While it’s no secret that Australia has always faced grid issues, in recent years with the uptick in popularity of cryptocurrency, Australians probably wouldn’t think that crypto would somehow be linked to solving the power crisis. But after taking a closer look at how the most popular cryptocurrency is mined, one up-and-coming entrepreneur saw potential in helping reduce the amount of energy used to mine Bitcoin while simultaneously providing a solution to creating, saving and storing energy for Australia. Meet Andrew Parry’s BTC Mine Australia.
As Bitcoin is recognized for its monumental work in advancing cryptocurrency for the finance world, to environmentalists, crypto is seen as a major risk as the amount of energy required to power a Bitcoin mine is staggering. After his years of working in the solar power industry, Parry saw the potential to incorporate solar to the crypto world by utilizing solar panels to generate the energy necessary for mining Bitcoin. BTC Mine Australia has since secured 80,000 acres of land to be used for Bitcoin mining in Hunter Valley where they are developing large-scale solar farms. Despite the fact that Australia has struggled to determine the amount of savings guaranteed from using solar energy, Parry was a pioneer in the industry, designing the first-ever calculator that could accurately measure how much consumers saved and spent according to their billing statements.
“When large amounts of solar are online, the wholesale price drops to 0 or below,” Andrew Parry says. “I soon saw that power dense, proof of work or BTC mining is a technology driven approach that can create value during these times and accelerate Australia to a net 0 emissions target.”
With his experience in the solar industry, Parry adapted his model to Bitcoin mining, and with the extra energy produced in mining, BTC Mine Australia has developed the capability to generate, store, use and release adequate amounts of energy when needed, ultimately helping and solving a lot of Australian grid problems. While for years, the challenge was often that there was too much energy causing an influx of CO2 emissions or there was not enough energy, triggering the demand for diesel generated power, Parry’s solar Bitcoin mining solution serves more than one purpose. Strategically capturing and managing energy in order to avoid large scale waste, BTC Mine Australia not only mines for Bitcoin ethically, but it finally offers a solution that would benefit the country as a whole, providing power to areas that need it.
“The Bragg report was a landmark report for us,” Parry says. “We feel the Australian government is validating using BTC mining to support grid operations and accelerate renewable uptake.”
Navigating the Australian market with ease, BTC Mine Australia continues to lead the way in harnessing the power and potential of solar power for a number of uses, thanks to Parry’s renewable energy solution.