Article content
Windsor’s latest development is more than just a place to live: The building itself will mine digital currency.
First bitcoin mining apartments just weeks after moving into Windsor
Advertisement 2
Article content
The “Bitcoin Building” welcomed people through its doors on Tuesday for a ribbon cutting and sneak peek at the first-of-its-kind development just weeks before occupancy.
Article content
Owner and developer Ray Blanchard said the fully furnished “boutique” building is the first of its kind.
“We’re very excited to add this building to Windsor’s downtown core,” Blanchard said at the ribbon cutting Tuesday, also attended by Windsor Mayor Drew Dilkens and incoming Ward 3 Coun. Renaldo Agostino.
“We truly believe in and are fully invested in downtown Windsor, and we believe great things are ahead.”
Blanchard said that when he set out to develop in downtown Windsor, he wanted to use a provision of the city’s Community Improvement Program (CIP) that freezes taxes for 10 years on LEED-certified developments — a major financial incentive for developers, he added to. LEED is a third-party, globally recognized set of standards for environmentally friendly development.
Advertisement 3
Article content
Blanchard sought that certification, which is currently in the works, and said they planned to install 180 solar panels on the roof of the 13-unit building. He quickly realized that the solar panels would generate almost twice as much energy as the building and its occupants will use – leading him to another potential use for the extra energy: Bitcoin mining.
“We’re going to have all this extra solar residue, and you either use it or you lose it,” Blanchard said. “So what I thought was we’d put bitcoin mining on the spot.”
Bitcoin is a digital currency that users can buy, sell and trade directly without the need for a bank. Not backed by any financial institution, and a product of the 2008 financial crisis, bitcoin is heralded by its proponents as a truly decentralized and transparent currency.
Advertisement 4
Article content
The value of a single bitcoin varies wildly, initially it was worth nothing and peaked at more than $64,000 per coin, currently worth about C$27,000. There are a limited number of bitcoins, and computers “mine” for bitcoins through use of algorithms and computer code.
Because bitcoin mining generates a significant amount of heat, a byproduct of the computers at work, Blanchard said they designed the building so that the mining would heat the building’s water supply — the first building in the world to incorporate bitcoin mining into the building’s mechanics. , he said.
And because the building must generate 100 percent or more of its own energy, the building is also net zero. Bitcoin mining will also make money, he added, but exactly how much depends on the value of the bitcoin.
Advertisement 5
Article content
From there, Blanchard said they just leaned into crypto culture for the theme of the building: They decided to name the building after the currency, and regular hallways feature bitcoin-themed art. Blanchard said he hopes this could be the first of 50 or more Bitcoin buildings around the world.
The building won’t have long-term tenants, instead hosting short- and medium-term stays, Blanchard said, a lodging niche he sees growing in the region over the next five to 10 years.
“With all the mega projects and investments going on in Windsor, there’s going to be a huge influx of executives, engineers, managers and such into the area, and they need … some type of transitional housing,” Blanchard said. “They need a complete solution to get (into).”
Eight of the building’s 13 units are currently completed. The remaining five are finished and awaiting inspections by the city, Blanchard said, aiming for occupancy by mid-November, almost exactly two years from when work on the building began.
“It’s very, very rewarding to see it come together,” Blanchard said. “I’m looking forward to the impact it’s going to have on the downtown core.”
