Shares of Graphene 3D Lab Inc (CVE:GGG) caught fire on Wednesday morning after the advanced materials group announced it had come up with a way to harness the thermal energy produced in Blockchain mining.
With the rise of Bitcoin and the other cryptocurrencies over the past year or so, mining has become much more popular.
Energy used to power air con units or fridges
Each piece of mining hardware requires a significant amount of energy to produce Bitcoin and other digital currencies, and the miners - particularly the bigger data centres - have been looking for ways to make their operations more efficient and reduce costs.
Graphene 3D’s technology harvests the thermal energy given off by these machines which would otherwise be wasted and redirects it into heating and/ or refrigeration solutions - think air con units or fridges - with modules using graphene.
Not only will the New York-based firm’s technology boost return on investment for data centre operations, it is also expected to help reduce the environmental footprint of data processing, Graphene 3D said.
Looking for commercialization partners
“We are continuously looking for transformative opportunities for our company and we strongly believe we found one in the cryptocurrency space," said chief executive Elena Polyakova.
"The company intends to seek potential commercialization partners for this technology.”
Shares surged 8.6% to C$0.19 on Wednesday morning.