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Green Bitcoin Mining Companies

Bitcoin mining is agreeably a painstaking process. It requires multiple highly sophisticated computer hardware that is pretty energy-intensive, making the entire endeavor costly and environmentally hazardous. Authorities and environmental agencies have been intervening to stop the electronic waste and carbon footprints left by Bitcoin mining activities and ensure mining facilities comply with Environmental Acts.
However, miners also acknowledge the serious concerns and want to shift to the safest mining practices. For now, the sector is all about green Bitcoin mining.
So, what is green Bitcoin mining? Are there green Bitcoin mining companies, and what are some of the best green Bitcoin mining companies?
Read on to get the answers as we take you through the top green Bitcoin mining companies.

Types of Renewable Energy Sources
Types of Renewable Energy Sources
Source: InspireClean Energy.com

Green Bitcoin Mining Overview

Green Bitcoin Mining is a new concept that follows the now popular idea of Bitcoin mining. Bitcoin mining started in 2009, and it refers to solving complex mathematical puzzles using energy-guzzling computers to create new Bitcoins and maintain the log of all Bitcoin transactions.

Following the criticism from politicians and environmentalists, Bitcoin miners are now rebranding their work to green Bitcoin mining, which is simply mining Bitcoin and cryptocurrency using renewable energy sources such as wind, solar energy, and hydroelectric power.

Green Bitcoin mining companies are strategically running Bitcoin mining operations using these renewable sources, thereby aligning the interests of crypto enthusiasts and environmentalists.

What are the top green Bitcoin mining companies?

Read on as we list the top green Bitcoin mining companies.

Major Green Bitcoin Mining Companies

With the world experiencing the catastrophic effects of climate change already, it is of utmost importance for Bitcoin miners to end their reliance on fossil fuels. Renewable energy sources provide a sustainable solution, and a couple of green Bitcoin mining companies are taking the lead in the new shift.

1.      Compass Mining

Types of Renewable Energy Sources

Compass Mining is a unique mining and hosting Bitcoin-first company currently supported by a team of 80. The Compass Mining team is committed to supporting the decentralized growth of mining hash rates and beef network security by allowing more people to explore, learn, and mine Bitcoin.

Compass boasts 23 hosting facilities, and a newly included feature of At Home-Mining enables customers to set up mining operations at home. This new addition gives miners more flexibility in choosing hosting options for their rigs.

The ASICs hosted on the platform cost between $6,250 and $14,600. They are GoldShell HS5, Whatsminer M30S, Antminer S19j Pro, and Antminer S19XP.  Each miner will have an individual mining contract that will start on their first day of mining. Customers from the US can make their mining rigs orders via the Compass Mining website, while customers in other locations can contact sales representatives.

The website also includes a unique feature dubbed the Compass Score, typically a data point to help users make informed decisions. It provides details such as the specific miner purchase price, monthly hosting fees, and miner efficiency in Tera hash rates.

According to Whit Gibbs, Compass Mining CEO, the company’s customer base is primarily retail miners investing between $10,000 and $50,000.  

2. EZ Blockchain

Types of Renewable Energy Sources
South Caroline Case Study

EZ Blockchain is an innovative green Bitcoin mining company that started in 2017 as a data center hosting solutions provider for cryptocurrency mining. Today, it is a vertically integrated cryptocurrency mining company exercising complete control of the power generation cycle. The company has offices in Los Angeles, Chicago, Houston, and multiple other locations in the US, where it provides the mining infrastructure for energy businesses at the lowest power costs.

It seeks to tackle the global waste energy issue using crypto mining. As an energy-oriented tech company, EZ Blockchain connects the digital assets space with the energy industry to optimize energy use by using Bitcoin mining to solve wasted energy problems.

In 2018, EZ Blockchain started a mobile data center manufacturing that supplies mobile data centers on a scale. They are a line of high-computing modular data centers meant for crypto mining to bring crypto mining to cheaper energy sources.

Unlike most of the other green Bitcoin mining companies, EZ Blockchain has the largest container production facility in the US. The EZ Smartbox Mobile Mining Container eliminates the stranded gas problem and introduces asset monetization of stranded gas, revenue diversification through Bitcoin, and additional jobs.

The container is entirely plug-and-play and fits flexible sizes and types of crypto hardware for rapid deployment. Airflow is optimized to protect the hardware and maintain the maximum performance of the mining machines.

