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.
Brilliant idea. This gives Australias financial future further sovereignty. And in Tas no less 👍🏼 First state in Australia to get electricity turned on, and place the first phone call. Couldn’t hapoen in a more appropriate place 👌🏼
I don’t think I’m any more dumb than the next person, but this is confusing: putting banks of computers in an old, disused mineshaft to ‘mine’ products that are only virtual. I’ll have a cup of tea and think about it…
If NT can send solar power to Singapore, Tasmania can send its “excess” renewable power to Melbourne. We do NOT want to become a bitcoin mining hub. Our per capita electricity consumption is enormous and we don’t have enough renewable to spend it gambling on bitcoin.
Karmic