Nodal Power raises $13 million to mine cryptocurrencies in landfills
Nodal Power has raised $13 million to mine cryptocurrencies in landfills
By burning methane in a generator, the company reduces carbon emissions, ensuring efficient use of resources
US-based mining company Nodal Power has raised $13 million in an initial round of funding for a project to convert methane emitted from landfills into renewable energy, some of which is used to mine cryptocurrencies.
Methane is a greenhouse gas that is produced by the decomposition of organic matter. It is 25 times more powerful at trapping heat than carbon dioxide. By burning methane in a generator, Nodal Power reduces carbon dioxide emissions compared to flaring or air emissions, ensuring efficient use of resources that would otherwise be wasted, the company elaborated.
"Bitcoin mining is a secondary tool that we use when the economics of the network are not as favorable. Right now, we only mine cryptocurrency in our data centers," co-founder Matthew Jones explained to Decrypt.
A recent KPMG report suggested that the amount of methane being burned in the U.S. and Canada could potentially power the entire Bitcoin network.
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