Cryptocurrency mining has come under increased scrutiny in recent times because of its electricity consumption and effects on the environment. However, in order to avoid the hassle that comes with using traditional electricity, an Australian Data Centre is setting up a solar-powered mining farm.
The use of renewable energy for cryptocurrency mining will do a lot to alleviate the issues that environmentalists have with the process, as well as regulators who worry about the effect these mining operations have on cities and towns.
‘Behind-the-Grid data centre’
The mining farm will be part of a data centre that is being built outside of the Western City of Perth in a coal mining town called Collie. The primary aim of the centre is to provide competitive electricity rates via the use of renewable energy, and with that ,there will be options for cryptocurrency mining operations.
The company said:
“In complete crypto mining configuration, using the initial 4MW power availability, the data centre could mine about 650 Bitcoins per annum worth around $6 mln (AUD) based on current mining and exchange rates.”
It will allow for cryptocurrency mining that is not tethered to any form of traditional electricity source which can be controlled, regulated and altered. The Data Centre will be able to be in full control of the operation, and will not be causing any adverse effects to the environment.
New waves for mining
While it is claimed that this is the first Solar-Powered crypto mining operation, it is not the first instance of companies going ‘off the grid.’
In May, Sydney-based Blockchain firm IoT Group commenced a crypto mining operation agreement that relates to a proposed mining center being built within a decommissioned coal plant. This may be off the grid, but is hardly a use of renewable energy.