Ziyen Energy eyes solar energy for environment-friendly bitcoin mining in Colorado
- US technology-focused energy group Ziyen Energy plans to install photovoltaic panels to power bitcoin mining procedures in Colorado's Alamosa County.
The Wyoming-based firm said on Thursday it has bought a 35-year surface usage lease for renewable energy generation to back the energy-intensive procedure of cryptocurrency mining. The lease will support bitcoin mining in Mount Blanc Valley Ranches.
The procurement was made with the Ziyen Energy Tokenized Fund. Specific information regarding the prepared solar photovoltaic (PV) project were not provided.
According to Ziyen Energy, cryptocurrency mining poses a significant environmental difficulty because of the significant amount of energy required. It pointed out that the bitcoin network is computed to be utilizing as much energy in one year as the whole nation of Argentina.
"Ziyen Energy Tokenized Fund will certainly remain to get passions in numerous energy properties including wind and solar [.]," claimed Alastair Caithness, Ziyen Energy's CEO.
The United States is presently the second-biggest bitcoin mining location globally after China, which provides options for low-cost coal-fired power. Nonetheless, bitcoin and cryptocoin miners are usually checking out opportunities for removing the carbon exhausts from the electrical energy they take in.