When you hear of a Bitcoin startup, there are two things that would probably come to your mind. The first is a company that takes in investments and purchases Bitcoin with a minor premium to their share like Grayscale, or secondly, a mining company. Well, that’s why I say that Mintgreen is really a unique Bitcoin startup. And their idea is to develop technology that captures the heat that is produced when Bitcoin is mined. It will then use the heat for productive purposes like industrial and municipal operations.
Mintgreen closes seed funding.
The unique Bitcoin startup has recently closed its seed funding round and will soon deploy commercial projects. Their aim will be to harvest the heat generated from Bitcoin mining and use it productively. In this way, the amount of energy wasted for the mining of Bitcoin will also be significantly minimized. People often call Bitcoin a waste of energy, so if Mintgreen is actually able to nail this, they could fix this problem. Coming to the Seed funding, Coinshare Ventures funded the company.
Very few people know that Bitcoin is actually energy-efficient than another traditional form of payments. But due to its decentralized nature that makes its data public, it has been criticized heavily. One of the officials of the company said, “Bitcoin fixes many things, but we find ourselves with the unique opportunity to fix one of Bitcoin’s biggest problems without changing a line of code”. The company plans to use immersion systems to mine BTC and use the heat in a productive way.
As the craze and demand for Bitcoin increases, so will the requirement of new miners. And as the numbers of miners increase, energy consumption will skyrocket. Hence need for such a solution was there for quite some time now. And now we finally have it.
Use of the mining heat of Bitcoin
It is no surprise that energy in any form has a lot of uses. And so does the mining heat from Bitcoin. The company Mintgreen has already partnered with district energy operations to provide warm water to entire city blocks using the same heat. It has also partnered up with a sea salt company that will use the heat to boil ocean water to distil it. Heck, Mintgreen has even partnered up with a whiskey company that will use the same heat to boil mash.
The company’s operations will help the future growth of the mining industry. Because now, practically speaking, nothing is getting wasted, and most of the waster energy is reutilized. Even big mining companies can now take this idea up and sell their heat energy generated from the rigs to companies like Mintgreen. This way everyone earns a few bucks, no energy is wasted and critics have nothing to criticize.
What are your thoughts on the awesome and unique idea of the Bitcoin startup Mintgreen? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.