RedGrid and IOEN bring Solarminer to California
Solarminer is IOEN and Redgrid’s renewable energy solution to the energy problem of cryptocurrency mining. Los Angeles-based real estate developer Kinfolk Properties has teamed up with IOEN and Redgrid to integrate sustainable bitcoin mining and clean energy infrastructure into its flagship multi-dwelling residential development in Venice Beach. Stay tuned as we update you on the Solarminer campaign and the world around solar energy.
A mining fund
The U.S. Empire State in New York recently approved a two-year freeze on new cryptocurrency mining projects using carbon-based fuel. Cryptocurrency mining is an energy intensive process. Not all types of mining, but most mining operations around the world are not good for the environment. Bitcoin mining itself extracts the same amount of carbon-based electricity in a year as the entire country of Switzerland. The energy used to extract Bitcoin in Iceland has now surpassed that used to power residential homes for a year. Many other governments have seized and legislated against Bitcoin mining operations due to the extreme demand for its energy infrastructure. The scale of the environmental impact that cryptographic mining is now producing makes this otherwise invaluable tool for wealth creation less and less viable. Here’s why!
Job Test
You know, we all know what cryptocurrency is from a distance. But it is still a mystery to many about who, what and especially the “how” of cryptocurrency. Specifically, why is Bitcoin mining so energy intensive? To remain as technically decentralized and transparent as possible, Bitcoin uses a working test algorithm to ensure that Bitcoins are “minted” so that they are not spent twice. You use a computer to mine (guess a string of numbers) and in doing so, you create a new block in the blockchain and receive Bitcoin as a reward. This method offers cryptocurrencies like Bitcoin a way to keep a verifiable count of the number of currencies. Limit the frequency with which they occur making the string of numbers more difficult depending on the speed with which new blocks are added to the string. Bitcoin mining is now so popular that an increasing number of computers are mining through the working test method as it uses more and more fossil fuel energy to do so. Much more energy, as you can see below in this dataset produced by the Judge Business School of the University of Cambridge in the UK:
Photons for positive change
Solar energy is spreading across the landscape of energy infrastructure, but not fast enough. Solar infrastructure ranges from solar panels to batteries. It will be the cheapest power generation tool for countries at all stages of development. Solar-generated energy will have to quintuple its contribution to global energy production for the world to reach a global goal of “zero net” greenhouse gases by 2030. According to the latest IEA estimates, if Bitcoin mining went to energy solar with its current consumption. tariff, we could reduce about 2% of the 6,970 TWh of solar energy needed to reach the net zero target. Not to mention an annual saving of more than 115 million tons of carbon released into the atmosphere. Significant progress can be made toward this goal by transitioning all cryptocurrency mining to solar infrastructure, especially if that infrastructure can produce surplus clean energy. Energy security, a stable environment and a viable future for the generation of wealth in cryptocurrencies will come from the sun.
The Solarminer project by IOEN and Redgrid, currently underway in Venice, California, demonstrates that cryptocurrency mining can be 100% clean and create enough excess solar energy to reduce the cost of living. Click here for #followthesun with our Solarminer in sunny California and watch exactly how the IOEN and Redgrid team are accelerating a clean energy future from the rooftops of Venice.
About IOEN
IOEN is the next generation of digital energy management and optimization. IOEN technology enables an interconnected virtual microgrid system that facilitates transactions within and between local energy ecosystems: from appliance level to power generation, storage, and consumption.
We are the backbone of the new tokenized energy ecosystem, building the global clean energy ecosystem wherever you are, device by device.
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