a lot of processing power, resulting in a hike in the demand for electricity, which would raise energy costs. Additionally, increasing carbon emissions, which can contribute to climate change, may result if miners primarily use fossil fuels to produce electricity.

How do renewable energy resources benefit Bitcoin mining in rural areas?

Renewable energy sources offer a more reliable power supply for Bitcoin mining operations since they are less prone to experiencing power disruptions. Additionally, using sustainable energy for Bitcoin mining can support job growth and economic expansion in rural areas.

In the context of Bitcoin, gridless computing, which refers to the usage of alternative computing resources such as edge devices, can encourage the use of renewable energy resources to mine BTC in Africa. That said, gridless computing offers an alternative to the centralized electrical grid, which is often unreliable or unavailable in many parts of the continent. This can enable miners to operate in remote or off-grid locations using locally generated renewable energy sources, such as solar or wind power.

The lack of electrical infrastructure in many rural parts of Africa makes it challenging to establish and run conventional mining operations. Gridless computing, on the other hand, enables miners to power their mining machinery with portable, decentralized renewable energy sources like solar or wind turbines. This enables miners to establish operations in remote locations and make use of the region’s abundant renewable energy resources.

Gridless computing can also promote the growth of community-based mining operations, which can assist nearby areas economically by generating jobs and sources of income. By offering education and training on sustainable energy methods, these community-based mining companies can also encourage the adoption of renewable energy sources.

How do Bitcoin miners act as energy buyers?

To power their mining operations, Bitcoin miners either purchase electricity from conventional and renewable energy sources or develop and run their own renewable energy facilities, turning them into energy consumers.

Miners typically purchase electricity from energy providers, such as utility companies or independent power producers, to mine BTC. They then use that electricity to power their mining equipment. This can include both traditional energy sources, such as coal or natural gas, as well as renewable energy sources, such as solar or wind energy.

Hydro-Quebec, a Canadian utility company that sells electricity to Bitcoin miners, is a real-world example of how Bitcoin miners act as energy buyers. In order to take advantage of the low electricity prices in the province, the firm has been actively courting Bitcoin miners to establish operations there and utilize excess hydroelectric power to mine BTC.

In some circumstances, miners might also sign long-term agreements with energy suppliers, which could provide them access to a more reliable and consistent source of electricity. Large-scale miners can benefit the most from this, as it enables them to plan and budget for their energy requirements in advance.

By establishing and running their own renewable energy facilities, such as solar or wind farms, Bitcoin miners can also take on the role of energy users and function as energy purchasers. By doing this, they support the switch to sustainable energy sources as well as securing energy for their mining activities.

For instance, a Bitcoin miner called Genesis Mining has established operations in Iceland and is running them using geothermal and hydroelectric energy. This allows the miner to benefit from Iceland’s plentiful renewable energy resources and lessen its environmental impact. Additionally, one of the largest Bitcoin mining facilities in the world, KnCMiner, is powered by a wind farm that the company developed on its own land in Sweden.

To make use of extra energy that would otherwise be wasted, miners may also choose to locate their mining operations next to existing renewable energy facilities, such as hydroelectric dams or geothermal plants. For instance, the Bitcoin miner Greenidge Generation in upstate New York, U.S. generates electricity for its mining operations using extra natural gas from a local power plant. The company also constructed a 7-megawatt solar farm to help meet its energy requirements.

Do Bitcoin miners use renewable energy resources to mine?

While a sizable fraction of Bitcoin mining currently uses non-renewable energy sources, there is a growing tendency among miners to power their operations with renewable energy sources. It is likely that more miners will use renewable energy as it becomes more affordable to power their operations.

As already noted, Bitcoin mining uses a lot of energy for miners to validate transactions and add them to the blockchain by using powerful computers to solve challenging mathematical puzzles. Initially, the majority of Bitcoin mining took place in China, which is also the biggest generator of coal-based electricity in the world. As a result, non-renewable energy sources accounted for a sizable amount of the energy utilized to mine BTC.

