Above and right / The oil immersion boosts the machine ’ s hash rate and extends its life span .
At far right / Immersion cooling also results in reduced noise , which benefits workers and the surrounding community .
In November 2022 , New York became the first state to enact a ban on new permits for crypto miners that do not use 100 % renewable energy .
The industry has come under further pressure from a slew of high-profile corporate failures and scandals that have seen the valuation of bitcoin plunge from a high of $ 69,000 in November 2021 . With margins squeezed , miners must reduce costs , making the sourcing of cheaper , renewable energy an operational priority as well as an environmentfocused goal .
“ I don ’ t think anyone wants to see miners turn coal plants back on , at least in the United States , in order to mine bitcoin , and we hope that continues ,” says Holyoak .
CleanSpark draws about 95 % of its power from low-carbon sources , primarily nuclear and hydropower , along with solar and wind . It still relies on a small percentage derived from fossil fuels , including gas and coal .
Crypto proponents say it is wrong to single out the industry over its energy use , pointing to other sectors like gold mining that absorb a greater share of the world ’ s power generation . Perhaps counterintuitively , they also insist they can help fast-track the development of renewables by creating demand that incentivizes electricity providers to build infrastructure and boost supply .
Tapping renewables in heartland states The vision has won over officials in several U . S . states . Wisconsin approved a tie-up between a digital asset firm and a power company to generate emission-free hydroelectricity for bitcoin mining . Texas , meanwhile , has welcomed crypto miners to set up in a state that offers ample sun , wind
PHOTOS COURTESY OF CLEANSPARK
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