Cryptocurrencies can be power hungry. As recently as October 2017, the balance calculated that Bitcoin uses 343 megawatts of electricity. Digiconomist even came up with a Bitcoin Energy Consumption Index that takes an indepth look at how much power the world’s most popular cryptocurrency uses.
It would be shocking for some to learn that Bitcoin is more power hungry than some of the world’s largest power consuming nations like Slovak Republic, Bahrain and Ireland. Bitcoin even beat Visa at power consumption. What we need now is to give a green dimension to cryptocurrencies and remove the stigma that all cryptocurrencies are bad for the environment.
Combine regenerative energy, decentralised mobile mining and the ability to mine multiple currencies and you have Envion in a nutshell. Envion wants to take advantage of the growing trends that favour solar energy, which has been getting cheaper and more accessible with the passage of time. The Guardian reports that there has been 50% growth in solar power growth in 2017 compared with 2016. Add to that wind power as a bonus, which has a strong outlook and 56 GW of wind capacity already in place in 2016.
Mining a Different Strategy
Envion have taken a radically different approach from traditional cryptocurrency mining. Instead of using centralised mining farms, which are typically located in developing or semi-developed countries and run on fossil fuels, they have developed an automatised, mobile mining unit. Curiously and perhaps by a stroke of ingenuity, these units are built in standardised intermodal shipping containers and can thus be ‘shipped’ anywhere in the world within days or weeks.
So whether you are in Canada or Timbuktu, you would be able to mine your favourite cryptocurrency. This adds a huge element of decentralisation to the crypto universe, which has been missing. These mining containers will use electricity that is produced at source using green sources like the Sun. What is more the thermal energy produced due to mining can be used for heating of buildings if these units are placed strategically. These can also be used to heat greenhouses or warehouses. The has a multiplier effect on energy savings.
The stroke of genius is the patented self regulating new cooling system that Envion have developed for the blockchain mining industry. The cooling system can achieve energy efficiency that has been termed ‘best in class’ and consumes only 1% of the system’s total energy. Another innovative aspect is that the mining unit management is done remotely using a global decentralised network which is run on redundant 4G and satellite connections. This allows placement of units virtually anywhere.
Envion are Eliminating Mining Risks
Extending innovation to security, Envion have designed their shipping container mining units in such a way that they can be moved easily, even out of countries where regulations turn hostile to the crypto industry. The recent banning of Bitcoin exchanges by China led to increased speculation that mining would also be affected.
Mobile mining can allow crypto industry to significantly hedge their bets against hostile jurisdictions. Further, Envion have eliminated dependence on singular energy providers, who may snap electricity due to shortages or unilaterally increase energy prices or worse. Providing miners with the ability to capitalise on the mining of different currencies adds an element of diversification and reduces the risks attached to being invested in operations related to a singular currency that may fail.
Envion’s units can be used even in the remotest locations, where energy sources like the wind and sun are plentiful, for example in deserts or in coastal areas. The miners can even be put in areas where there is plentiful hydroelectric power. Futuristic planning by Envion has ensured that their units can be integrated into smart grids and take the load off the grid system. By moving container units closer to supply of power, the danger to grid infrastructure can be lessened.
Invest in Greener Crypto
Cryptocurrencies are seeing a tremendous interest from the public with Forbes estimating that Bitcoin network alone processed transactions worth US$ 1.5 bln daily by late October 2017. Blockchain applications too have been gathering momentum and all of this calls for increased use of mining equipment and infrastructure.
The solutions that Envion are deploying are fully scalable, mobile and are existent. This makes their Initial Coin Offering (ICO) based on an operating business model. The Envion ICO will start on December 1 and EVN tokens would be put on sale. The EVN token is an ERC-20 complaint token with varying price depending on how early you invest in the ICO. There will be a maximum of 150 million tokens issued.
Envion have released a whitepaper that has all the details pertaining to their business as well as the ICO. Investors in the EVN token, will receive 100% of earnings of Envion’s proprietary mining operations as 75% will be paid out immediately and 25% will be reinvested to boost future payouts. They will also receive 35% of Envion’s earnings with third-party operations and get voting and veto rights in important decisions of company’s strategy. Investors can buy EVN tokens with their credit cards or by using cryptocurrencies like ETH and BTC. Investors should head to the Envion website, to sign up for the ICO.