In 2022, the City and LEC will introduce a new source of heat into their district energy system: bitcoin mining. During the term of the commitment, MintGreen’s digital boilers will prevent 20,000 tonnes of GHGs entering the atmosphere per MW of natural gas. The production of bitcoin and usable thermal energy positions digital boilers as the most economical low-carbon heating technology.
MintGreen, a Canadian cleantech cryptocurrency miner, is disrupting the bitcoin mining industry. Their proprietary digital boilers recover over 96% of the electricity used for bitcoin mining as thermal energy that can be used to sustainably heat communities and fuel industrial processes. Cryptocurrency miners operate at full capacity 365 days a year, creating the unique opportunity to provide a reliable and clean heating base load for that of North Vancouver district energy system. CEO of Lonsdale Energy Corporation, Karsten Veng, commented “Being a MintGreen partner on this project is very exciting for LEC, in that it is an innovative and competitive project, and it strengthens the path LEC has traveled to support the ambitious targets of reducing City greenhouse gases. “
Neighborhood energy as a whole tends towards clean energy. The 2015 report “District Energy in Cities” of the United Nations Environment Program quotes: “District energy systems [are emerging] as a best practice approach to providing local, affordable and low carbon energy supply. Neighborhood energy represents an important opportunity for cities to move towards climate-resilient, resource-efficient and low-carbon pathways. The UN climate report published on August 9, 2021, warns of the “extreme” impacts of future climate change and urges policy makers to take action. Cities around the world are tightening carbon regulations and increasing carbon taxes. In 2019, the city council of North Vancouver passed a motion calling on the city to increase its greenhouse gas reduction targets to reach net zero by 2050 and reduce emissions by 80 % of 2007 levels by 2040. In addition, Canada proposed a 170 $ carbon tax per tonne coming into effect in 2029 which will increase the recurrent cost of conventional natural gas.
“The complex issue of climate change requires innovative solutions, and LEC, with the City of North Vancouver, demonstrates tremendous leadership in environmental stewardship, ”said MintGreen CEO, Colin Sullivan. Over 97% of BC Hydro’s energy mix is hydroelectric. Using that energy twice eliminates waste and makes this project one of the greenest in space. Veng believes the MintGreen Digital Boiler pilot could be the springboard for future expansion opportunities, as the City of North Vancouver continue to grow.
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About Lonsdale Energy Corporation
The Lonsdale Energy Corporation (LEC) is an award-winning neighborhood energy system. LEC has been providing reliable, clean and competitively priced energy to residential and commercial buildings in the Lonsdale area since 2003. By naturally heating our community, we can dramatically reduce energy demand and support global and local climate action efforts. .
MintGreen is a Canadian cleantech company that recovers heat from Bitcoin mining to produce low-carbon salable heat for communities and industrial processes. MintGreen Proprietary Digital Boilers are the most economical low carbon heating technology. By signing levy agreements, MintGreen subsidizes its electricity costs, extracts Bitcoin sustainably, and reduces GHG emissions for cities and communities.
SOURCE Mint Green