The En + Group, the world’s largest low-carbon aluminum producer and the largest private sector hydropower producer, has established its first encrypted mining joint venture.
A new joint venture called Bit + will focus on creating facilities that support low-carbon crypto mining. The En + Group partner at Bit + is the Russian company BitRiver, which offers custody services and turnkey solutions for large-scale institutional cryptocurrency mining operations.
BitRiver currently operates the largest data center, provides BTC (Bitcoin Storage) services in the Russian Federation and offers similar services across the country and neighboring CIS countries.
The first result of the Bit + joint venture was the installation of a new system next to the existing BitRiver data center in Bratsk in the Irkutsk region of the Russian Federation. The En + Group has assigned 10 MW of power to the plant, which consists of encrypted modular mining modules and is already in operation. Both companies plan to increase the capacity of the plant to around 40 MW.
Initially, the facility consists of 14 modular units, each of which is a converted shipping container, the size of which does not exceed the size of a full-fledged encrypted data center for the mining industry. Each device can hold up to 400 Bitmain S19 Pro-Miners.
In an official statement, En + Group provided some background information on the choice of the Irkutsk region and its potential for low-carbon solutions:
“Our energy plants in the [Irkutsk] area use renewable resources to produce low-carbon and cheap electricity. We can supply these partnerships with excess energy. In addition, the lower average annual temperature reduces the demand for data centers. Energy, makes it more efficient and reduces your carbon footprint. “”
According to reports, high power consumption is still the crypto industry’s Achilles heel, especially for coins like Bitcoin, whose consensus algorithm requires a lot of computing power and therefore requires extremely high performance for maintenance.
Several energy experts have tried to adapt the energy debate around Bitcoin in order to reduce energy consumption. Instead, they focus on analyzing where and how power is being generated, believing that the most important thing is to ensure that fewer harmful decisions are made during the power generation phase.
Now that the financial and geopolitical actors near the end of global climate policy, it remains to be seen that the energy consumption of green cryptocurrencies is by no means aimed at reducing energy consumption enough to make this sector truly sustainable.