It has been well-documented that popular cryptocurrencies such as Bitcoin and Ethereum combined use more energy than Iceland, Syria and Jordan. The good news though, is that this is driving crypto-miners to use clean energy, lowering costs, helping the planet and even generating profit.
Mining is the process by which new crypto coins are created. Unlike traditional money that is printed and distributed by the government, cryptocurrency doesn’t have a ‘central government’ per se.
Instead, ‘miners’ use software to solve mathematical equations (known as hashes) which verify transactions. As an incentive, each miner receives a small amount of cryptocurrency in exchange; a service that could be described as competitive bookkeeping.
The mining process itself is both computationally and energy intensive, especially as the millions of processors worldwide need to be cooled, using even more power. Sebastiaan Deetman, an environmental researcher from Leiden University calculated that if the Bitcoin network continues expanding at this rate, it could draw over 14 Gigawatts of electricity by 2020. This is the same total power generation capacity as Denmark.
As the value of popular virtual currencies increases, so too does their potential to expand and be transacted; this means more strain on the grids. In Venezuela, for example, authorities uncovered a warehouse full of 10,000 mining computers, reportedly drawing enough electricity “to power a whole town.” On the bright side, however, this is also pushing some companies and individuals to mine cryptocurrencies using renewable energy.
Whilst it’s much harder to profit from mining on your home computer than it used to be, clean energy might just bring some of the smaller players back in the game. The FUTURE ENERGY project is an innovative examples of crypto-mining, harnessing the power of mother nature.
Established in 2014, FUTURE ENERGY is a sustainable operation based in Estonia that plans to optimize the cost of production through the construction or acquisition of unconventional sources of electricity through renewable energy and nuclear energy. Founded by Andrey Kadochnikov, the mining farm is currently based on their own land and utilize a voltage power transmission line from the 110 kV substation. Within the project, FUTURE ENERGY will install the mining modules on their established farm with an increase power up to 50 MW at a rate of $ 0.05 per 1 kW / h.
FUTURE ENERGY development Plants are fully automated and do not require maintenance personnel and no raw materials are required. Also, their plants aim to resolve a number of environmental concerns, substantially reducing CO2 and H2S emissions with internally developed security system for mining modules and software protection.
To be a part of the pool, miners must have FUTURE ENERGY native token, FGY. The token holder then exchange their FGY tokens for one month of participation in the ECOMINING project. Applications for participation in ECOMINING are accepted during the last 5 days of the current month for the right to participate in following month. On the last day of the month after receiving applications for mining, a random number generator will produce a number which will determine the percentage of the total sold FGY tokens that will be able to participate in the mining in the following month.
The ECOMINING project will work on clean energy, for which miners do not have to pay. Bitcoins will be allocated on the basis of a smart contract according to the following principle: 80% of bitcoins will be distributed among members of theecomining, and 20% will be spent on maintenance, repair and purchase of new equipment. Distribution will take place on the 1st of each month.
FGY Token will be available for purchase during FUTURE ENERGY Initial Coin Offering (ICO). The ICO phase will start for about 40 days, from 20/11/2018 to 31/12/2018. The price per token at the time of issue: equivalent of ETH 0.0035 to 0.005 ETH, depending on the date of purchase. The company will spend part of the funds raised during the ICO for the purchase of ASIC miners with a total capacity of 14,500 th (depend on the amount received during the ICO).
The FUTURE ENERGY project team consists of world-renowned scientists and professors. The project has 49 patented developments in the field of renewable energy sources, most of which are implemented in practice.
The company current energy project development are include in:
- Gas for landfill.
- Biogas.
- Geothermal energy.
- Hydraulic power.
- Wave and tidal energy of the seas and oceans.
- Thermodynamic installation and cycles on local fuels (peat, wood, organic waste).
- Solar energy
- Wind power.
Useful Links:
ICO [20 October - 31 Desember]
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Whitepaper: http://icoenergy.org/docs/WP_eng.pdf
Website: http://icoenergy.org
My BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1972940
