One of the largest bitcoin mining operations in the world, Genesis Mining, has been working on an experiment with Systemair, Lulea Technical University, Research Institute of Sweden, and the local Boden municipality. The teams in Sweden are developing a system that converts excess heat from Genesis’s bitcoin mining to power greenhouse operations.
Bitcoin mining is extremely competitive and the network consumes a lot of electricity to secure transactions and mint new coins. For instance, the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that the Bitcoin (BTC) hashrate consumes an estimated 12.54GW and an annualized consumption level of around 88.14TWh. Out of 20 mining pools, there’s a whopping 150 exahash per second (EH/s) pointed at the BTC chain.