US technology-focused energy group Ziyen Energy intends to install solar panels to power bitcoin mining operations in Colorado’s Alamosa County.
The Wyoming-based company said on Thursday it has purchased a 35-year surface use lease for renewable energy generation to back the energy-intensive process of cryptocurrency mining. The lease will support bitcoin mining in Mount Blanc Valley Ranches.
The acquisition was made through the Ziyen Energy Tokenized Fund. Specific details about the planned solar photovoltaic (PV) project were not provided.
According to Ziyen Energy, cryptocurrency mining poses a major environmental challenge due to the huge amount of energy needed. It pointed out that the bitcoin network is calculated to be using as much energy in one year as the whole country of Argentina.
“Ziyen Energy Tokenized Fund will continue to acquire interests in various energy assets including wind and solar [..],” said Alastair Caithness, Ziyen Energy’s CEO.
The US is currently the second-biggest bitcoin mining destination globally after China, which offers options for cheap coal-fired power. However, bitcoin and cryptocoin miners are often exploring opportunities for removing the carbon emissions from the electricity they consume.
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