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

Labels:

Comments

Post a Comment

Popular posts from this blog

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Telegram users can now buy, sell, and send bitcoin, as the leading cryptocurrency has been integrated into the Wallet bot on the popular messaging application. The bitcoin support follows the wallet’s recent tether integration, which enables users to transact with the stablecoin as well. Over a Billion Telegram Users Can Now Transfer Bitcoin in Chats On Friday, April 21, the @wallet bot on Telegram announced the addition of bitcoin (BTC) support to its web interface. The development team explained that previously, the leading cryptocurrency by market capitalization was only accessible in the text bot. “Now, all @wallet users will be able to take full advantage of our web interface,” the announcement on Telegram details. Telegram is extremely popular among cryptocurrency users, and according to a report from April 2023, the messaging app has an estimated 1.068 billion users. Bitcoin.com News confirmed that BTC has been added, as our publication tested the @wallet bot on Telegram...
Post a Comment
Read more

US-Listed Bitcoin Miners Hit Record Market Cap of $22.8 Billion, JPMorgan Says

As of June 15, U.S.-listed bitcoin miners have reached a record market capitalization of $22.8 billion, according to global investment bank JPMorgan. This surge is led by significant gains in stocks like Core Scientific, Terawulf, and Iren. The overall sector market cap has increased by 24% since the end of May, partly due to a […] from Bitcoin News https://ift.tt/E8R7P09
Post a Comment
Read more

Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness

Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers. Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts. Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business. Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF. What Is a Verifiable Random Function (VRF)? Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works. A series of inputs are passed into a VRF. The VRF computes the inputs and generates pseudorandom outputs. Anyone, at any time, can cryptographically verify that the...
Post a Comment
Read more