Canaan has teamed up with SynVista Energy, a green energy developer, to create a system that links renewable power with crypto mining operations.
The plan is to build a platform that adjusts mining activity based on available clean energy.
The tech uses artificial intelligence (AI) to match mining demand with energy supply. This setup includes power storage and operates behind the meter, which allows mining to run when clean energy is available without stressing the grid.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Bitcoin Faucet? Pros & Cons Explained (With Animations)
The Bitcoin
According to the company, handling high levels of renewable energy is challenging due to variable output and curtailment risks. Traditional methods often fail to turn surplus power into a reliable income.
The collaboration also includes tokenizing the output from generation, carbon reductions, and mining results. These will be recorded on-chain to create an auditable foundation.
Canaan said, “Longer term, the on-chain data backbone will enable tokenization and securitization of generation cash-flows and carbon credits, enhancing price transparency and liquidity of green assets and providing a new paradigm for converging digital economy with energy transition”.
Meanwhile, Bitfury, a Bitcoin mining company, announced plans to shift the company’s focus to become an investment firm. Why? Read the full story.
