- Vespen Energy raises $4.3 million to help cities mine bitcoin.
- Vespen’s structure encourages municipalities to become involved in the mining ecosystem.
- The first pilot location will be in Central California.
Vespin Energy, a methane mitigation company that provides bitcoin mining infrastructure, closed a $4.3 million funding round led by Polychain Capital to launch pure carbon-negative bitcoin mining, according to a press release sent to Bitcoin Magazine.
Vespen uses micro-turbines installed in municipal landfills to convert excess or wasted methane gas into electricity which is then fed to bitcoin mining data centers. As Vespen provides this infrastructure, municipalities have a whole lot of practical experience that enables an entirely new revenue stream with zero cost to the municipality.
Adam Wright, co-founder and CEO of Vespen Energy, said, “Our goal is to reduce a major source of greenhouse gas emissions and use bitcoin mining as a renewable energy source to convert landfill methane streams into revenue streams for our customers. To promote infection in the future.” ,
Additionally, by providing infrastructure for municipalities, Vespene controls the installation timeline and the resources needed to get up and running.
“And because our sites require no connection to the grid or pipeline buildout, we can convert an otherwise harmful and wasted landfill methane to a clean energy source for carbon-negative bitcoin mining in about six months,” Wright said.
Furthermore, Vespen’s unique structure actually encourages local governments to learn more about bitcoin and the mining process. In an interview with Bitcoin Magazine, Vespen executives detailed a profit-sharing process that allows local governments to make more profits when Vespen makes more profits, and vice versa.
This business model creates an incentive for local governments to not only be informed, but to become involved in the bitcoin ecosystem.