BITMINER FACTORY
Cryptocurrency Mining ,the fundamental architechure behind the blockchain ecosystem, is an energy intensive ability and as such it comes with a potentially large carbon footprint, which requires attention. In order to perform tasks , miners need to execute computationally-intensive algorithms on the blockchain using an abundance of high-tech equipment such as customized microprocessors or specialized Graphical Processing Units.
The first to solve a particular problem on blockchain gets a Bitcoin, hence the rush in employing powerful machinery that can allow to obtain such compensation. The power required for worldwide cryptomining activities has increased five folds in less than a year, reaching an amount high enough to sustain energy requirement for world countries such as Peru, Portugal or Israel. This figure is growing exponentially, and it is expected to double in the next twelve months, up to 150TWh/yr, as much as the yearly energy consumption of the entire Netherlands.
Miners need energy for executing computations and for cooling their equipment, but most of them do not really pay attention to where they draw it from- they simply care its cost is low enough. This leads to an exploitation of existing fossil –fuel and other non-renewable sources, regardless of the impact on the environment.
The goal of the activity is to make mining operations sustainable, both in terms of profitability of your investment and in terms of environmental preservations. Some publications are starting to suggest that renewable energies are the future of cryptocurrency mining, and Bitminer Factory will be among the first in realizing such a dream.
They have offered sustainable solution based on 4 key pillars:
Committed usage of clean energy: we pledge to use an increasingly-higher amount of energy from clean power sources, such as hydro and solar plants. We will place our decentralized mobile farming equipment close to eco-friendly sources, drastically reducing the amount of CarbonDiOxide we would require if we used traditional energy plants;
Re-use of otherwise-wasted energy: energy plants all over the world ,either renewable or not, often have energy left that is not used and goes to waste. We have set up partnerships that allow us to tap into these energy sources ,minimizing the need of producing additional energy for our mining purposes , benefiting the environment while granting us a lower-cost power supply;
Flexibility through mobile mining units: our mining units can be easily moved around (think of them as ‘on-the-wheels’ autonomous computing containers), therefore it will be easy for us to reach the plants that have the highest spare capacity from time to time , or new purposely built renewable power plants;
Diversification through Renewable Energy asset ownership: they will strengthen our position to achieve our goals. With 30% of the proceeds of the ICO, exceeding $20M, we will invest directly in the construction of Solar/Hydroelectric power plants. The 100% clean and renewable energy outcome will be used to directly power our mining equipment. Energy projects are capital intensive and require a significant scale: for this reason, we chose to invest in Energy projects only past the $20M mark, still maintaining our commitment to a greener mining solution if proceeds will be below $20M. Owning custom-designed renewable power plants will allow us to achieve even lower electricity cost for our operations, cutting out all the intermediaries between energy production and utilization. Furthermore, we will be able to sell energy to the national grid, generating an additional , stable stream of profits, to be used for our token-holder and for reinvestment in our operations.
There is more to know on their website:
www.bitminerfactoryico.io.
Read more on their whitepaper:
https://www.bitminerfactoryico.io/doc/BM_Whitepaper_EN.pdfTwitter:
https://twitter.com/bitminerfactoryFacebook:
https://www.facebook.com/bitminerfactory/I really believe in this project. It has a great initiative. Great work, that is what the team members have done.