When comparing Bitcoin mining by nation, the United States ranks the highest, making it a legal activity after Bitcoin mining was outlawed in China. The use of renewable energy sources by miners, such as hydroelectricity, is an increasing trend, though. This is especially true in areas with a wealth of renewable energy sources, such as Quebec and Iceland.

Additionally, due to a fall in the price of renewable energy sources, mining companies are beginning to use them to power their operations. Moreover, in order to fuel their mining operations, several businesses are also investing in their own renewable energy initiatives, such as solar and wind farms.

Why does mining crypto use energy?

The energy consumption of cryptocurrency mining is a trade-off for the security and decentralization of blockchain networks. However, through the use of sustainable energy sources and effective mining algorithms, there are ongoing efforts to make the process more energy-efficient and sustainable.

Mining crypto uses energy because it is a process that requires computers to perform complex mathematical calculations in order to validate transactions and add new blocks to a blockchain. These calculations use a lot of computer resources, which results in high energy usage. The main sources of energy consumption are the CPUs and GPUs, as well as the cooling systems necessary to keep mining rigs cool.

The first step in mining cryptocurrency is to confirm the transactions on the blockchain network using a consensus algorithm such as proof-of-work, which calls for miners to solve challenging mathematical puzzles. Miners use specialized software and hardware, such as ASICs, to perform these calculations at high speeds. The first miner to solve the puzzle adds the following block to the blockchain and receives a specific quantity of Bitcoin (BTC) in return.

In order to increase their odds of becoming the first to solve the puzzle, miners are motivated to employ as much computer power as they can. As more miners join the network and competition heats up, the need for energy rises, resulting in increased electricity usage. According to some estimates, the entire energy use of the Bitcoin network alone might be comparable to that of a small nation.

The energy consumption of cryptocurrency mining is a concern because it has an environmental impact. The majority of the power required for mining is generated from fossil fuels, which cause the release of greenhouse gases such as carbon dioxide. The cost of electricity for mining can be rather high in some areas, which makes it less economical for miners.

Bitcoin mining brings more than money to this East African country

A Bitcoin mining project in a remote corner of Malawi connects more families to the grid while delivering economic empowerment to an impoverished region.

A Bitcoin (BTC) mining project that taps into clean, stranded and excess hydro energy in Malawi, a landlocked country in southeastern Africa, has picked up steam. The company behind the project, Gridless, tweeted that there are now “1600 families connected to this remote hydro minigrid in the mountains of southern Malawi.”

1600 families connected to this remote hydro minigrid in the mountains of southern Malawi. They have 50kW of stranded energy that we are testing out as a new Bitcoin mining site.

Videos for context.

Still working on venting, wiring, etc. pic.twitter.com/Sxf8ABGPWH

— Gridless (@GridlessCompute) January 21, 2023

The project exploits 50 kilowatts (kW) of stranded energy to test out as a new Bitcoin mining site. Erik Hersman, CEO and co-founder of Gridless, told Cointelegraph that while it’s a brand new mining project, the “impact was immediately felt.”

“The power developer had built these powerhouses a few years ago, but they weren’t able to expand to more families because they’re barely profitable and couldn’t afford to buy more meters to connect more families. So, our deal allowed for them to immediately buy 200 more meters to connect more families.”

Bitcoin miners are flexible but energy-hungry clients. They are a plug-in-and-play solution for sources of excess energy around the world. In Malawi, the miners run off environmentally friendly hydropower.

*The facility runs off hydropower. Source: Hersman*

In Hersman’s words:

“The environmental footprint is quite light, as it is run off a river. And the Bitcoin mining didn’t change any of that.”

It’s Gridless’ second project in Sub-Saharan Africa to date. Late last year, a mining project in Kenya connected a remote community using excess hydropower.

