Cryptocurrency mining has a tremendous impact on energy consumption. The substantiality of this industry regarding energy consumption and wastage has therefore been a homework that many crypto-miners have tied to solve over the years. London’s new energy startup, 4NEW, offers an ingenious solution to turn waste into energy and then use that energy in its crypto-mining operations.
On top of that, 4NEW has been described as an eco-friendly blockchain-based solution to various energy-related challenges in the modern world. Multiple startups currently use blockchain technology to buy and sell energy. 4NEW takes a whole new approach to energy consumption and becomes a producer of energy rather than a mere exchange platform. In fact, it is the world’s premier power plant that integrates blockchain to turn waste into energy.
Energy Statics Associated with Cryptocurrency
Digiconomist studies estimate that every cryptocurrency transaction consumes about 262KWh thereby placing the global bitcoin energy consumption at 53.28TWh annually. This is just as much as the power consumption of Bangladesh in a year. This is energy that could power 3,000 households in the US for one full year. The carbon footprint linked to cryptocurrency mining is also hefty and a constant cause for worry about the future and sustainability of this industry.
Today, various companies convert waste into green energy. They do so by breaking down different waste products through incineration and gasification. The breakdown processes produce water and other organic materials including methane, hydrogen and carbon monoxide. Other by-products are used to create fertilizer and manure.
How 4NEW Works
Electricity relies on physical infrastructure hence its purchase, installation, sale, and purchase in limited in various ways. 4NEW, therefore, changes the game by offering the technology and infrastructure that can be scaled globally to allow worldwide energy transactions. The company’s blockchain will be used to buy and sell energy sourced from waste power plants. In addition to selling this energy to the national energy grid, this energy will also power the company’s mining rigs.
4NEW plans to begin operations that will allow the company to generate energy from its own waste power plants. The company’s power plants will gather waste from landfills or individual households and convert it into clean energy. The energy will then power crypto mining plants owned by 4NEW. The company also plans to sell to the national energy grid or directly channel back the energy to the households from whence it originated.
Ideally, the waste will be gathered and burnt a 4NEW-plant to produce steam. The steam will then turn an electricity-generating turbine. The electricity will power its crypto-mining rigs. The company also promises to sell part of the electricity generated to consumers at a considerably lower price.
Each 4NEW-plant will be compliant with all EU emission standards. The company will also try to minimize its carbon footprint by having each plant located near landfills and other waste collection points. In so doing, 4NEW will be offering solutions to two common challenges that burden the world today, namely proper waste management and energy shortage.
The company also promises to streamline its model of effective waste collection>efficient waste management>clean energy production>affordable energy distribution to keep its 4NEW coin price stable.
The KWATT Coin
The company’s dedicated cryptocurrency is the KWATT. This not only tokenizes electricity but it also is the first cryptocurrency ever dedicated to energy. The KWATT is an ERC20 token pegged to one KWh of energy. It is based on Ethereum smart contacts and worth about $2.
The KWATT coins will be used to buy and sell energy. They will also provide a means to record energy sales by providing a decentralized ledger. This will create an excellent audit trail for energy production and use. Beyond that, the KWATT coin will be used to standardize fees for waste and energy transactions.
The Company’s Development
The company’s revenue will be sought from waste processing and the sale of energy and other byproducts. 4NEW’s model of monetizing waste collection and selling other waste byproducts is expected to break even to allow for free energy generation. The company held its Presale in October 2017, and its ICO is live between June and August 2018. The ICO has currently raised over 43 million USD.
4NEW initiated mining rigs at its first power plant in the second quarter of 2018 and will have the first powerplant fully functional by the fourth quarter 2018. 4NEW will be using Antminer equipment. The rigs will be set in shipping containers each containing about 6000 miners. The company plans to own three power plants in the UK placing its annual output at around 1 billion Kilowatts.
4NEW is a groundbreaking concept to reduce waste by turning it into clean energy. Waste is always being produced, and energy is in constant, unending demand. By harnessing the power from the waste we produce, this company taps into an immensely lucrative industry. 4NEW has also cleverly integrated innovation and technology into the waste and energy sectors to create environmental-friendly solutions that are economically friendly to consumers as well.
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