Skip to main content

Green Bitcoin Mining: Nodal Power Secures $13M for Landfill Gas Conversion

Green Bitcoin Mining: Nodal Power Secures $13M for Landfill Gas Conversion

Utah-based Nodal Power, which specializes in turning landfill gas into energy for powering bitcoin (BTC) mining hubs, recently announced a successful $13 million seed round backed by strategic investors. Bryan Black, Nodal’s CEO, stressed the technology’s “potential to make a significant impact on local energy markets.”

Nodal Power Raises $13M to Convert Landfill Gas to Bitcoin Mining Energy; Eyes Local Market Impact

Nodal Power, a company that converts landfill gas into energy for Bitcoin mining centers, has secured $13 million in seed funding. This technology reduces methane gas emissions from landfills and uses that energy for mining. Nodal combusts the methane, typically flared or vented, with a generator. The resulting electricity is then provided to local utilities and BTC mining operations.

Nodal says a significant portion of the funding has been invested in building and operating two power plants in the United States. The first, in the Southeast, uses landfill gas to provide electricity to the nearby utility. It also features a bitcoin data center, promoting an economic balance between the bitcoin mine and the utility.

The company explained that the second plant, in the Mountain West, leads in creating a fully sustainable off-grid data center powered only by landfill gas. Plans are underway to invest additional funds in a third U.S. location by early 2024. All these facilities generate green electricity from methane, produced from organic waste decomposition in landfills.

“We’ve developed solutions, specifically for smaller landfills, that allow us to bring these overlooked resources to market,” CEO Bryan Black explained during the announcement. “Our technology and energy-first approach have the potential to make a significant impact on local energy markets.”

Using flared or vented gas for Bitcoin mining isn’t new. Companies such as Crusoe Energy, Vespene Energy, EZ Blockchain, and Alkane Midstream offer similar services. Publicly traded energy company Equinor reportedly used gas flaring for Bitcoin mining in North Dakota. YPF Luz, an Argentine oil subsidiary, powered bitcoin mining with residual gas.

What do you think about Nodal Power raising $13 million from investors in a seed round? What do you think about landfill gas conversion to bitcoin mining? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/hosTjJ6
Labels:

Comments

Post a Comment

Popular posts from this blog

Ripple Donates $300K to Support Nepal and Tibet Flood Relief

Ripple is donating $300,000 to World Central Kitchen and Mercy Corps following devastating floods in Nepal and Tibet. The funding will support emergency meals, clean-water access, and sanitation efforts in affected communities. Ripple Directs $300K to Emergency Assistance A $300,000 Ripple donation will support emergency food, water, and sanitation assistance after destructive flooding struck Nepal […] from Bitcoin News https://ift.tt/b60CqSG
Post a Comment
Read more

$13T Asset Manager Charles Schwab Adds 3 Altcoins to Its Crypto Push

There’s been a great deal of institutional interest in crypto assets over the last two years, and on Thursday, the $13 trillion asset manager Charles Schwab announced that it is expanding its digital asset listings beyond bitcoin and ethereum. According to the announcement, solana (SOL), avalanche (AVAX), and chainlink (LINK) accessibility will be added to […] from Bitcoin News https://ift.tt/b1dBkM5
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more