Overview on Mining power-consumption: is Green Energy a viable solution?
In one of the first articles published by NovaMining, one of the main issue about mining was shown. The article was written on October 17th, 2017, when Bitcoin mining network power-consumption amounted about 21.4TWh.

In these seven months, the consumption of electricity is more than tripled with an amount of about 66TWh.

To be clear, it corresponds at the same annual electricity consumption of Chile which is at 44th position for worldwide electrical production.

But, where’s this energy coming from?

Considering that most of the hashpower comes from Chinese Mining Farm, powered by coal-fired electricity, the ecological footprint is crazy, with impressive amounts of CO2 released into the atmosphere.

It is clear to most that such waste of energy is not sustainable, even considering that a single Bitcoin transaction consumes approximately 800KWh while about 100,000 Visa transactions consume about 170KWh.

The panorama shows us the unplanned side effect, of which the main proponent is the man with his voracity.

What makes mining extremely expensive is the amount of Hashpower available, variable that increases the algorithm difficulty and, consequently, the electrical energy consumed by the machines to solve it.

This situation has cut off the individual from the market, which was born to the wealth redistribution towards the individuals.

Today, Bitcoin mining is a super-competitive environment, sometimes incorrect, where there is no more space for people who have a fundamental need to create wealth and to be able to use it in their own community.

As usual, the first solution would be simple, that is by changing the competitive paradigm and unscrupulous profit to a permanent and sustainable collaboration approach for the wealth sharing.

In these terms, NovaMining is committed to the forefront of making this paradigm shift possible within this new gold rush, trying to create a more transparent and correct environment for the individual who approaches this market.

Secondly, the energy that NovaMining will use for its Cloud-Mining operations will mainly come from renewable resources: Solar Panels, Wind Turbines, Hydroelectric Turbines, Geothermal, Pyrolysis, Gasification of wet waste.

CONCLUSION

These resources will be used according to the availability of the geographical location to try to meet the burdensome energy needs of a Mining Farm, in combination with R&D program we plan to cover most of this need in a manner respectful of the environment.

All of the energy used that won’t come from these sources will become part of the company’s sustainability program, all of CO2 produced will be offset by the purchase of land at risk of desertification, in which 70% of the surface it will be planted with trees, allowing us to absorb that CO2 produced and free oxygen in the atmosphere.

CREDITS

This article was originally written in Italian by Mattia Franzoni & Davide Damiano and translated in English by Stefania Stimolo for NovaMining.
['Mattia Franzoni']
['Blockchain', 'Bitcoin', 'Altcoins', 'Ethereum']