RedGrid & IOEN Deliver the Solarminer to California
The Solarminer is IOEN and Redgrid’s renewable power resolution to cryptocurrency mining’s power downside. Los Angeles-based property developer Kinfolk Properties have teamed up with IOEN and Redgrid to combine sustainable bitcoin mining and clear power infrastructure into their flagship multi-dwelling residential growth in Venice Seashore. Keep tuned as we replace you on the Solarminer marketing campaign and the world round photo voltaic power.
A Mining Background
The USA’s Empire State, New York, just lately handed a two-year freeze on any new cryptocurrency mining initiatives that use carbon-based gas. Mining cryptocurrency is an energy-intensive course of. Not all sorts of mining, however most mining operations around the globe aren’t good for the surroundings. Bitcoin mining itself attracts the identical quantity of carbon-based electrical energy in a yr as all the nation of Switzerland. The power used to mine Bitcoin in Iceland has now surpassed that used to energy residential houses for a yr. Many different governments have seized and legislated towards Bitcoin mining operations as a result of excessive demand positioned upon their power infrastructure. The dimensions of the environmental impression that crypto mining now produces makes this in any other case invaluable software for wealth creation much less viable day-after-day. Right here’s why!
Proof of Work
You realize, everyone knows what cryptocurrency is from a distance. But it surely’s nonetheless a thriller to many as to the who, what and particularly the ‘how’ of cryptocurrency. Particularly, why is Bitcoin mining so energy-intensive? To stay as technically decentralized and clear as potential, Bitcoin makes use of a proof-of-work algorithm to make sure that Bitcoins are ‘minted’ in a means that stops them from being spent twice. You utilize a pc to mine (guess a string of numbers) and in doing so, you create a brand new block on the blockchain and obtain Bitcoin as a reward. This methodology provides cryptocurrencies like Bitcoin a technique to preserve a verifiable rely of the variety of cash. It limits the frequency with which they’re produced by making the string of numbers more durable relying on the velocity that new blocks are added to the chain. Bitcoin mining is now so widespread that ever-increasing numbers of computer systems are mining by way of the proof-of-work methodology whereas utilizing increasingly fossil gas power to take action. Rather more power, as you may see under on this knowledge set produced by the UK’s University of Cambridge Judge Business School:
Photons for Optimistic Change
Photo voltaic power is spreading throughout the power infrastructure panorama however not quick sufficient. Photo voltaic infrastructure contains every little thing from photo voltaic panels to batteries. It’s going to be the most cost effective power technology software for international locations in any respect phases of growth. Photo voltaic generated power must improve its contribution to international power manufacturing fivefold for the world to achieve a worldwide ‘net-zero’ greenhouse fuel goal by 2030. In line with the newest IEA estimates, if Bitcoin mining moved to photo voltaic power at its present consumption price, we may shave near 2% from the 6,970 TWh of photo voltaic power wanted to realize the net-zero purpose. To not point out an annual saving of greater than 115 million tonnes of carbon launched into the environment. Significant progress may be made towards this purpose by transitioning all cryptocurrency mining to photo voltaic infrastructure, particularly if that infrastructure can produce surplus clear power. Power safety, a steady surroundings and a viable future for cryptocurrency wealth technology will come from the solar.
IOEN and Redgrid’s Solarminer undertaking, at the moment underway in Venice, California, proves that cryptocurrency mining may be 100% clear and create sufficient extra photo voltaic power to scale back the price of residing. Click on right here to #followthesun with our Solarminer in sunny California and see precisely how the IOEN and Redgrid staff are accelerating a clear power future from the rooftops of Venice.
IOEN is the subsequent technology of digital power administration and optimization. IOEN tech allows an interconnected digital microgrids system that facilitates transactions inside and between native power ecosystems: from the equipment degree to power technology, storage, and consumption.
We’re the spine of the brand new tokenized power ecosystem, constructing out the worldwide clear power ecosystem wherever you’re, machine by machine.
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