Immersive cooling tech can transform Bitcoin mining to zero emission by 2030
According to Hass McCook from Bitcoin Mining Council (BMC), immersive cooling technology has the potentials to help with the transition to zero-emission.
Known online as Friar Hass, McCook believes that the crypto industry is on track to hit the green goal by the year 2030.
The technology of immersive cooling comprises submerging of Bitcoin mining ASICs into a specialized cooling fluid, which would then absorb and recycle heat from the prime data centre. This method of Bitcoin mining enhances the productivity.
Earlier in October, Riot Blockchain, a Bitcoin mining company, had announced that it is in the process of developing 200 megawatts of immersion-cooled Bitcoin mining infrastructure at the Whinstone Facility location.
Based on Riot’s preliminary immersion-cooling test results, the expected hash rate is to increase by 25 per cent, and ASIC performance would go up to 50 per cent.
Co-host of the podcast Around the Coin, Brian Roemmele, had posted a photograph of an immersed Bitcoin mining rig on his Twitter dated October 29, claiming that once the Bitcoin is submerged in Bitcoin Miners in liquid, the total heat and noise gets reduced by 95 per cent. It is possible to recapture up to 40 per cent of the heat and convert it to power.
Roemmele further added that bitcoin would be “100 per cent green by 2024,” stressing that “no other system will be more green”.
Although McCook agrees that Bitcoin has the potentials of becoming carbon neutral, he is not as optimistic about the time frame within which it can happen.
Commenting on Roemmele’s remark, McCook said he does believe that by 2030 Bitcoin can become zero emissions, but he thinks “2024 is a bit ambitious.” He also said that the immersive cooling technology “might be part of the move to green.”
Immersive cooling can potentially reduce both the need to replace equipment and the amount of energy required for cooling rigs while mining Bitcoins.
While that decreases the environmental impact of mining, it does it in an “attractive way for miners,” said McCook. The move to green Bitcoin mining is not for environmental concerns but “to get miners’ cost basis down to improve their profits,” he added.
He further stated that “the main game” was actually about whether miners make use of sustainable energy sources.
McCook further explained that it’s a harsh truth, but whenever one plugs their equipment into the wall, they get whatever is on the other side of the plug. Therefore, for Bitcoin to turn into zero emission, “the underpinning grid has to be zero emission.”
Bitcoin is now moving towards a sustainable future. According to the latest findings from the Bitcoin Mining Council, its members from North America who were surveyed are currently using electricity with a 65.9 per cent sustainable power mix.
The BMC wrote that based on the report’s data, it could be estimated that the global mining industry’s sustainable electricity mix has heightened to roughly 57.7 per cent during Q3 2021, which is up by 3 per cent from Q2 2021. This “makes it one of the most sustainable industries globally.”
Michael Saylor, Microstrategy CEO, has said that this quarter, they have seen “dramatic improvements” in Bitcoin mining energy efficiency and its sustainability, all owing to the advancement in semiconductor technology, the rapid expansion of mining in North America, the Chinese crypto exodus, as well as worldwide translation toward sustainable energy and modern mining techniques.