Electricity is a commodity. A commodity than cannot be economically stored and transported (you cannot put electrons on a boat and send them across the ocean like other commodities) – its utility is confined to the grid to which the generation source is connected. As a result of these physical barriers there are huge price differentials across geographies. The advent of crypto currencies and adoption of blockchain technologies is changing that. Crypto currency miners are electromagnetic alchemists, turning electricity into digital currency. Mining crypto currencies and validating transactions is spectacularly energy intensive and even at this early stage in the adoption curve the nature of electricity consumption is changing – it is now possible to arbitrage prices across any generation source that can be connected to the Internet.
“With spot prices for bitcoin and ether rising exponentially, miners are committing far more processing power to the network than is required in a race to win the mining rewards. As a result, the power required to mine a single block is equivalent to running an average U.S. household for one week.”
– GMP Securities. November 7, 2017
“Every 10 years, humanity consumes two times more electricity,”he said.“Now we are going to the era of electric cars. We’ll need a new generation of energy.”
-Valery Vavilov, CEO of Bit fury, Dec 6 2014
“Bitcoin Mining consumes more electricity a year than Ireland”
– The Guardian. Nov 27, 2017
“per-transaction energy costs now sits at around 215 KWh of electricity. That’s more than enough to fill two Tesla batteries, run an efficient freezer for a full year, or boil 1872 liters of water in a kettle”
– Digiconomist. 2017
“Processing a Bitcoin transaction consumes more than 5,000 times as much energy as using a Visa credit card”
– IEEE, 28 Sep, 2017
The current trajectory of energy consumption is unsustainable – to achieve truly widespread adoption more efficient methodologies are required and will be implemented in due course. Blockchain based technologies will however continue to be based on distributed computing and have created a sustainable long-term opportunity to monetize electricity in low-cost geographies – electromagnetic alchemy.
Blockchain Power owns and operates hydroelectric facilities, solar parks, and wind parks. It produces 100% green energy from renewable sources in Romania, a member of the EU and a country geographically well endowed for the production of all major forms of renewable energy. We produce electricity from our various operations and earn revenue from EU Green Certificates, a form of subsidy for producing approved types of renewable energy from certified facilities in the EU. That Green Certificate revenue is separate and distinct from any revenue earned from sales or use of the electricity produced. Romania has a huge installed generation base of renewable energy across all generation types (Wind, Solar and Hydroelectric) with very low power prices, historically the lowest percentile in the EU and some of the lowest unregulated prices in the world. Blockchain Power intends to utilize the electricity it produces for virgin cryptocurrency mining and validation. Blockchain Power is generating 100% green renewable energy at nominal cost, earning EU Green Certificates, and plans to supply all of the power for its own crypto-currency operations internally providing it the opportunity to be one of the first fully integrated and lowest cost cryptocurrency miners in the world.
You can do a lot just talking about us with your friends or share our message with social.