Renewable energy makes rounds in the crypto mining industry in Sweden.
Genesis Digital Assets Limited (GDA), a Bitcoin mining company, announced the opening of a new facility in Sweden that’ll run on green energy.
On August 21st, the company stated its decision to expand mining capacity in the country, with the exception of utilizing sustainable energy sources.
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According to Abdumalik Mirakhmedov, the Executive President and Co-Founder of GDA:
Our expansion of facilities in the Nordics is a testament to our unwavering commitment to utilizing green energy sources.
He added that their goal is to lead by example, minimizing the environmental impact of Bitcoin mining.
As specified by the press release, the facility is located in the Northern part of Sweden and has been operational since June. The total capacity is at 8 MW, but there are plans to upgrade in the future. Reportedly, there are 1,900 mining machines deployed in the facility.
This is GDA’s third facility in Sweden in the last three years, but it won’t be producing the energy by itself. It’ll be run by carbon-free electricity produced by a nearby hydroelectric power station.
Tim Carra, the Head of Nordic of GDA, stated:
With abundant energy sources, a pro-innovation environment, and a strong educational system that results in a great culture of innovation, we believe that Sweden is one of the best countries in the world where to mine Bitcoin and expect to further invest in this beautiful region moving forward.
This is not the first green project GDA engaged in. Back in 2020, the company launched a project to recycle “excess energy waste from crypto mining facilities into sustainable heat and energy to power greenhouses.”
GDA is not the only company that’s looking into renewable energy as a viable source of energy for crypto mining. In June, Tether decided to invest in El Salvador's renewable energy venture to use solar and wind energy to fuel Bitcoin mining.
