Carbon-Neutral Crypto Mining Picks Up Heat As The9 Acquires Montcrypto

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The crypto mining industry is all set for a major change and industry players have already started moving towards carbon-neutral crypto mining options. Nasdaq-listed crypto mining company The9 Limited recently acquired Montcrypto to build a 20MW electricity supply for carbon-neutral crypto mining activity in Canada’s Calgary.

Montcrypto’s carbon-neutral infrastructure will facilitate a green electricity supply of 20MW which will be enough to operate more than 6,000 S19j Antminers. Canada’s Montcrypto has collaborated with several oil extraction companies in Calgary for natural gas procurement.

Thus, the ultimate idea is to power carbon-neutral crypto mining operations using natural gas as the source of electricity generation. To get the controlling stake in Montcrypto, The9 is planing a total investment of CAD 7.6 million in two different phases.

With Tesla suspending Bitcoin payments due to its high carbon footprint and the latest crackdown by China on local miners has forced companies to rethink their crypto mining business model and opt for cleaner and renewable energy usage.

Thus, energy companies promoting clean energy solutions are likely to see more collaboration with such crypto mining firms. Apart from crypto mining, The9 has been also promoting carbon neutrality strategies with other players in the supply chain.

The9 Expanding Its Carbon-Neutral Mining Operations

For the deployment of its crypto mining machines, The9 is also seeking more environmentally friendly mining sites worldwide in order to deploy its crypto mining machines. The9 also recently invested in crypto mining facilities company Skychain Technologies Inc.

The investment involves expanding its capacity from 20MW to 32MW. The expansion for the mining site happens is located in Birtle, Manitoba, Canada. Once the expansion facility is ready, The9 will deploy all of its crypto mining machines.

The9’s recent collaboration with Montcrypto also puts the byproducts of natural gas to good use for electricity production. Once the 20MW carbon-neutral mining facility is completely operational, the byproduct of natural gas in the area shall be reduced by 53 million cubic meters every year, This will further reduce the greenhouse emissions of 128,000 tons of carbon dioxide equivalent.

The post Carbon-Neutral Crypto Mining Picks Up Heat As The9 Acquires Montcrypto appeared first on Coingape.

Publication date: 
06/04/2021 - 07:39

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