*Street sellers in Malawi. Source: Hersman*

The environment aside, the Bitcoin mine brings economic empowerment and job opportunities to Malawi. Hersman explained that electricity load shedding is common in Malawi, but the 1,600 families using the hydropower source do not have any power issues:

“It’s always amazing to me to see how useful and valuable mini-grids are to the community. It [Bitcoin mining] immediately changes the education, healthcare, business, logistics and wealth of the community where they go in.”

Obi Nwosu, CEO of Fedimint and a board adviser at Gridless, also shed light on the story, explaining that the project in “Malawi is one more in a line of what I expect to be many examples over the coming years.”

“As usual, these are modest people rolling up their sleeves and helping talented, local engineers do what they do best. The project brings power as well as financial and economic freedom to many.”

Bitcoin miners tapping into stranded energy while empowering local communities is a growing trend in 2023. From El Salvador’s promise of geothermal Bitcoin mining to balancing the grid load and sustaining jobs for local communities in Canada, there is a “torrent of opportunities coming their way,” Nwosu explains.

Michael Saylor has described Bitcoin mining as “the ideal high-tech industry to put in a nation that has plenty of clean energy but isn’t able to export a product or produce a service with that energy.” It’s an accurate summation of the project in Malawi.

*A canal channeling water in Malawi. Source: Hersman*

Ultimately, this type of Bitcoin mining project is more akin to a partnership. Hersman sums it up, “We work with the power producer, and they work to keep the power price affordable, and all of their employees are from the community, too, providing jobs for everything from security to linesmen to operations.”

Decentralized solutions for climate change are key as COP disappoints

Climate change initiatives led by politicians and sponsored by some of the biggest polluters demand a change in initiatives — Decentralized tech could play a key role.

Climate change has become one of the most pressing issues in the modern world with mounting pressure on companies to develop and implement climate strategies. Politicians around the globe have also been actively involved, with several nations pledging to go carbon-neutral in the next couple of decades.

Amid all the initiatives and conferences led by politicians and billion-dollar companies over the years, the threat of global warming and the carbon emissions spilling into the atmosphere have only risen.

The 2022 United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC, was the 27th United Nations climate change conference. More commonly referred to as COP, the conference is one of the largest of its kind that sees attendance from top policymakers and tech CEOs.

COP27 ultimately resulted in minimal progress on loss and damage, with high-emission countries agreeing to compensate those countries enduring the brunt of the climate mayhem that they played a negligible role in causing. But, once again, no promise was made to stop the emissions fueling this disaster.

Politician-led conferences such as COP27 have become a glaring example of everything that is wrong with such initiatives. COP27 was host to more than 600 representatives of fossil fuel companies and many others who were there to prevent rather than support progress and action. Above all, the event was sponsored by the largest polluter of plastic in the world — Coca-Cola.

The annual climate carnival concept was probably not the best way to encourage meaningful action on global warming. The presence of the fossil fuel industry and continued failure to fulfill their intended purpose means the problem of climate change needs a modern solution, and for many, decentralized tech is the key that can benefit climate initiatives in the long run.

Decentralized solutions

Decentralized tech has proven revolutionary in data management for many industries apart from the financial sector. Climate change initiatives are already integrating blockchain tech to their benefit including an increasing number of projects at COP held yearly conferences.

KPMG U.S. climate data and technology principal Arun Ghosh told Cointelegraph:

“One of the major outcomes of COP27 was landing on the loss and damage set of agreements enabling wealthier nations to help provision and plan for the recovery of people and livelihoods in under-resourced nations. Blockchain not only provides the trust and transparency set of enablers but with the introduction of CBDC pilots as well as the adoption of BTC as a recognized medium of exchange in countries like El Salvador, there are accelerated investments and plans emerging to integrate and transact between organizations, countries and citizens.”

Blockchain tech can be implemented in many ways to make climate change-related initiatives more efficient.

Recycling is one sector where blockchain can encourage participation by giving a financial reward for depositing recyclables like plastic containers, cans, or bottles. Similar setups already exist in several places around the world.

