Tech 1 year ago

Cecille de Jesus

Startup opportunity: budding entrepreneurs should look at renewable energy for blockchain mining

This marriage has to happen at some point.

Ironically, although blockchain technology can be used to optimize the distribution of energy, blockchains themselves use a lot of electricity. And as they make it to mainstream industry use, scaling entails a proportionate growth in energy consumption. This conundrum has not gone unnoticed, with some saying blockchains are “energy hogs.”

In fact, several studies have even attempted to compare the energy consumption of blockchain mining with the traditional financial system in its entirety. Some assert that Bitcoin and Ethereum mining combined consume the same amount of energy as Jordan, Iceland, and Syria.

Regardless of whether this is true or not, there’s no reason why we can’t think forward and consider the industry’s sustainability before any substantial problems are even proven. While blockchain mining does require a lot of energy, more and more developments rise in the renewable energy sector, making it more reliable and stable. It’s only a matter of time before clean energy supply becomes a very convenient, responsible, and substantially profitable ally to blockchain mining. A marriage between these two is a pleasant inevitability. The question is: which startups will take part in making this happen?

Although the movement of the cryptocurrency trading market attracts more and more people, supporting infrastructure is also in need of newcomers. There’s a huge deficiency in entrepreneurs who intend to get serious on building projects related to blockchains.

In an article for Greentech Media, Tam Hunt, owner of Community Renewable Solutions LLC and author of Solar: Why Our Energy Future Is So Bright outlines how a tie-up between solar power and Bitcoin mining could be very profitable: you don’t even need to find buyers for the energy you produce—they are converted to bitcoins on their own. Instant “solar-powered money,” as some put it. Some refute this scenario, but a few startups (and individuals) have already been proving Hunt’s point for years now.

Nasty Mining was established in 2012 specifically for this purpose: they are mining BTC’s using wind and solar energy. There’s also HydroMiner, which as its name suggests, harnesses hydropower to mine cryptocurrencies. Motherboard recently featured Berlin-based artist Julian Oliver, whose “wind-powered mining rig literally pulls money from thin air,” a project he calls Harvest.

And although these people had a head start in the game, remember that there is an entire world in need of supporting infrastructure. There’s no reason budding entrepreneurs can’t get in on the advocacy, particularly in regions of the world where there’s heavy blockchain mining going on (or heavy mining activity anticipated) with no established renewable energy providers.

Definitely there is a market waiting to be served, although this isn’t to say taking a piece of that pie would be an easy task. But it is definitely an effort worth taking a shot at, both for profit and for the greater good.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Malta’s Prime Minister to UN Assembly: Crypto is the inevitable future – CRYPTOTIMES.MOBI

[…] our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in […]

Your comment is awaiting moderation.

Malta’s Prime Minister to UN Assembly: Crypto is the inevitable future | Bitcoin price media

[…] our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in […]

Your comment is awaiting moderation.

UK game show offers Bitcoin Cash prizes | Bitcoin price media

[…] Fringe opens the doors, streets and alleyways of an entire city to an explosion of creative energy from around the globe.” Anyone who wants to perform can do so, and no committee or individual […]

Your comment is awaiting moderation.

UK game show offers Bitcoin Cash prizes – CRYPTOTIMES.MOBI

[…] Fringe opens the doors, streets and alleyways of an entire city to an explosion of creative energy from around the globe.” Anyone who wants to perform can do so, and no committee or individual […]

Your comment is awaiting moderation.

Nobel laureate joins ex-Microsoft economist in blockchain startup’s advisory board – CRYPTOTIMES.MOBI

[…] in order to design systems to reach their goals, it is important that the founders of blockchain startups develop an understanding of the potential difficulties that may arise from developing code that is […]

Your comment is awaiting moderation.

Nobel laureate joins ex-Microsoft economist in blockchain startup’s advisory board | Bitcoin price media

[…] in order to design systems to reach their goals, it is important that the founders of blockchain startups develop an understanding of the potential difficulties that may arise from developing code that is […]

Your comment is awaiting moderation.

The flawed mining energy consumption debate, and start-ups need to shut it down – CRYPTOTIMES.MOBI

[…] still complain about the energy required by blockchain mining. But as we have mentioned before, a marriage between blockchain technology and renewable energy is bound to happen soon. Blockchain is in fact, beneficial to energy supply regulation, and […]

Your comment is awaiting moderation.

Intel files patent for a system that sequences DNA while mining at the same time

[…] should look into this marriage between blockchains and renewable energy. A few have already launched such projects, and things are looking good for them. For example, check out sonnenCommunity, a […]

Your comment is awaiting moderation.

Add a Comment

lastest news

New York Media integrates blockchain in publishing platform

Tech 11 hours ago

New York Media integrates blockchain in publishing platform

New York Media, whose sites include New York Magazine and Slate, is collaborating with Po.et, a blockchain protocol for creative content management. According to a press statement, the partnership will involve integration of blockchain technology ...

Read More
PayPal rolls out blockchain rewards scheme for staff

Tech 1 day ago

PayPal rolls out blockchain rewards scheme for staff

Payments giant PayPal has become the latest company to deploy blockchain technology, in this case as a means of delivering a new incentive platform for the company’s employees, financial news outlet Cheddar reported. Launched in ...

Read More
Latest Mastercard patent filing covers anonymous blockchain transactions

Tech 1 day ago

Latest Mastercard patent filing covers anonymous blockchain transactions

Prolific patent filer Mastercard has applied for protection of yet another blockchain innovation—a platform that would allow anonymous blockchain transactions, using a somewhat familiar method. In what has been likened to a coin mixing or ...

Read More