Business 9 November 2018Dennis Wafula
Crypto in Africa: Bithub uses solar energy for crypto mining
The Africa blockchain ecosystem continues to grow in the last days, with some areas finding new ways to apply blockchain technologies, while others are looking for ways to regulate the ecosystem.
Solar energy to power crypto mining in Kenya
Bithub Africa, a blockchain-based start-up, has set out to save the environment while mining cryptocurrency. The company, which was formed by John Karanja to dispel the myths that cryptocurrency mining is degrading the environment, has found a way to harness solar power for use in mining cryptocurrencies. Due to the high electricity consumption, heat emitted by the mining machines and the noise associated with the entire process, activists are speaking against cryptocurrency mining and claim that, in the coming days, crypto mining will have a significant effect on the environment.
In an interview news.bitcoin.com, Karanja explained how the solar panel project works and how it has the potential to transform the crypto mining sector. He explained that by using the solar energy largely available in Africa, mining companies would be able to save the environment while cutting down on mining cost.
The solar project comprises of a simple setup that you would find in a standard home. It includes a 200-watt solar panel, which is connected to a charge controller that is linked to a battery. Energy is transmitted from the battery to an inverter, which transforms direct currency into an alternating current that is in turn used in the mining computer.
The use of solar plans has increased in all African countries as they have proved to be more reliable for most communities. Karanja believes that not only will solar power help mining companies protect the environments around them, but also be able to evade the high electricity rates charged by authorities.
Karanja acknowledges that solar mining projects need more work to solve the shortcomings around using solar energy. Some of the issues include challenges having to halt operations on cloudy or rainy days.
Since its launch three years ago, Bithub Africa has worked to increase blockchain adoption in Kenya and other countries across Africa. The company also develops blockchain-based solutions for clients in the energy sector and financial services.
Africa Digital Assets Framework hopes to harmonize blockchain standards in Africa
The African Digital Asset Framework (ADAF) officially began its project on November 2. It aims to build a compliance-focused, cross-border blockchain that will link together African nations and Africans living abroad, easing everything from international payments to investments.
In the last few years, a few people have focused on evangelizing on, and using, blockchain technology. This has encouraged crypto cross-border transactions and on peer-to-peer networks. Due to an increase in blockchain and cryptocurrency activities among countries, experts believe African governments should establish and coordinate clear guidelines that would unlock blockchain’s full potential to smooth transactions across borders.
The ADAF exists to ensure that some neutral standards and regulations could govern the cryptocurrency space in Africa. According to the co-founder of the ADAF, Felix Macharia, Africa stands to gain a lot if countries start enacting legislation, standards and regulations that are in line with the new reality.
In the long run, ADAF wants to make things easy for African start-ups and governments by building a blockchain that embeds compliance with financial regulations across different jurisdictions.
The ADAF’s efforts are backed by the state members of the African Development Bank, ambassadors from the African Union (AU), as well as tribes across the continent. These entities advise ADAF while acting as liaisons with their home organizations.
In addition, ADAF hopes to increase collaboration and exchange between African countries. They hope to help the countries increase digital ownership and to create an exchange of value through digital economies. This, they expect, will not only happen with people in Africa, but also with Africans located in other continents.
Macharia also explained that the ADAF would include a multi-lingual interface that will allow policymaker, individuals, civil societies and key individuals in financial sectors to weigh in on suggested solutions and standards. He hopes the organization’s efforts will create a long-lasting crypto ecosystem with partners all across Africa.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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