Vespene Energy uses methane from landfills to mine bitcoin

Bitcoin and energy company Vespene Energy has raised $4.3 million to help cities mine bitcoin from landfills by converting methane into renewable energy. Investment fund Polychain Capital has received the money from several parties in a financing round to stimulate climate-neutral mining.

Vespene Energy

The startup Vespene Energy aims to mine bitcoin with sustainable energy, generated by converting methane from landfills. The company uses special micro-turbines to capture the unused or excess methane gas and convert it into electricity.

The company’s service consists of offering (ready-to-use) infrastructure with the associated maintenance. This service is aimed at municipal waste processors.

The municipalities do not have to get involved and incur no extra costs, while a new type of income stream is created and fewer greenhouse gases are released during the processing of waste.

Our goal is to reduce one of the largest greenhouse gases and to stimulate the transition to sustainable energy. With bitcoin, methane gas can now generate revenue for our customers and immediately reduce emissions Adam Wright, co-founder Vespene Energy

The $4.3 million dollars raised will be used to launch the first pilot in California. According to Wright, the first miners, powered by sustainable energy, can start operating within six months.

Bitcoin mining is location independent. It does not require on-site manpower. As a result, you can use energy that is generated in places where it is not used for other purposes for mining bitcoin. You can also use bitcoin mining in places where the supply of energy exceeds the demand.

Vespene Energy wants to encourage municipalities to learn about bitcoin and the benefits of sustainable mining. After all, converting methane gas from landfills into an income stream is good for the wallet and the economy, as well as the environment.

After all, methane retains no less than 25 times more heat than carbon dioxide and is therefore responsible for a large part of the greenhouse effect. Due to the high costs and long distances, converting methane into energy that can be used for other purposes is difficult. About 70% of all waste processors in the US have no solution for the methane produced. Vespene Energy wants to change that.

The company’s goal is to convert 270,000 tons of C02 per year from methane into energy, an ambitious target.

Similar projects

Vespene Energy is not the only company that sees profit in excess gas. For example, oil company Gazprom Neft has entered into a partnership with mining company River to use the natural gas that is flared during oil drilling to mine bitcoin. A similar pilot recently started in Oman and competitor ExxonMobil is also working on a similar initiative.

Bitcoin is also mined on a Spanish pig farm with sustainable energy generated from environmentally unfriendly manure.

Looking for more relevant articles about bitcoin and the environment? View them here.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2024 Cryptocoin Budisma.net