Mining

March 20

Startup aims to fight mining energy crisis by turning waste into electricity

March 20

Energy budens of mining will be compensated by utilizing waste.

Cryptocurrency energy consumption is being a large concern, for Bitcoin annual consumption is as much as a whole country like Bangladesh consumes in a year. That casts doubt on the future of cryptocurrency.

On the other hand there’s another world problem such as waste produced every day.

4NEW, an energy startup from London, aims to find a solution for energy purchasing, waste reduction and offsetting the energy burdens of mining by use of blockchain.

At its plants waste would be used to produce energy.

The company introduces KWATT, a cryptocurrency tokenizing electricity. That will be used in energy deals and also provide audit trail in case of disputes. KWATT is pegged to one kilowatt hour. It is an ERC20 token based on Ethereum smart contacts. Long term, the company sees KWATT as being standard for energy and waste transactions.

The initial costs will be funded by the ICO which has made $41.5 million as of this writing.

Pre-sale of the coin started October last year and closes March 31.

Second quarter this year 4NEW will initiate its first mining rigs at its first power plant. The second plant is to start operating in 2019. All in all the company plans to have three plants with a yearly output of one billion kilowatts.

 

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