A new bitcoin mining startup called Fabric Systems has raised $13 million in seed funding to develop a more energy-efficient miner that uses waste heat from trash incineration to power its operations.
The company's technology is based on immersion cooling, which submerges the miner's components in a liquid coolant. This helps to dissipate heat more effectively, reducing the amount of energy required to cool the miner.
Fabric Systems says that its miner will be able to achieve an energy efficiency of 20 watts per terahash (W/TH), which is significantly more efficient than the current generation of bitcoin miners. This means that the company's miner will consume less energy and produce less waste heat, making it a more environmentally friendly option.
The funding round was led by Metaplanet, the investment vehicle of Skype co-founder Jaan Tallinn. Other participants included Blockchain.com and 8090 Partners.
Fabric Systems plans to use the funding to develop its miner and bring it to market. The company expects to begin shipping its miners in the third quarter of 2023.
The company's trash-powered bitcoin miner has the potential to make bitcoin mining more sustainable and environmentally friendly. By using waste heat from trash incineration, Fabric Systems can help to reduce the environmental impact of bitcoin mining.
This is a significant development in the bitcoin mining industry, and it could help to make bitcoin mining more mainstream. If Fabric Systems is successful, it could pave the way for other companies to develop more sustainable bitcoin mining solutions.
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