Canaan has been steadily investing in renewable energy projects, with a gas-to-computing pilot in Canada and a deal to deploy miners at a wind-powered data center in Texas.
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Bitcoin mining and hardware maker Canaan has entered into a partnership to co-develop a renewable-energy adaptive Bitcoin mining platform, expanding its focus on green energy as the industry seeks sustainable ways to meet its power demands.
In conjunction with green-power developer SynVista Energy, Canaan plans to create a mining rig that uses an artificial intelligence-powered scheduling engine to synchronize energy supply with , the miner on Monday.
The goal is to maximize the utilization of clean energy without compromising grid stability, according to Canaan.
Canaan said the scheme will advance “green mining from isolated pilots to an engineered, replicable solution,” that will offer the industry an “economically viable and regulation-ready blueprint.”
We’re excited to announce our new partnership with SynVista Energy, launching a renewable-adaptive Bitcoin-mining ecosystem that integrates clean power, storage, and hash-rate in one intelligent platform. ⚡️
AI-driven load balancing.
Distributed behind-the-meter mining.
On-chain…— Canaan Inc. (@canaanio)
“High renewable penetration is accompanied by growing output volatility and mounting curtailment risk. Traditional strategies struggle to convert surplus electrons into bankable returns,” the company added.
Bitcoin () mining has long been criticized for its energy consumption, it’s roughly equivalent to the power use of a mid-sized country, such as Poland or Thailand.
However, Bitcoin proponents that Bitcoin mining can help support grid stability while mitigating the strain on the grid from AI data centers.
Canaan and SynVista are also tokenizing RWA
At the same time, both Canaan and SynVista Energy will tokenize generation output, carbon savings and mining yields onchain, to create a “verifiable data foundation for the digitalization and real-world-asset (RWA) securitization of green-power plants.”
“Longer term, the onchain 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,” Canaan said.
Data from the Cambridge Bitcoin Electricity Consumption Index that Bitcoin’s share of global electricity is roughly 0.8%.
However, in parallel, the share of renewable energy used in Bitcoin mining has steadily increased, growing at an average annual rate of 5.8%, by the industry organization MiCA Crypto Alliance.
Related:
Canaan leans into renewables for Bitcoin mining
This isn’t Canaan’s first foray into using renewables to power Bitcoin mining. In October, the company launched a gas-to-computing pilot in Canada, which converts stranded natural gas into energy for Bitcoin mining, to its October mining update.
Meanwhile, in September, the miner a deal with Soluna Holdings, a company that operates data centers powered by renewable energy, to deploy miners at a wind-powered data center in Texas.
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