Cryptocurrency mining has taken off in the year 2017, and the demand for energy to power these large mining operations is increasing. Currently, a single Bitcoin transaction requires the same amount of energy used to power nine US homes in a single day.
As the math problems continue to increase in difficulty, more and more miners continue to invest in faster computers and increasing their mining operations. The current computing power of the entire Bitcoin network is 100,000 times larger than 500 of the world’s fastest supercomputers. The total energy use of this network is estimated at 31 terawatts per hour. By comparison, 150 individual countries around the world consume less energy than this in a single year.
At its current trajectory, it will not be able to sustain itself. A group of individuals took notice of this and have developed an alternative energy source method for cryptocurrency mining.
Switzerland based Envion is the creator of the technology for the first mobile mining unit (MMU). Its units aim at tapping energy directly at the source, using only renewable energy sources such as hydro, solar, and wind. Envion’s units are placed directly at the location of these renewable power plants, which means the company operates its mining at lower costs. Unlike its competitors, Envion looks to reduce the CO2 footprint that is left from the current blockchain industry and solve the current growing energy crisis for cryptocurrency mining.
Envion’s mobile mining units are based in intermodal containers, the large metal containers that are used to ship goods on ships, that are equipped with mining hardware and industry 4.0 automation features. These units also include their own designed cooling system, which takes up only 1% of its energy consumption and has remote control capability for its miners. These containers are easily transported to the cheapest and cleanest energy sources around the globe.
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In its first hour after launch back on December 15th, the company had raised more than $10 million dollars in Bitcoin, Ether, and USD. With just ten days left on its ICO, it has raised more than $41.8 million USD. Envion provides a unique, greener solution to the growing energy mining problem and, to me, something worth investing in. The scalability of this company isn’t an issue due to its readily available low-cost hardware and the ability to create different sized mining hubs.
As major U.S cities continue to have energy issues, such as the many blackouts Los Angeles faces every summer, this cryptocurrency mining solution could start to help alleviate these issues.
Start Date: 15 Dec 2017. End Date: 14 Jan 2018
Find out more about Envion here
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