PowerBank Corporation opened a fully operational solar power project in New York State at the end of July, according to PR Newswire.
The Geddes Solar Project is intended to power the Canadian clean energy company’s foray into cryptocurrency.
“This is a pivotal moment for PowerBank,” Dr. Richard Lu, PowerBank President and CEO, said in a press release. “Geddes isn’t just our largest U.S. asset — it’s our launchpad into a bold, dual-track strategy that fuses clean energy leadership with financial innovation.”
The new solar power station was built on a repurposed landfill and provides 3.79 megawatts of energy, enough to power 450 homes.
This is the first of a line of solar projects that PowerBank intends to build with cryptocurrency in mind.
Crypto and the environment have a complicated history. Bitcoin mining has historically depended on dirty energy sources to function, using up precious resources in the process.
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A recent study found that the world’s bitcoin mining network polluted the atmosphere with the carbon equivalent of burning 84 billion pounds of coal in just one year.
The strain crypto servers put on local electricity grids can also harm residents in surrounding communities. In Texas, for example, crypto facilities drive up the cost of electricity and cause blackouts.
However, companies like PowerBank are coming up with innovative ways to merge cryptocurrency with a cleaner future.
One new cryptocurrency platform, Bitcoin.ℏ, requires no mining and is therefore less energy-intensive than its counterparts.
Other platforms use a proof-of-stake model, which uses randomly selected validators to confirm transactions, according to Investopedia. Compare that to proof-of-work, which relies on “miners” to solve problems to verify transactions, guzzling energy in the process.
While cleaner alternatives are rising in popularity, they’ve got a long way to go until they’re mainstreamed. Still, innovations like PowerBank’s pave the way for a greener future in cryptocurrency.
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