Vespene Energy, a methane reduction company that sells mining equipment for bitcoin, has raised $4.3 million in a financing deal coordinated by Polychain Capital in order to begin total carbon-negative bitcoin mining. The news was released by bitcoin magazine on August 9.
Vespene uses micro-turbines located in municipal landfills in order to transform surplus or discarded methane gas into power, which would be subsequently supplied to bitcoin mining storage systems. Since Vespene offers this architecture, municipalities enjoy a totally hands-off experience that allows them to generate an entirely new revenue stream at no expense to them.
The goal of the initiative by Vespene Energy
The purpose of this effort is to reduce a big source of emissions of greenhouse gases and assist in accelerating the shift to the renewable power future by converting landfill methane sources into income sources for the clients through bitcoin mining.
Furthermore, by providing the facilities for communities, Vespene has authority over the installation schedule and materials necessary to be operational and functioning.
Vespene Energy co-founder and CEO Adam Wright noted,
“Since our sites require no connection to the grid or pipeline buildout, we can turn otherwise harmful and wasted landfill methane into a clean power source for carbon-negative Bitcoin mining in about six months.”
Vespene Energy let local authorities learn about bitcoin
Additionally, the one-of-a-kind framework that Vespene provides encourages local authorities to understand further bitcoin as well as the mining procedure. Vespene officials revealed a profit-sharing procedure, allowing local authorities to earn more when Vespene earns more, and vice – versa.
This economic model incentivizes local authorities to not only become knowledgeable but also engaged within the Bitcoin ecosystem.