Nodal Power, an American energy company, recently secured a $13 million investment to grow its unique business. The company converts methane released from landfills into energy. This energy, in turn, is used to mine Bitcoin (BTC), among other things. The 13 million US dollars will be invested in a third power plant.
From methane to bitcoin
Methane is much more polluting than carbon dioxide. The greenhouse gas stores heat 25 times more effectively than CO2. According to experts, methane therefore contributes significantly to global warming. Methane has long been flared to mine Bitcoin, but using methane released from landfills is entirely new.
Most of the energy generated by the company is sold to the grid. However, when this becomes less profitable, the company turns on the bitcoin mining rigs. Of the two power plants currently in operation, one powers 500 bitcoin mining computers. The third facility funded by the new investment will be similar to this one.
Sustainable bitcoin mining
Landfills are extremely harmful to the environment. Not only is the local soil and sanitation polluted, but most importantly, the methane that is released as the garbage slowly decomposes is extremely harmful to the environment. Companies have been converting this methane into electricity for some time. But according to Daniel Batten, a strong proponent of sustainable Bitcoin mining, 75 percent of these companies do not sell their energy to the grid.
As a result, processing methane from landfills is simply not an economically viable choice for many companies. Bitcoin mining offers a solution here and is a lot more environmentally friendly than the usual flaring off of the excess gas. CH4 Capital, a fund founded by Batten, invests in companies like Nodal Power that convert landfill methane into clean energy and bitcoin.
Nodal Power started operations last year. This week came Vespene Energy with it. Together they remove 20,000 tons of CO2 from the air every year. Batten has announced that two more companies will start clearing landfills using bitcoin mining in the fourth quarter of 2023.