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Plastiks is a nonfungible token (NFT) marketplace that sponsors initiatives to cut down on plastic waste. Plastiks partners with recycling firms and certifies their plastic recycling using NFTs that can become an additional source of income for the recycling firms. The project claims that recycling data, once recorded on the blockchain, also becomes a hard receipt of how much plastic has been removed.

Due to its ability to transparently track crucial environmental data and demonstrate whether obligations were reached, blockchain technology can also deter businesses and governments from breaking their environmental commitments or falsely claiming progress.

For example, Regen Network offers blockchain-based fintech solutions for ecological claims and data. Some of their offerings include a public ecological accounting system and the Regen Registry, which allows land stewards to sell their ecosystem services directly to buyers around the world.

EarthFund DAO is another environmental initiative that organizes a decentralized community looking to tackle humanity’s environmental problems. The platform enables tokenholders to vote for and crowdfund “world-changing projects” such as the EarthFund Carbon capture project.

Crypto Climate Accord is a private sector-led initiative focused on decarbonizing the cryptocurrency and blockchain industry. To date, more than 250 companies and individuals in crypto, finance, NGOs and more have joined the movement.

Amid all the major use cases of blockchain tech, its progression in aiding the very complex carbon credit market has been most talked about — for both good and bad reasons.

Carbon markets and how they work

A carbon credit represents one metric ton of carbon dioxide, which can be bought, sold or retired. If a business is subject to cap-and-trade regulation (such as the California Cap and Trade Program), it probably has a set number of credits that it can apply to its cap. The company may trade, sell or store the extra carbon credits if it emits fewer tons of carbon dioxide than it is allowed.

An emission allowance from the seller is bought when a credit is sold. Despite the fact that emissions reduction is the result of an action, a credit becomes tradeable as a result of a genuine reduction in emissions.

Carbon markets aim to reduce greenhouse gas emissions, enabling the trading of emission units (carbon credits), which are certificates representing emission reductions. Trading enables entities that can reduce emissions at a lower cost to be paid to do so by higher-cost emitters. By putting a price on carbon emissions, carbon market mechanisms raise awareness of the environmental and social costs of carbon pollution, encouraging investors and consumers to choose lower-carbon paths.

There are two main categories of carbon markets: cap-and-trade and voluntary. Cap-and-trade sets a mandatory limit (cap) on greenhouse gas emissions and organizations that exceed these limits can purchase excess allowances to fill the gap or pay a fine. As its name suggests, the mandatory market is used by companies and governments that are legally mandated to offset their emissions. The voluntary carbon market, on the other hand, operates outside the compliance markets but in parallel, allowing private companies and individuals to purchase carbon credits on a voluntary basis.

Problems with carbon credits

Carbon credits have been touted as a market-based fix to help curb carbon emissions, but they come with a slew of problems. Carbon credit markets are ridden by poor offset quality, where certain credits might not be of the same quality as marketed and some are outdated and no longer meet the standards of top carbon offset certification organizations.

Some organizations offering such carbon offsets don’t do what they say they will. Voluntary carbon markets are largely unregulated and companies often get away with false advertising called greenwashing. These businesses either invest in non-verified credits or double-count the same credit. All of these actions trick buyers into believing they are reducing their emissions when they are actually not.

For example, according to Yale Environmental 360, a total of one billion tons of CO2 worth of credits have been made available for purchase so far on the voluntary carbon market. However, there are roughly 600–700 million tons more sellers than purchasers. Consequently, only roughly 300–400 million tons of CO2 offsets are actually achieved. This indicates that somewhere between 600 and 700 million tons of CO2 are produced without being offset.

How blockchain can help

There have been significant advances in computational technology within the blockchain realm that can enhance the efficiency of these carbon markets. Blockchain tech can aid in the process of credit creation and validation. R.A. Wilson, chief technology officer at digital carbon offset trading platform 1GCX, told Cointelegraph:

“Blockchain can vastly improve existing bottlenecks within the current carbon credits market, including issues surrounding fraud and misrepresentation and duplication of credits. While these improvements will be key to scaling the carbon credits market and building greater trust within the industry, blockchain is only one part of the solution. To scale the tokenized carbon credits market to its full potential, the industry will also require participation by trusted and established carbon credit providers, as well as collaboration with regulators and government agencies.”

