Solar Energized Cryptocurrency Mining Will Define The Industry’s $38bn Future

In March of 2018, the sky officially fell in for Bitcoin miners. With the slump in prices and the extraordinary energy consumption it takes to mine the coins, Fortune revealed that mining a Bitcoin cost as much as buying one. Green crypto mining wasn’t even on the radar for most people until earlier this year.

That was back in March and they were the good times. Morgan Stanley revealed in April that Bitcoin miners would lose money if Bitcoin slipped below $8,600, even with low electricity figures factored in.


A recent study by Coinshere showed that the numbers attributed to the Bitcoin mining industry have been grossly exaggerated and the energy consumption is approximately 50% of the claimed 70TWh. But the numbers are still too high in terms of the financial outlay and the environmental impact of mining cryptocurrency.

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Green Crypto Mining Will Define The Industry’s $38bn Future

Green-Crypto-Mining-is-the-future-of-proof-of-work-digital-assets-like-Bitcoin

1. Mining doesn’t begin and end with Bitcoin
Mining doesn’t begin and end with Bitcoin – and although the consensus is (mostly) set in stone, the way we create the energy needed to extract the next part of the puzzle isn’t. Which is why green crypto mining is the ONLY solution to the diminishing returns issue: more cost, for less reward, will eventually lead to an abandonment of the mine, just as it did for gold miners in California in 1848-49.
We’re not looking for one single solution either. We need four separate ones:
  1. A lighter consensus algorithm.
  2. Cloud-based cryptocurrency mining.
  3. Renewable, cheaper energy sources to support physical ‘mines.’
  4. Brutal consolidation in the mining industry.
2. What is cryptocurrency mining?
The Proof-of-Work (PoW) protocol was popularized by shadowy Bitcoin founder Satoshi Nakamoto, building on earlier work by a variety of computer scientists including Hal Finney, and it’s a two-stage process to validate transactions and keep a flow of Bitcoins entering the market. Blocks of data are parsed off and, with Bitcoin, they contain about 1MB. Each block is then locked and coded.
Miners then compete to solve the puzzle and provide the 64-digit crucial hexadecimal code that it then has to match with a corresponding ‘nonce,’ numbers used only once, to claim the reward for unlocking the block and mine Bitcoins.
There’s a small fee for validating the transactions, but the Bitcoin miners are like the old gold miners, and they’re after the big paydays.
2. Why is Bitcoin mining expensive?
In the old days, Bitcoin mining was easy. In 2009, a standard desktop computer could mine up to 200 Bitcoin a day. However, mining turned into an arms race as Bitcoin soared and the well-funded miners went to war.
Companies like Bitmain, Bitfury, and Vogogo spotted a gap in the market and brought professionalism to the Bitcoin mining industry. The Wild West days fell by the wayside, and suddenly a standard computer chip would take 98 years to mine one coin, as the super-fast rigs of the new breed stomped the casual miner into the dust.
  1. Conclusion: Green Crypto Mining Isn’t An Option: It’s The Only Option
One way or another, the environmental issues that dog the cryptocurrency mining industry are set to disappear. Solar and Wind energy are the most economical and effective way to generate the power that the crypto industry needs for producing needed energy for mining.
SOLARIT™️ in-depth technology background expands beyond the solar energy system. Our experience includes the creation of a Crypto Currency called Nummus and design and production of Zero Net Energy Homes that are steel-framed, earthquake and fire-resistant.
We are looking forward to helping the Crypto Industry grow while making it more energy-efficient.

So the industry is looking for several different green crypto mining solutions, that will gel together in some unexpected way to form the future of the cryptocurrency market.

The main obstacles are:

  1. A greener algorithm
  2. Cloud-based cryptocurrency mining
  3. Renewable, cheap energy for grand-scale mines
  4. Brutal consolidation

3. Conclusion: Green Crypto Mining Isn’t An Option: It’s The Only Option

One way or another, the environmental issues that dog the cryptocurrency mining industry are set to disappear. Solar and Wind energy are the most economical and effective way to generate the power that the crypto industry needs for producing needed energy for mining.

SOLARIT™️ in-depth technology background expands beyond solar energy system. Our experience includes the creation of a Crypto Currency called Nummus and design and production of Zero Net Energy Homes that are steel framed, earthquake and fire resistant.

We are looking forward to helping the Crypto Industry grow while making it more energy efficient.

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