Vespene Energy Raises $4.3 Million To Help Cities Mine Bitcoin
Vespene Energy - a company that uses landfill methane to fuel Bitcoin mining raised $4.3million to launch carbon-negative Bitcoin mining according to Bitcoin Magazine.
Vespene uses micro-turbines at municipal landfills to repurpose methane gas into electricity to power Bitcoin mining at zero cost to municipalities.
Vespene is sticking to its plan to aid on the climate front. “Our goal is to mitigate a major source of greenhouse gas emissions and help fuel the transition to a renewable energy future by using Bitcoin mining to turn landfill methane streams into revenue streams for our customers,” said Vespene Energy co-founder and CEO Adam Wright.
Not only has Vespene been able to tap into wasted methane as a clean power source for Bitcoin, but it will go above and beyond by becoming carbon negative. “And because 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,” said Wright.
This approach to Bitcoin mining will also incentivize local governments to learn more about Bitcoin and Bitcoin mining. Executives from Vespene explained that with the company's business model, local governments are able to profit and further realign their incentives.
The business model realigns incentives for local governments to not only become educated on Bitcoin and Bitcoin mining but to also become heavily involved in the ecosystem.