KLIMA DAO is driving the development of the voluntary carbon market by building a decentralized infrastructure that makes the market more transparent and accessible. It sells bonds and distributes rewards to KLIMA tokenholders. Every bond sale adds to an ever-growing green treasury or improves liquidity for key environmental assets.

Nori is another blockchain-based carbon credit market built with farmers in focus. This project supports farmers adopting regenerative agriculture projects to remove CO2 from the atmosphere.

Tegan Keele, KPMG U.S. climate data and technology leader, told Cointelegraph that blockchain, along with other technologies, certainly has the ability to help carbon credit markets in terms of traceability:

“A credit can be traceable but not high quality — blockchain won’t inherently solve the quality problem, but it can help validate when a credited producer makes statements regarding origin or quality.”

Still, not everyone is convinced. Dan Stein, director of the Giving Green earth climate initiative, believes the problem is much bigger than double counting or traceability.

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Stein told Cointelegraph that blockchain-based climate solutions are hot air and that the real problem with carbon credits is offset quality:

“If anything, chain-based carbon credits exacerbate this problem by creating a credit as a commodity when it is instead a differentiated product. In fact, I’ve heard stories of companies ‘laundering’ old offsets that they couldn’t sell any other way onto these chain-based solutions.”

He added that by making transactions easier, “it turns credits into more of a commodity, and everyone treats them as the same. What has happened in practice is that project developers have taken old low-additionality credits that they can’t sell in a normal market and loaded them ‘on-chain,’ where suddenly they have found new buyers.”

The use of blockchain technology in the climate change fight has faced appreciation and criticism alike. On one hand, decentralized tech is being actively integrated for new solutions at a global level to make certain aspects more transparent and streamlined. On the other, climate activists believe that current blockchain solutions aren’t as helpful and only focus on tokenization.

Looking ahead, it will be interesting to see which projects catch on and scale to meet the challenges of climate change.

Norwegian town wants ‘noisy’ Bitcoin miners out, experts respond

A municipality in Norway is using all means necessary to avoid “energy-sucking” Bitcoin miners establishing further operations, citing noise complaints and energy concerns.

There’s a new Bitcoin (BTC) energy FUD in town: noise. In Sortland, a Norwegian municipality, locals are waging war on Bitcoin miners to thwart further BTC mining developments. Their latest protest against proof-of-work (PoW) mining is that it’s loud.

It’s not enough that Bitcoin miners in Sortland use 100% renewable energy sources, create jobs and even use waste heat from the PoW process to dry out timber and seaweed for local businesses; they must do so quietly.

Sortland (red) in the extremes of Norway. Source: Google

Kjetil Hove Pettersen, CEO at local KryptoVault, explained that it could be another case of media spin aiming at Bitcoin. He explained the situation to Cointelegraph:

“It is usually the negative voices that get the most media attention; this does not reflect on all local opinions.”

Pettersen detailed that grid owners are, in fact, happy to host Bitcoin miners–as Bitcoin miners help to balance grids (as recently shown in Texas)–and that “There is a political or social cost for being outspoken about that in today’s climate.” The false narratives that media create are not new, according to Pettersen:

“[…] The narrative that we are suppressing other industry establishments by using (the skeptics use the word “wasting”) so much energy, while in fact, the opposite is true. Sometimes we are accused of driving up the energy price, which also is not true.”

Arcane Research analyst Jaran Mellerud and regular Cointelegraph contributor explained: “Northern Norway has a massive electricity surplus due to little local demand and limited transmission capacity.” In the north of Norway, where Sortland is located, energy costs are very low, and stranded hydropower is, in fact, abundant.

