ECONOMY

CLEAN ENERGY SOON TO BE USED IN BLOCKCHAIN TECH

ENERGY

Over the course of evolution, every great development often came along with adverse effects and aftermaths.

 

Consider Marie Curie. Her study on radiation is what makes X-rays feasible right now. Her explorations and amazing study are also what killed her.

What pertaining to the Web? It’s one of the most cutting edge development for decades and stores numerous possibilities that help billions of individuals worldwide. Cybercrime has never been higher and expected to reach $2 tln by 2019.

It’s the same chronicle with Blockchain. The innovation has the prospective to transform every sector it enters exposure to. Its biggest application remains in the cryptocurrency industry.

And with the present enjoyment bordering this sector, it’s easy to neglect the negative effects that include such a turbulent discovery.
Energy-craving Blockchain can have disastrous repercussions for the ecosystem

Mining favored cryptocurrencies, for example, Bitcoin, demands incredibly strong hardware that can resolve intricate arithmetical formulas. To run these devices waste a ton of electricity, mainly from non-renewable nonrenewable fuel sources.

And as the cost of the virtual currency wound so too does the amount of looking to get in on the activity.

Every single Bitcoin operation needs approximately 215 KWh (kilowatt-hours) to take place. In contrast, the typical American family uses 900 KWh monthly. Around 30 KWh per day.

That means a single Bitcoin purchase uses the same amount of power as seven homes do in an entire day. What’s even more shocking is that a single Bitcoin mine relies on fossil fuels, like coal, can produce as much as 13,000 kg of CO2 emissions per Bitcoin mined.

With 300,000 transactions per day, it’s easy to see what a significant impact the process has on the environment.

And this is just from one cryptocurrency.

Ethereum is less energy reliant, a single transaction on this network still requires the same amount of power as nearly two homes. In total, the network is equivalent in power consumption as the whole of Cyprus.
Centralized mining on a decentralized network

On a platform that is inherently decentralized, centralized mining operations seem counterintuitive.

Mining operations gravitate towards countries with cheap electricity.

China does over 80 percent of Bitcoin mining due to the country’s cheap supply of electricity.

The power supply comes mostly from dirty, non-renewable sources like coal. The country gets more than 70 percent of their electricity from coal. A few years ago, it was reported that China burns as much coal as the rest of the world combined.

Burning coal releases large amounts of CO2 which is one of the biggest causes of the greenhouse effect and global warming.

Apart from having a detrimental impact on the environment, large pools of concentrated mining pools spurred on by cheap electricity, have too much influence over the network. Look what happened to the price of Bitcoin when China announced their ban on ICO’s? The price becomes too reliant on single entities.

This in stark contrast to the underlying concept of cryptocurrencies and Blockchain as a whole, which adds value exactly because of its dependency on a majority consensus to verify and approve transactions.

People and big corporations are becoming more aware of their social responsibilities and the size of the footprint that they leave on this earth. Development and adoption of renewable energy sources have seen a dramatic increase in the last few years, including solar, wind and hydropower.

Much so that in many locations, there is an excess supply of electricity from renewable sources, that simply goes to waste. This is in great part due to the fact that the cost of building large-scale solar farms has dropped by as much as 50 percent in five years.
A three-fold solution

Envion is hoping to make cryptocurrency mining cheaper, cleaner and decentralized with their mobile data-centers.

They’ve developed automatized mining units which are installed inside shipping containers. These containers can be relocated around the world with relative ease, reducing the dependency on single governments, economies or infrastructures.

The mining units, which exclusively consume power from reusable, green sources, are placed near energy supply points, such as solar plants and wind farms, reducing the cost of “transporting” electricity and enabling them to easily tap into excess energy production.

In addition, the company developed a new, self-regulating cooling system, specifically for Blockchain mining, which is up to forty-times more energy-efficient and cost-effective than conventional, AC cooling units.

Envion further promotes environmental friendliness by recycling the energy produced from mining with the strategic placement of the mining units, close to objects and buildings that need heating, including warehouses and greenhouses. This enables them to reduce their energy costs even further.

The end result is a mining solution that is more profitable due to lower energy costs, more secure due to mobile mining that puts less reliance on single entities, and more eco-friendly due to the usage of renewable, green power.
An ICO for the environment

Many of the ICO’s we see these days are largely based on Speculation. The EVN token is however fully backed by the hardware that it represents which is already operating successfully.

The EVN token will be on sale for 31 days from Dec. 1, 2017, with a max cap of 150 mln.

Once invested, token holders will have the right to dividends from the mining operations including 100 percent from proprietary mining operations (75 percent immediately and 25 percent reinvested to boost future payouts) and 35 percent from non-proprietary operations.

Token holders will also get a say in company strategy by voting on decisions.

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