Friday, July 30, 2021

Crypto mining firm Bitsource announces a 1000MW investment in clean energy in North America.

The Takeaway:

Crypto mining firm and hardware company, Bitsource announced a 1000 megawatt investment in clean energy for its North American expansion.

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According to the official press release, Bitsource Technology USA Inc, mining services and hardware company, announced a 1000 megawatt investment in clean energy for its expansion in North America. The company currently operates over 1000 megawatts of cryptocurrency mining globally and will expand operations through investing in 1000 megawatt of clean energy mining within the U.S. and Canada by the end of Q2 2022.

 

Biosource is focusing on developing renewable energy sources, including solar and hydro-power.

The crypto mining firm is currently exploring mining sites and partnerships in multiple U.S. states, focusing on developing renewable energy sources, including solar and hydro-power. Bitsource’s Business Development Officer for North America Michael Whitt noted, “Recently, the entire industry has been expanding operations, and we’re looking forward to scaling while working together with industry leaders.” In addition to providing hosting capacity for crypto miners, the company plans to release new information on recent advances in its manufacturing division, primarily focusing on home-based miners for consumer markets.

 

Bitcoin continues to receive criticism for its energy consumption. 

Bitcoin’s mining process consumes a lot of energy has been a talking point among crypto cynics for a long time, but when Elon Musk announced the Tesla would no longer accept bitcoin payments citing environmental concerns, it reignited the flame. Crypto cynics continue to attack the leading cryptocurrency for its massive use of energy for its mining process. However, most bitcoin miners are now taking this criticism seriously, and more and more bitcoin miners are moving towards using clean energy. Earlier, El Salvador announced to authorize bitcoin as legal tender in the country. The country is also working on providing volcano-powered clean energy to power bitcoin mining farms in the Central American country. Along with Bitsource, many other mining firms are moving exploring clean energy options for bitcoin mining. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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