CoinShares backs eco-friendly Bitcoin mining

Canadian mining company MintGreen has closed its seed financing round, led by CoinShares, the venture arm of the digital assets management firm.

We are excited to announce the close of our seed financing round, led by @CoinSharesCo. A huge thank you to everyone for your support and shared vision for ethical, sustainably mined #Bitcoin 🌱🥳🚀🌙

Official Announcement here: https://t.co/WfoTWpQ5qU

— MintGreen (@MintGreenHQ) March 16, 2021

The amount of investment raised by MintGreen was not disclosed.

The Vancouver-based company develops eco-friendly Bitcoin mining projects. Since 2017, MintGreen has been mining using energy from renewable sources.

The firm also aims to monetize the heat generated by immersion-cooled equipment, offering it for space heating and water heating with no carbon footprint. MintGreen already collaborates with several utilities.

The company planned in the second quarter two pilot projects for the industrial-scale use of heat produced by mining. Partners will be Shelter Point and Vancouver Island Sea Salt, producers of whiskey and sea salt respectively.

CoinShares’ Chief Strategy Officer Meltem Demirors said:

«We believe that Bitcoin is driving fundamental changes in the energy and infrastructure sectors. As the mining ecosystem grows in North America, innovative companies like MintGreen will bridge the gap between cryptocurrency mining, power generation, and sustainable development requirements».

Demirors joined investors in the round, including Nelson Investments, Hard Money Collective, Vipul Goyal, Cristofoli Contracting and others.

Bitcoin mining has traditionally faced criticism for:

• high electricity consumption, which increases carbon emissions;
• excess noise from equipment cooling facilities, worsening local environmental conditions.

According to a study by the Technical University of Munich, one third of the mining industry’s total energy consumption is attributed to altcoins.

Industry experts call exaggerated concerns about the environmental harm from electricity use in mining Bitcoin.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.