Canadian Firms to Develop Bitcoin Mining Facility Partly Powered by Wind, Solar

The 5-megawatt site will be solar-, wind- and natural gas-powered.

AccessTimeIconMar 19, 2021 at 12:55 p.m. UTC
Updated Sep 14, 2021 at 12:29 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain company Neptune Digital Assets (TSX-V: NDA) and mining firm Link Global Technologies have signed a letter of intent to co-develop a bitcoin mining facility partly powered by green energy in Alberta, Canada.

  • In an announcement Friday, TSX Venture Exchange-listed Neptune Digital Assets and Link Global said they expect to sign a definitive agreement expected by April, with construction starting immediately thereafter.
  • The joint venture will be 50-50 with both firms splitting costs and revenue.
  • The new mining facility will be built in Alberta, where Link Global operates a majority of its bitcoin facilities. The 5-megawatt site will be solar-, wind- and natural gas-powered.
  • The agreement comes amid rising criticism for the energy used by the crypto mining industry and its impact on climate change.
  • "We expect there to be substantial global pressure to develop sustainable bitcoin mining operations around the world, said Cale Moodie, Neptune CEO. "We hope as a team to become a major powerhouse in low-cost, carbon-neutral mining and tapping available carbon credits for exchange in that burgeoning marketplace.”
  • On March, 4 the two firms partnered for Link to procure and operate 1,500 ASIC mining machines on behalf of Neptune.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about