3.      Riot

Types of Renewable Energy Sources

Riot Blockchain is one of the most legitimate green Bitcoin mining companies that prides itself in its strong engineering.  The company is under the excellent stewardship of a ten-member management team, five board of directors, and an advisory board of four. The team commits to a mission to support the Bitcoin ecosystem through proof-of-work mining.

It is a prominent publicly-traded Bitcoin miner in the US that is constantly working to improve efficiency and productivity. According to the company website, Riot aims to achieve a mining hash rate of 12.8 EH/s with a full deployment of 120,150 Antminer ASICs. This capacity does not consider the potential gains from its 200 MW immersion cooling infrastructure.

Its revenues in 2021 totaled $213.2 million, a noteworthy 1665% increase from the previous year. Notably, the hash rate increased from 0.57 EH/s IN 2020 to 3.1 EH/s in 2021. With the expected rise in the hash rate to 12.8 EH/s by 2023, Riot Blockchain’s revenues could be due for a sharp rise.

4.      Marathon Digital Holdings

Types of Renewable Energy Sources

Marathon’s five-member management team focuses on the company’s core of building the most extensive Bitcoin mining operations in North America at the lowest energy costs. The company struck a deal with Beowulf Energy to co-locate its data center at Big Horn Data Hub, next to Beowulf Hardin Generation Station. Marathon obtains its power from Beowulf at $0.028/kWh. Beowulf is also a Marathon shareholder, although Marathon keeps 100% of the Bitcoin mining output.

The Marathon Data Center has capacities of up to 30,000 S19 Pro Miners that provide a hash rate of 3.32 EH/s. According to the financial results released on the Marathon Digital Holdings website, revenues from the first quarter of 2022 amounted to $51.7 million, a 14% decrease from the fourth quarter of 2021.

5.      Bitfarms

Types of Renewable Energy Sources

Bitfarms is a blockchain infrastructure company that powers Bitcoin mining activities using clean hydroelectric energy and receives fees from transactions in the Bitcoin network. It is 100% in-house managed and runs nine facilities in the US, Canada, and Paraguay, with a mining capacity of 3.3 EH/s and total power consumption of 137 MW.

Going by reports on the company website, Bitfarms raised CAD 155 million in equity in 2021.

6.      Hut 8 Mining

Types of Renewable Energy Sources

Hut 8, one of the largest and oldest Bitcoin miners in North America, has been operational since 2018. It is a business building technologists company that believes in decentralized systems promoting financial inclusion and sustainability.

Notably, Hut 8 high-performance data centers run on nuclear and hydropower, and the company has eight facilities that harness Canada’s energy sources. It runs three data mining facilities and five multi-tier data centers for high-performance computing.

The company has the power to outperform with over 121 MW of power capacity and total contracted power of 209 MW. Hut 8’s commercial high-performance Bitcoin mining customers exceed 400, and the total self-mined Bitcoin held in its revenue stock as of February was 6,115. However, from the financial statements released via the company website, Hut 8 made losses amounting to $14.8 million for the year ended in December 2021.

7.      Genesis Mining

Types of Renewable Energy Sources

Genesis Mining is a green Bitcoin mining company that regards itself as the first mining farm in Eastern Europe, founded in 2013. The company has grown tremendously to become one of the top hash power providers in the world. At Genesis Mining, your mining rigs are already set up and running, so all you need is to set up your account and get started.

The company provides multi-algorithm crypto mining capacities for different ranges, including large-scale investors, home miners, and newcomers. The company’s cryptocurrency mining plans are annual and include $499 for a hash rate of 12.5 MH/s, $999 with a hash rate of 25 MH/s, and $4,999 with hash rates of 125 MH/s.

Based on information on its website, the customer base exceeds two million people. Their mining farms are in Greenland, Sweden, Finland, Norway, the UK, Estonia, Denmark, Iceland, Lithuania, and Latvia.

Conclusion

Cryptocurrencies were perceived as a significant innovation in financial technology. Statistics from The World Bank show that about 1.7 billion adults are still unbanked, and cryptocurrencies seem a potential solution. However, they are not without some setbacks, and the environmental concerns have been a critical issue, threatening even their existence.

However, cryptocurrency miners are finding innovative ways to help maneuver around the obstacles. Several companies are exploring the green Bitcoin mining solutions, and we at EZ Blockchain are at the top of it all.

At EZ Blockchain, we want to turn Bitcoin’s energy-intensive mining into an opportunity, and a tool to solve the global energy waste problem and capture leaking methane from capped wells, flared gas, and vented gas.

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