ImpactAlpha, May 18 — If crypto doesn’t save the earth, it may destroy it. By some estimates, Bitcoin and other crypto mining consumes 20% of the world’s baseload energy, much of that from cheap coal and other fossil fuels.
New York-based Soluna Computing’s data centers for crypto mining and other computer-intensive projects use clean energy from wind and solar farms that would otherwise have been spilled due to grid limitations.
Spring Lane’s Rob Day said Soluna “offers a compelling solution for investment banks and technology giants who are increasingly betting on cryptocurrencies but are also concerned about its climate effects.”
Day said crypto is “beset with greenwashing.” Soluna is developing at least three projects that use wasted clean energy for clean computing, such as bitcoin mining and artificial intelligence.
The commitment from Spring Lane brings Soluna’s total funding to $100 million.