Bitcoin mining continues to attract a lot of attention. This industry requires access to affordable energy to become profitable. In Morocco, a new wind farm is being constructed for the sole purpose of mining Bitcoin. This facility will provide 36 megawatts of wind-powered energy.
Another Major Bitcoin Mining Operation
A new wind farm will be built in Morocco, starting next January. The country offers plenty of real estate for wind energy, and companies are taking advantage of these opportunities. One downside to this region is how there is no transmission line to provide a connection to the power grid. Besides that factor, the Moroccan southern coast seems to lend itself perfectly to wind-powered Bitcoin mining.
Even without a power grid connection, mining Bitcoin is a viable use case. Soluna, a company specializing in mining cryptocurrencies, will build their infrastructure on the southern coast of Morocco. The company secured rights to 37,000 acres of land. During the initial stage, the facility will provide 36 megawatts of electricity. That capacity can be upgraded to 900 megawatts over time.
It is also interesting to note how Soluna is not just banking on earnings from mining Bitcoin. Instead, the firm will explore opportunities to sell electricity back to the grid in Morocco. This will be achieved through Power Purchase Agreements. Every energy provider in the country is subject to a guaranteed PPA. As such, the company can offset some of the costs of mining through this venture. Given the volatile nature of Bitcoin, that is not an unnecessary luxury.
Changing the Mining Narrative
Several countries around the world note an influx of Bitcoin miners. In most cases, companies explore regions where renewable energy is easy to come by. Iceland makes for an excellent case in this regard. Canada has always seen growing interest from Bitcoin mining firms over the past few years. In other parts of the world, new infrastructure needs to be built to facilitate this particular business model.
The concept of Bitcoin mining has received a bad reputation over the years. This process is often associated with vast amounts of electricity being consumed. Some experts even went as far as claiming mining cryptocurrency is bad for the environment. As more companies explore renewable energy solutions, the narrative regarding Bitcoin mining is changing for the better.
In a recent report, it became clear mining gold is still a lot more expensive than generating bitcoins. With annual costs remaining 20 times as high when compared to Bitcoin mining, everything has to be put in its proper perspective. No one will deny Bitcoin mining is energy-intensive, but other industries, such as banking, actually use much more. That being said, it’s very interesting to see so many crypto mining companies looking to use renewable energy to power their operations.
Do you think more Bitcoin miners should use renewable energy? Let us know in the comments below.
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