An old lead and zinc mine on the west coast of Tasmania could become home to 'Australia's largest emerging, 100 per cent renewable energy bitcoin mine'.
An old lead and zinc mine on the west coast of Tasmania could become home to what an Australian bitcoin miner is describing as "Australia's largest emerging, 100 per cent renewable energy bitcoin mine".A location like an abandoned mine provides enough space for the construction of a bitcoin facilityThe site is anticipated to hold 10,000 computers once complete
Bitcoin is the world's largest cryptocurrency, and while it is completely digital, it still needs to be mined. Each bitcoin mining computer around the world races to be the first to complete a 64-digit hexadecimal number, or hash, for a new bitcoin.Then, the process repeats itself around every 10 minutes. There are currently an estimated 1 million bitcoin mining computers around the world.A location like an abandoned mine provides enough space for the construction of a bitcoin facility, with some of the necessary infrastructure already in place.
Bitcoin mining uses an immense amount of energy. If bitcoin mining were a country, it would be the 23rd highest consumer of energy annually, not far behind Australia's usage.
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