Bitcoin is expected to be mined with renewable energy thanks to the Moonlite Project, which plans to build a new cryptocurrency mining center in Iceland powered entirely from hydro, geothermal, and wind sources.
“I think it would be sinful to be burning coal to try to mine Bitcoin,” Eric Krige, founder and CEO of the project tells Inverse, “That would send the world backwards, and we don’t want to be a part of that.”
Krige went on to say “Green energy is the way to go.”
The crypto-mine will come online in three rollout phases, with the first starting construction April 2 and switching on August 1 at a capacity of 15 megawatts. ICO funds will be used for setup costs, with 35 percent of the company’s annual profits used to buy back the MoonLite tokens which will then be burned. If successful, it could spark a new wave of eco-mining centers.
Write: Sara Bauer