Sustainable crypto mining entity MintGreen has reportedly finalized its seed investment round, led by high-profile crypto asset management firm CoinShares, for Bitcoin mining heat waste recycling.
Specifically, a part of the fund will reportedly be directed to financially support two pilot initiatives aiming to enhance the energy efficiency of Bitcoin mining.
MintGreen reportedly has two pilot projects looking to be kickstarted beginning next quarter. The first will be focusing on selling heat waste generated from Bitcoin mining to the Vancouver Island Sea Salt facility – where they will utilize the heat for water boiling and salt flakes distilling.
Shelter Point Distillery – a Canada-based whiskey firm – will reportedly also be utilizing the heat for their production process.
CoinShares reportedly also disclosed via an announcement on March 17th, noting that it will collaborate on recycling heat waste from crypto mining into hot water and heating services — which will be sold to industrial customers.
The firm reportedly expected that the attempts they are making will help remove the mainstream perceptions of Bitcoin mining being wasteful and inefficient.
“We are excited to work with MintGreen, where we will join the board, and the like-minded investors we brought into this deal alongside us to help transform the Bitcoin mining landscape and its image in the mainstream media.”
Mainstream analysis reportedly has a tendency to forget the fact that the majority of Bitcoin mines operate using renewable energy which would otherwise go to waste.