Pettersen listed the benefits of Bitcoin mining as adding more revenue to local municipalities’ power grids while supporting grid balance; lowering the overall grid fees for consumers; creating jobs; earning income for the Norwegian treasury as Bitcoin miners pay taxes and finally, contributing to Norway’s national trade balance. That’s without mentioning the direct consequence of Bitcoin mining, securing the world’s largest cryptocurrency.

CSO at the Human Rights Foundation, Alex Gladstein visited Kryptovault and spoke of “positive externalities.” Source: Twitter

Pettersen conceded that the Bitcoin industry has “A lot of work to do in telling our story, and dispelling myths and misconceptions.” Bitcoin provides a lifeline to many around the world–particularly in the global south–but the narrative that Bitcoin mining uses more energy than neighboring Finland continues to compel mainstream media publications.

Similar to Pettersen, for Mellerud, it’s a question of storytelling and narratives. He sums it up succinctly, “Municipalities in northern Norway should appreciate Bitcoin mining as a way to refine the electricity locally.” He continued:

Bitcoin mining facilities create local jobs and increase the income for the municipalities as they often own the local power-generating companies.”

Unfortunately, narratives that demonize Bitcoin mining and energy consumption continue to make headlines. Noise could be next.

Norwegian town wants ‘noisy’ Bitcoin miner out, CEO responds

A municipality in Norway is using all means necessary to avoid “energy-sucking” Bitcoin miners establishing further operations, citing noise complaints and energy concerns.

There’s a new Bitcoin (BTC) energy FUD in town: noise. In Sortland, a Norwegian municipality, locals are waging war on Bitcoin miners to thwart further BTC mining developments. Their latest complaint against proof-of-work (PoW) mining is that it’s loud.

Kjetil Hove Pettersen, CEO at local KryptoVault, explained that it could be another case of media spin aiming at Bitcoin. He explained the situation to Cointelegraph:

“It is usually the negative voices that get the most media attention; this does not reflect on all local opinions.”

Pettersen detailed that grid owners are, in fact, happy to host Bitcoin miners—as Bitcoin miners help to balance grids (as recently shown in Texas)—and that “There is a political or social cost for being outspoken about that in today’s climate.” The false narratives that media create are not new, according to Pettersen:

“[…] The narrative that we are suppressing other industry establishments by using (the skeptics use the word “wasting”) so much energy, while in fact, the opposite is true. Sometimes we are accused of driving up the energy price, which also is not true.”

Pettersen conceded that the Bitcoin industry has “A lot of work to do in telling our story, and dispelling myths and misconceptions.” Bitcoin provides a lifeline to many around the world—particularly in the global south—but the narrative that Bitcoin mining uses more energy than neighboring Finland continues to compel mainstream media publications.

Bitcoin mining facilities create local jobs and increase the income for the municipalities as they often own the local power-generating companies.”

Unfortunately, narratives that demonize Bitcoin mining and energy consumption continue to make headlines. Noise could be next.

Bitcoin mining to harness onsite natural gas emissions: Ark Invest

A new report reveals an angle for sustainability in Bitcoin mining through harnessing onsite natural gas emissions.

Data from a recent Ark Invest report highlights another utility for Bitcoin (BTC) mining in the realm of sustainability and energy.

According to the findings, there is enormous potential to transform methane emissions into energy for Bitcoin mining, which, in turn, will turbocharge solar and wind-generated electricity at onsite wells.

Important research from @skorusARK on #Bitcoin’s potential role in transforming methane emissions into bitcoin mining that will turbocharge electricity generated by solar and wind. @skorusARK https://t.co/6cgxGHNcJZ

— Cathie Wood (@CathieDWood) July 26, 2022

Annual gas flaring emissions equal 140 billion cubic meters, along with an additional 125 billion cubic meters in annual methane emissions. Therefore, left untouched, this means 265 billion cubic meters of natural gas emissions are wasted yearly. However, an analysis of the methane needed for the current Bitcoin hashrate stands at only 25 billion.

