There might be an answer to cryptocurrency mining environmental concerns

Looking for an answer to cryptocurrency mining concerns? Turn to Icelandic farmers…

by Manoj Sharma for CNR

Lately, the cryptocurrency mining industry is getting a lot of attention. The energy it uses has become a topic of substantial debate, given the sizeable environmental concerns that so much electricity use brings with it. However, farmers of Iceland might have a sustainable and viable solution in this regard.

The reports condemning the mining of cryptocurrencies and the electricity usage during the process are growing in numbers. Some experts are fully against this business model and how it affects communities and cities, while there are those in favour.

In Iceland, multiple Bitcoin mining firms are in the operation, and all of them rely on the huge amount of renewable energy of the country. To fulfil the growing need of the energy, local farmers have come up with a new solution.

A small cryptocurrency mining operator can pay the neighbouring farmer for their excess geothermal energy, which can be converted to electricity. The power generated can be used by mining units to heat up stable and other storage spaces that usually remain empty. Since the conditions in Iceland are unique, this business model can create a win-win situation for everyone involved.

This business model by the Icelandic farmers can be lucrative under the right conditions too. But as you might expect, it requires a lot of effort to push such concept to the next level with ease. Not every farm owner will approve the idea of having a mining operation running in their field, not least because many of them are unfamiliar with cryptocurrencies despite their popularity. At the same time, farmers who take advantage of this new concept appear to be happy.

Start-ups like these show that crypto mining industry is evolving, but then it clearly has to. We wait and see if others follow the lead that’s been set…

Image: BigStock