MintGreen Raises Seed Round from CoinShares and Other Investors to use Bitcoin Mining to Monetize Heat Generation
Canadian Clean Tech Firm aims to green bitcoin mining through innovative heat exchange technology and strategic partnerships with district energy companies
Vancouver, BC - MintGreen is excited to announce the close of its seed financing round, led by CoinShares Ventures, the investment arm of the publicly listed CoinShares International Limited (ticker: CS). CoinShares is joined in this venture by a number of MintGreen’s pilot clients, as MintGreen deploys the first large-scale commercial project to harvest heat from bitcoin mining.
MintGreen is a Canadian clean tech company that recovers waste heat from cryptocurrency mining and sells it via heat offtake agreements with industrial clients. MintGreen’s proprietary immersion bitcoin mining systems use clean sourced electricity twice; first to mine bitcoin, and then to produce zero carbon heating. The persistent and predictable heat loads generated year-round are complementary to the needs of industrial processes and district energy.
Founded in 2017, MintGreen’s first commercial product was CADDY, a 13-GPU mining rig that looked like a portable wine fridge. The company put these units in ski cabins in Hemlock, BC, heated them, and split the power bill with the owners. This started MintGreen on a pathway from traditional crypto mining to clean energy production.
The cryptocurrency market is growing rapidly, with the price of Bitcoin up 10x year over year and surpassing a $1trillion market cap for the first time. MintGreen’s business model is designed to protect against market volatility and downside risk by greatly subsidizing the operating cost of mining.
MintGreen is partnering with district energy operators that use networks of subterranean pipes to deliver hot water to buildings and entire city blocks. According to District Energy Magazine, district energy is a $177 billion market, growing to $250 billion by 2029. The industry is trending towards low carbon heating, as concerns for climate change grow and carbon regulations in many jurisdictions tighten. Locally, Vancouver’s zero emissions building plan requires 30% of new construction to use zero carbon heating. This increases to 100% by 2030. There is an impetus to lower greenhouse gas emissions, but traditionally, district energy operators have had to pay a large premium for clean sourced energy.
Already, MintGreen has two pilots on Vancouver Island planned for Q2 of this year to utilize heat generated by bitcoin mining in industrial processes. Its first project will be installed at the Shelter Point Distillery and will use heat from liquid immersion mining in the mash process to make whisky. Further, it will be heating barrel storage facilities to assist in the aging of whisky to bring out flavour profiles. MintGreen’s second commercial partnership with Vancouver Island Sea Salt will heat large evaporation tanks to produce gourmet flake salt. MintGreen is also working on deals with several district energy companies to implement full-scale multi megawatt projects in the months ahead.
CoinShares Ventures led this Seed financing round with a diverse group of investors (see below for the full list) including prominent crypto angels. Meltem Demirors from CoinShares, commented “At CoinShares, we believe Bitcoin will drive fundamental changes in the energy and infrastructure sectors. As the North American bitcoin mining ecosystem grows, innovative companies like MintGreen will bridge the gap between bitcoin mining, industrial power generation, and sustainability mandates.”
Bitcoin’s detractors have long criticized the network for its energy consumption. The next generation of green mining technology leverages existing energy use in communities and will solve this problem. According to MintGreen’s CEO Colin Sullivan, “Bitcoin fixes many things, but we find ourselves with the unique opportunity to fix one of Bitcoin’s biggest problems without changing a line of code. CoinShares has the same belief in ethical, sustainably mined Bitcoin and we couldn’t be more excited to have them as our partner.”
Investors in this round included CoinShares Ventures, Nelson Investments, Hard Money Collective, Meltem Demirors, Rus Newton, Michael Deeg, Axel Blikstad, Frank Hinek, Vipul Goyal, Cristofoli Contracting LTD, Kevin Shaw, Matjažek Horne, Michael Kordyback, Oscar Plag, and Peter Poka.
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MintGreen is a Canadian clean tech company that recovers heat from bitcoin mining to produce saleable zero carbon heat for industrial clients. By signing offtake agreements, MintGreen is able to subsidize power costs, mine bitcoin sustainably, and lower carbon emissions for cities.
CoinShares is Europe’s largest digital asset investment firm, managing over $4 billion assets on behalf of a global client base. Our mission is to expand access to the digital asset ecosystem by pioneering new financial products and services that provide investors with trust and transparency when accessing this new asset class. For more information on CoinShares, visit: https://coinshares.com/