Green bitcoin mining, using renewable energy to produce the cryptocurrency, is in vague across the world. And while generating hydroelectric power from dams have been more widely reported recently, solar power is gaining ground, as exemplified by 500 IPO entering the space.
SPI Energy Co., Ltd. (Nasdaq: SPI) today announced that its wholly-owned subsidiary, SPI Solar Inc. has signed an agreement with 500 IPO Fund for 5,000-unit contracts of Bitcoin miner hosting services. Officially based at Santa Clara, California, 500 IPO Fund is defined as a venture capital ecosystem, which consists of top venture capital firms, wealthy Chinese investors and “powerful government resources.” Besides the slogan of connecting China with Silicon Valley, its mission is “to promote projects which help solve major social issues and create well-being for the whole world.” As such it is easy to understand the appeal of green bitcoin mining for its brand.
SPI is a provider of renewable energy solutions and cryptocurrency miner hosting service for businesses, governments, utilities and investors. It focuses on the development, financing, installation, operation and sale of utility-scale and residential photo-voltaic projects in China, Japan, Europe and North America. The Nasdaq-listed company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia.
Renewable Bitcoin Mining
Industrial-scale bitcoin miners using renewable energy is nothing new, but mainstream media alarmists largely haven’t caught on yet as it disrupts their narrative. In fact, the most common locations for new operations recently are usually in regions offering plenty of affordable hydro-power such as Quebec, Canada. And solar energy has been used by miners for years. This makes financial sense for both sides, as vast renewable energy production is usually more viable in remote areas and bitcoin mining requires no proximity to population centers in contrast to most businesses.
Back in February we reported that Japan’s Kumamoto-Energy, a local power producer and supplier from Kumamoto City, has revealed that it began using solar power for mining cryptocurrencies. The company said that it aims to more effectively use its surplus electricity by mining cryptocurrencies with the excess output of its solar power generation plants.
Is bitcoin mining an ideal use for renewable energy? Share your thoughts in the comments section below.
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Author: Avi Mizrahi