ABOUT
NET ZERO ENERGY BITCOIN MINING
Our philosophy is driven by our desire to create a better planet by accelerating the journey towards zero emissions.
We use energy substitution (swapping out fossil fuels for renewable electricity), combined with renewable energy investment, to move us a step closer to zero. In addition, we make it financially beneficial for heat-dependent businesses to incorporate our technology into their operations.
OUR PHILOSOPHY & SOLUTION
We're not politicians, activists, or scientists. But we have a deep understanding of engineering, manufacturing, infrastructure investment and bitcoin mining. We provide a unique and world-first Bitcoin mining solution for manufacturers and other heat users that:​
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Decarbonises & reduces the cost of heat generation.
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Facilitates investment in solar generation.
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Provides energy storage for excess solar generation.
DECARBONISING STATIONARY (INDUSTRIAL) ENERGY
When most people think 'energy' it’s the electricity that flows into homes or businesses. This electricity generation accounts for 172 million tonnes or 34% of Australia's 2020 carbon emissions. With the transition to renewables, this number is expected to reduce by 35% to 111 million tonnes of carbon dioxide by 2030. Good, but by no means solving the problem.
​Stationary (industrial) energy is from the combustion of fuels to generate steam, heat or pressure (other than for electricity generation and transport). In 2020 Australia emitted 103 million tonnes of C02 from stationary energy, 20% of all emissions, with a forecast drop to 2030 of ZERO. The US emits x13 more CO2 from industrial energy than Australia, which is forecast to increase to 2030.
​So why aren't stationary energy emissions dropping? The main reason is economics. Currently, the cost to produce heat by burning natural gas is about 1/3 to 1/5 the cost of producing heat with electricity. At this cost differential, it makes it uneconomical to use grid electricity to produce heat. What about rooftop solar? The cost savings do not provide a sufficient return on capital, in addition to operational reasons. If there are no financial or operational benefits to transitioning to a renewable energy alternative then businesses won't do it.
​Synergy Infrastructure produces heat from localised rooftop solar at a lower cost than heat generated by gas. We provide that financial incentive for businesses to incorporate our technology, invest in rooftop solar and transition away from fossil fuels.
Australia's emissions projections
US's emissions projections
NET ZERO ENERGY BITCOIN MINING
The first ‘net’ is simple to explain. Around 95% of the electrical energy consumed by our Bitcoin mining computers is emitted as heat. This heat is captured, stored and then used as an input in manufacturing or other businesses that require heat. This heat from our Bitcoin mining replaces heat that would have most likely been generated previously by burning gas or oil. This heat recycling means, that Synergy only uses a netted 5% of our input energy.
The second ‘net’ relates to the power transmission and distribution savings we bring to each site. At each mining location, we financially incentivise (and insist) on additional rooftop solar to support our mining energy requirements. Having solar power generated on-site results in a 10% saving in power transmission & distribution losses versus grid electricity.
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OUR ENERGY BALANCE
DRIVING GROWTH IN SOLAR GENERATION
So how does a Bitcoin miner drive investment in solar generation without owning any sites ?
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The answer is simple, we pay for any solar excess a client currently generates. Our energy payments allow our clients to confidently invest in new solar.
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A Synergy client receives our energy payments plus ‘free’ heat from our mining whilst avoiding the expense of burning gas. Adding this energy payment and gas cost-saving together provides a return on solar investment that is much higher than it would otherwise be. In fact, in the majority of cases, if the solar investment is 100% debt funded, the client will be cash flow positive from day 1 and debt-free by year 7.
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LOW COST ENERGY STORAGE
If the solar energy produced exceeds the heat requirement, then there are two options. Either export to the grid and be subject to low or even a zero feed-in tariff, or store the heat for later use in the Synergy PowerTub.
The PowerTub is a Fe + C + Cr + H20 energy storage marvel. Sometimes simply known as a big tank of hot water. On those sunny days when solar generation is at its maximum, we can increase the power usage of our miners, producing more heat. If there is no demand for the heat (eg the weekends) we can store it for later use. A 40,000-litre tank can store the equivalent of 2MWh of energy, that's 145 Tesla Powerwalls.
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When we say low-cost energy storage, we really mean it. Lithium batteries currently cost about $800/kWh ($1,600,000 for 2MWh), and our PowerTub costs $10/kWh ($20,000 for 2MWh), less than 1.3% of the cost of Lithium storage. And we haven't even taken into account the life expectancy - 10 years for Lithium vs 30 years for the Powertub! So our levelized cost of storage is better again.
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We know. It's not long-term energy storage, and there will be some heat loss, but over a day, this is actually comparable to a lithium battery at 10% roundtrip loss.