While harnessing the entirety of the emissions is impossible due to the oil industry’s preexisting flaring operations investments, capturing methane is a viable and early solution. Ark Invest’s Sam Korus tweeted that over half of all vented methane occurs onsite at wells. This makes the location a prime spot for mining to capture such emissions and productively employ them.

Additionally, instead of the methane being vented, it would be able to generate electricity at rates far below what mining companies currently pay.

Recently, the mining industry has been showing signs of increased energy efficiency and a pivot towards sustainability.

Last week, the Bitcoin Mining Council released its Q2 review of the network. It revealed the industry’s use of sustainable energy is up 6% from the same quarter in the previous years. In the conclusion to their findings, the council referred to Bitcoin mining as “one of the most sustainable industries globally.”

However, this has been an active effort to change on the part of the mining industry. Previously, environmentalists shamed the industry due to its unjustifiable carbon footprint.

Korus suggests that while there are other ways to harness methane, Bitcoin mining is an ideal option as “It is highly scalable with modular hardware that can be transported to and shifted among operating well sites.”

While the new data backs up these claims, they are not new. There are already companies actively doing so. Back in February, Cointelegraph spoke with Kristian Csepcsa, the chief marketing officer of Slush Pool, on how miners are aiding oil companies with flare reduction by running their generators on natural gas, which would otherwise be burned off.

Nonetheless, there are still skeptics. One Twitter user pointed out that the emissions in question are not naturally occurring. Rather, they are extracted via fossil fuel extraction, which due to climate change, is under pressure to be cut entirely.

@skorusARK U seem to be missing the big picture. We aren’t talking about naturally occuring gas emissions, but emissions caused by extracting fossile fuels from the ground, right? This extraction has to stop completely in the next few years @fossiltreaty. That’s the real solution

— siegfried.arweave.dev (@ZwigoZwitscher) July 26, 2022

As the industry continues to adapt to global sustainability standards, time will tell if such solutions will bring about the future of Bitcoin mining and energy production.

How blockchain can address Austria’s energy crisis

In the future, energy communities should make a greater contribution to the energy transition.

Climate change has become one of the biggest global challenges for humanity. At the same time, the dependence on hydrocarbon energy sources such as coal, oil and natural gas is still strong.

Supply lines around these energy sources are further vulnerable to geopolitical tensions. Due to the current sanctions against Russia, experts now expect rising electricity prices and negative effects on the energy market in Europe.

The Austrian government understands the urgent need for the energy transition and has set the ambitious goal of being climate neutral by 2040. Alternative solutions to fossil energy have been slow to emerge and, for the most part, are not yet efficient enough on a large scale. But there are promising approaches — especially in the form of decentralized renewable energies or blockchain technology in peer-to-peer (P2P) energy trading.

There are already pilot projects in Austria dealing with P2P trading on the energy market. At the forefront are blockchain scale-up Riddle&Code and Austria’s largest energy provider Wien Energie, which founded a joint venture in 2020 called Riddle&Code Energy Solutions.

As of April 1 of this year, Kai Siefert is the new head of the joint venture. He was formerly an IT strategist at Wien Energie and worked on the energy tokenization platform MyPower in Vienna. Cointelegraph auf Deutsch caught up with Siefert to ask how we can combat the energy crisis with the help of blockchain.

From pilot project to solar tokenization

Wien Energie and Riddle&Code have been working together for a long time. Back in 2017, the companies launched the first project called Peer2Peer in Quartier where they tokenized photovoltaic solar systems so that consumers can participate in energy production.

Later, at the end of 2018, when Siefert was still Wien Energie’s IT strategist, his team developed a blockchain strategy together with Astrid Schober, head of IT at Wien Energie, and focused on the topic of energy tokenization with security tokens and utility tokens.

