With concerns about Bitcoin mining and its impacts on the environment, CleanSpark and Coinmint are to collaborate on Bitcoin mining to achieve their goal of 100% carbon-free operations.
CleanSpark Inc, a diversified software, services, and bitcoin mining firm, said that it has reached an agreement with Coinmint to deploy roughly 25 megawatts (MW) of its highly efficient Bitmain S19 Pro miners at a Coinmint facility.
Between July and September this year, the Salt Lake City, Nevada-based company expects to deploy about 750 PH/s of hash rate capacity at Coinmint’s Massena, New York location.
Coinmint has pledged to supply 25 MW of electricity, operational support, and a 98 percent uptime guarantee to support this hashrate.
CleanSpark anticipates that the agreement will “rapidly increase” its overall hashrate across all bitcoin mining locations to 1.2 EH/s once installed, allowing it to maximize bitcoin production while adhering to all aspects of its environmental, social, and corporate governance (ESG) mining philosophy.
Coinmint is the world’s largest private digital currency data centre. The energy is mostly sourced from hydroelectric power, resulting in a 94 percent carbon-free energy mix when all sources are considered.
Coinmint is concerned with all elements of environmental sustainability, in addition to managing a site that is mostly powered by renewable energy and focuses on creating jobs in the community.
CleanSpark and Coinmint also want to work together to expand their green energy programs, with the objective of reaching 100 percent renewable energy.
Coinmint CFO Michael Maloney stated in a statement: “Mining space and power are in high demand, therefore we pick our partners carefully.
CleanSpark was chosen as a partner because of its alignment on ESG and sustainable mining methods. Coinmint is uniquely positioned in the industry to provide cryptocurrency miners focusing on green energy with large amounts of energy and outstanding operating quality.”
“We’re also looking into replacing the remaining 6% of non-renewable energy with onsite renewables, and we feel CleanSpark is the right partner to assist us to do so. Coinmint is excited to collaborate with their energy experts and innovative energy solutions to enhance our green energy infrastructure ” he added.
CleanSpark CEO Zach Bradford, on the other hand, called the development a “really exciting opportunity” for the company.
“We are glad to partner with a firm that shares our ESG philosophy and has a proven track record as a mining service provider. We expect that this arrangement will allow us to accelerate our progress toward 1.2 EH/s. All of our latest mining rig shipments arrived on time and in accordance with our purchase agreements.
“We plan to reroute our shipments to the Coinmint facilities over the following three months in order to optimize the contracted 25 MW of renewable power. We will divert shipments of the new units to our Atlanta facility once we have attained full allocated capacity under the Coinmint agreement “he stated
Bradford stated that the 30 MW energy expansion of its own facilities is nearing completion and would be completed in the coming months, bringing the total capacity of its Atlanta facilities to 50 MW.
“We plan to install miners to take advantage of Atlanta’s total capacity, with units arriving between September 2021 and January 2022. CleanSpark’s total deployed hashrate is likely to exceed 2.1 EH/s after installation, according to the CleanSpark CEO.
An industry-wide shift has occurred as a result of the rapid flight of Chinese miners, and we believe that now is the ideal time to align with a partner to obtain the additional capacity to generate flexibility and sustainability in our entire operations.
“We expect this agreement to give us extra flexibility over time with a like-minded partner to help us continue to build our mining operations,” he said.
CleanSpark is ecstatic to be able to assist Coinmint in “achieving their goal of 100 percent carbon-free operations,” according to Bradford “actions,” a goal shared by all of the company’s divisions.
CleanSpark has topped 470 PH/s in hashrate capacity, mined more than 410 bitcoins, and is currently mining an average of more than four bitcoins per day since the acquisition of ATL Data Centers.
CleanSpark specializes in offering cutting-edge software, controls, and technologies to address today’s energy challenges. It features a software suite that provides end-to-end energy modelling and management solutions for microgrids. At its site outside of Atlanta, Georgia, the corporation also has a fleet of bitcoin miners.