China’s renewable energy sector wasted more than 60 TWh of electricity in 2016 owing to inadequate transmission infrastructure to transport power to its energy hungry big cities and industrial hubs. Meanwhile, power-hungry Bitcoin miners were stealing processing power from computers to meet their annual demand for 32 TWh of electricity. Envion has a smart solution to match global energy supply and demand—Mobile Mining Units (MMUs) that can easily be transported to a renewable electricity generation source in China, or elsewhere in the world.
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Accessing stranded power via portable cryptocurrency mining operations is a solution to a critical affordable power shortage. The computationally and power intensive mining process is used to produce new Bitcoins and cryptographic proof of transactions. Bitcoin mining makes up 90 percent of Bitcoin rising production costs. Cryptographic puzzles are becoming more complex and requiring more processing power to solve, but the reward is high. The first miner to solve the puzzle creates the new block in the Blockchain. A block is worth 12.5 Bitcoin, plus a mining fee. In mid-December, one BTC was worth around $16,000.
A miner’s gold – renewable processing power
The high demand and cost of power in cryptocurrency mining operations has led to the bold and widespread theft of computer processing power, ranging from mining malware hidden on Showtime and other high trafficked websites to Tesla car owners stealing processing power from the electric car recharging system. As security experts crackdown on mining malware taking computing processing power hostage, the demand for viable low power mining solutions is high.
With a complete mining system in a box with maintenance and security services provided, deploying an Envion mobile mining unit could be easier than taking computing power hostage. The smart algorithm connects to the smart grid to access energy flexibly and at the lowest costs, such as during low electricity demand times. An advanced cooling system uses less than one percent of the total energy consumption.
Redeploying with shifting regulatory winds
Besides affordable electricity, virtual currency miners face changing regulation towards pollutant emissions standards, and cryptocurrency mining and trading. China has become a Bitcoin mining center due to its low-cost coal-fired power generation while the country is decreasing its coal generation each year to comply with CO2 emissions reductions. With half of Bitcoin mining being powered by China’s low-cost coal, miners also need to start transitioning to a cleaner power source. The carbon footprint per Bitcoin transaction is estimated by Digiconomist.net to be 115 kg per CO2, based on 235 kWh of energy consumed per transaction. That is equivalent to the carbon emissions generated from one year of desktop computer usage.
Modular, portable mining operations can easily redeploy to the cheapest renewable energy source. Over the last two years, wind and solar power prices have become competitive with those of fossil fuels selling into the grid. However, policy changes and technological improvements will continue to stoke the competition to be the lowest cost energy source. Advancements in energy storage solutions, for example, could change the competitive dynamics.
A mobile mining unit can also easily relocate in response to shifting regulatory winds. The recent ban on Bitcoin trading in China placed an ominous cloud over the future of Bitcoin mining operations. In Japan, some trading exchanges decided to close down rather than comply with the new regulated cryptocurrency exchange model, a trend being adopted elsewhere around the globe. Mobile Bitcoin mining operations can move to markets where the policies are the most favorable.
Investing in Mobile Crypto Mining
Investors can buy the Envion EVN token (ERC-20) token during the initial coin offering running from Dec. 15th, 2017 to Jan. 14th, 2018. Seventy percent of mining operation earnings are paid out in the form of dividends to investors and 25 percent reinvested. For mining by third-party operations, investors receive 35 percent.
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