Finns will use Bitcoin mining to… heat their homes

By supplying electricity to a bitcoin mining farm through a nuclear power plant, the heat released by the farm can be used to heat buildings.

Hashlabs Mining, a Bitcoin mining company, has launched a project to generate heat produced by Bitcoin mining using the Olkiluoto nuclear power plant in Finland. In detail, the factory will supply electricity to the Bitcoin mining farm installations, and the heat released by this farm will be used to heat several buildings.

The aim of Finnish district heating systems is to replace used fuels with waste heat from industrial processes to reduce costs and CO2 emissions. By replacing fuels with waste from industrial processes, the heating plants will electrify part of the heat production. With the help of Bitcoin miners, Finland will increasingly be able to use its Olkiluoto nuclear power plant to generate heat.

Bitcoin farms will use Whatsminer M63S (hydrocooling system) which can provide hot water around 70°C. This heat generated in the installations in the form of hot water will circulate in underground pipes to the individual buildings connected to the system. The heat will be significant enough to power some buildings in the city through district heating. In short, this new project is designed to allow households to benefit as much as possible from industrial Bitcoin mining.

“With the help of industrial consumers like Bitcoin miners, Finland can now increasingly use its large nuclear power plant to generate heat,” said Jaran Mellerud, co-founder and CEO of Hashlabs Mining, in a post on X (formerly Twitter). April 23rd.

The price of electricity was 19 cents per kilowatt-hour in Finland in the first half of 2023, according to Eurostat (latest data available), thanks to the nuclear and renewable energy alliance. In France, the price of electricity in the first half of 2023 was 22 cents per kilowatt hour (25 cents in June 2024). The price of electricity in Germany was 42 cents per kilowatt hour in the first half of 2023, one of the highest prices in Europe.

Sébastien Bordry and Aude Kersulec

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