Spanish Miner Cryptosolartech Partners With Solar Panel Manufacturer Risen Energy On 300 MW Plant And R&D Agreement

Spanish crypto mining firm Cryptosolartech and Chinese solar panel manufacturer Risen Energy are partnering in a deal that will see the two set up a 300 MW solar farm in Spain and a joint R&D agreement on blockchain and IoT technology.

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Spanish crypto mining firm Cryptosolartech and Chinese solar panel manufacturer Risen Energy are partnering in a deal that will see the two set up a 300 MW solar farm in Spain and a joint R&D agreement on blockchain and IoT technology.

Relief for environmental concerns of Bitcoin mining

Cryptosolartech is one of the biggest mining firms in Spain and prides itself in the use of renewable energy. Risen Energy, whose subsidiary in Spain will handle the partnership, is a solar technology firm that specializes in the manufacture of photovoltaic solar panels.

Cryptosolartech released a statement confirming the collaboration on Medium.

The partnership allows the company to finally build and install photovoltaic plants in the country to provide clean, renewable energy to mining firm, the largest so far in Spain.

Further comments from the company’s statement indicate that the project will be completed in multiple phases, eventually reaching a capacity of 300 MW.

According to the Spanish-based mining firm, the first phase will involve the installation of three photovoltaic plants in the country’s Seville province. The plants are expected to have a combined energy capacity of 45 megawatts.

The electricity generated at the three plants will then be supplied to the company’s cryptocurrency mining farms in 5MW and 9MW. The first farms to benefit will be those in the Spanish city of Malaga.

Cryptosolartech already has two mining farms (Marchena and Cantillana) in operation, with three others (Salteras, Alcala de Guadaira, and Palomares) currently being developed in Malaga.

The collaboration will go beyond just putting in place the solar plants. According to the announcement, the partnership between Cryptosolartech and Risen Energy will also involve blockchain R&D and internet of things (IoT) technology.

Crypto Mining and Carbon Footprint

One of the main criticisms against the mining of crypto assets is that it is especially for Bitcoin very energy intensive. Critics have over the years maintained that mining uses up so much electricity that it dwarfs some countries’ national usage.

In May, a research firm said that Bitcoin uses up to 67.91 TWh every year, a higher figure than the whole of Chile, which uses about 66 TWh. Earlier in February, the New York Times had published an article that explored whether Bitcoin was “a waste of electricity” or worse.

Besides general concern over rising electricity needs, the crypto mining sector has also faced criticism over its apparent effect on global warming.

Although most mining firms still rely on cheap, polluting electricity for their operations, a few have turned to renewable energy as a possible solution to Bitcoin’s electricity problem.

One of the oldest ways mining farms have sought to reduce the amount of electricity consumed is via hydroelectric dams. The practice began in China as early as 2014 and has found root in other countries, including in Austria.

Austria’s HydroMiner reportedly used Alpine hydroelectric energy to reduce the cost of electricity significantly.

Other sustainable energy companies include the Arizona-based NastyMining that uses power from wind and solar to mine cryptocurrency, and Harvest, a wind-powered cryptocurrency mining firm based in Berlin.

Cryptosolartech isn’t the only company to venture into renewable or sustainable energy to mine crypto. Early July saw Australia’s DC Two through its D Coin subsidiary unveil plans to develop a mining facility that uses solar power.

Solar Alliance, supported by William Shatner, said in June that mining farms would do well to consider using solar energy. The company acquired an Illinois warehouse to install 3-megawatt solar plants, whose energy would be rented out to miners.

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