• Most of the electric energy ASIC miners use is generally converted into heat.
• The large heat generated from the manufacturers along with miners can facilitate space and water heating for residential and commercial usage.
• The heat generated from miners could potentially reduce or to some extent replace the traditional heat energy sources such as fossil fuels.
Cryptocurrency mining operations hugely depend on electricity, thus making it an energy intensive industry. Peter Faleskini while carrying out an experiment for one of the major crypto mining companies in the CEE region found out that most of the electric energy ASIC miners use are generally converted into heat. Hence, the large amount of heat that is exuded from the mining machines gets trapped into the atmosphere and consequently, harms the environment. Hence, mining experts have been keen in discovering new ways to recover the heat generated by the mining equipment and using it to balance electricity revenues.
Crypto Mining Industry is Energy Intensive and Price Sensitive
The process of heat recovery is characterized as a low-carbon technology and offers several economical as well as environmental benefits. Firstly, it balances the energy consumption as well as carbon emissions. Moreover, the heat generated from miners could potentially reduce or to some extent replace the traditional heat energy sources such as fossil fuels. For mining operations, the energy consumption takes 79% of the total costs making it a very price-sensitive industry. Economically, the large heat generated from the manufacturers along with miners can facilitate space and water heating for residential and commercial usage.
An Obsolete Mining Equipment may be Economical Than a Heater
Faleskini found that both ASIC miner and electric heater will consume the same energy of 540 kWh per month. He found that heating with an electric heater would cost $54 a month whereas heating with an obsolete miner of the same power would cost just $4 a month. According to him, even if close to 60% of the total electricity cost for mining is recovered, then an used and obsolete miner is far more economical than a heater. MintGreen is a Canadian crypto-mining firm which has been working on a sustainable mining model that utilizes energy twice. Firstly, for bitcoin mining and secondly for providing carbon free industrial heating.
WisElement disclosed its project WiseMining which is still at an early-stage. The firm devises solutions to reduce the energy consumption of buildings. The project primarily involved the development of Bitcoin water boiler ‘Sato’ implementing the ASIC hashboards. There are several projects worldwide which aim at reducing the impact of Bitcoin mining on the environment and giving an economical headstart to the miners. The Bitcoin mining industry will continue to evolve and the community will encounter several tech savvy applications of something which could have been a waste.