This resulted in the MyPower platform. First, Wien Energy and Riddle&Code tested the decentralized trading of self-generated solar power via blockchain in a smart city project with 100 participants. Everything went smoothly, and in 2021, a tokenization platform for photovoltaic plants was launched. Riddle&Code tokenized the largest solar plant in Austria and gained 1,000 customers who, as part of its advertising campaign, bought energy vouchers issued by Wien Energie in the form of tokens, which could be used to pay electricity bills.

Now MyPower tokenizes solar photovoltaic assets across the whole of Austria, allowing consumers to benefit from partial ownership and invest in renewable energy sources.

Demand for renewable energy is huge

According to Siefert, the concept of energy sharing is very much in demand at the moment. Due to Russia’s invasion of Ukraine and the coronavirus crisis, electricity prices are skyrocketing. Rising energy prices can be mitigated with cheaper renewable energies, smart information technology and energy sharing.

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With blockchain-based energy sharing, jointly generated electricity is fed into the grid, distributed and sold directly to flats — all without an intermediary. Kilowatt-hours not consumed can also be sold to other energy communities, and thus, consumers earn or save money.

Energy sharing can enable direct energy trading between energy consumers (energy producers and end-consumers), who can use this approach to take control of their generation and demand. People who rent instead of owning their homes can actively participate in the energy transition and benefit from the proceeds. This gets consumers more involved in their own generation and puts local value creation at the center.

“You don’t need to buy natural gas from Russia or oil from Saudi Arabia to create energy here in Europe,” Siefert said. “The sun comes virtually for free and reliably produces electricity. But many people can’t participate because they don’t have their own house, but live in a rented flat or simply don’t have the means to buy a large solar system. However, we can divide these plants into small digital asset tokens so that private investors with little capital can also participate.”

Renewable energies “are coming into focus”

In Austria, there are already small renewable energy communities such as Erneuerbare-Energie-Gemeinschaften (EEG). Such energy communities (in Austria and according to the Renewable Energy Expansion Act) are nonprofit-orientated legal entities intended to decentralize the generation, distribution and consumption of renewable energy mainly for the public benefit. Such EEGs still play a small role in production, local and regional distribution, and consumption of renewable energy and are often not very profitable.

However, things are starting to develop. According to Siefert, the demand for EEGs has already increased enormously due to rising energy prices, and Riddle&Code Energy Solutions offers technical solutions for setting up and onboarding such EEGs. “We can also connect them to decentralized marketplaces with our system,” Siefert said. This is already possible with the Renewable Energy Expansion Act, which has been in force since 2021 and is a European Union directive that has been transposed into national law.

Siefert noted an “increasing interest in interesting in renewable energies” — in Austria, Europe and worldwide. Companies working in the field of renewable energies “are now coming into focus,” as they are benefiting “from the large investments favored by climate policy worldwide,” Siefert said.

Real-time data signed and encrypted on the blockchain

At the moment, P2P energy trading is not yet allowed in Austria. Everything works on the basis of the current electricity market infrastructure, and billing data is made available by the grids 24 hours after it has been measured.

But Riddle&Code Energy Solutions can already take this data in real-time. A dongle that can be connected directly to the smart meter reads data live from the customer interface and sends it via a trusted gateway — signed and fully encrypted on the blockchain. From there, this data can be read out immediately. Customers can see every quarter of an hour how their credit grows in kilowatt-hour tokens.

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This data cannot be used for billing yet, but it helps to incentivize the right consumption behavior. Thanks to such data, the customer can see how much green energy they have on the grid from the community installation and, for example, use this time to turn on the washing machine or charge an electric car. This, in turn, has an indirect effect on the bill because customers then pay less if they use more electricity from their own shared forms.

“Our goal is that everyone can participate in energy sharing,” Siefert said. “But private P2P trading is currently not possible in Austria until legal regulation is created. That is why I would like to see more freedom here from the government side and more speed in the expansion of renewables. Austria can become one of the leading nations in the EU and worldwide in terms of P2P energy trading and the development of energy communities.”

This is a short version of the interview with Kai Siefert. You can find the full version here (in German).