With Cryptocurrencies becoming more popular with each passing day and Bitcoin mining becoming an activity that many are undertaking on a large scale, many environmental groups and communities alike are concerned about the level of electric energy the initiative consumes.
Possible Solution For Electricity Consumption Problem
Soluna is in the process of coming up with a solution for the carbon footprint that Bitcoin mining leaves on the environment. It aims to offset Bitcoin mining electricity consumption problem through putting up a Blockchain computing infrastructure that will be powered by the wind in the Sahara Desert. Soluna is a computing company which utilizes renewable energy in running its systems.
The energy sector has been adversely affected by the development that resulted in the innovation of the Blockchain technology, mainly due to the Proof-of-work mechanism that it depends on to remain secure coupled by the fact that Bitcoin mining is already a high energy consuming activity.
Digiconomist has reported that mining activities consume approximately 71 terawatt-hours annually, which is equivalent to the energy that both Ireland and Australia consume annually. With the mining activity being such a high energy consuming process, many who are involved in the process continually seek areas where the cost of electricity is not too high.
Wind Farm To Initially Be Off-Grid
Going by the press release from the company, Soluna will be developing a power plant in Morocco where wind energy will be harnessed and used for Bitcoin mining activities. The proposed wind farm will be designed to generate 900MW and will be used together with Soluna’s other computing facilities to enable the mining of Bitcoin using energy that is not only eco-friendly but is also sustainable.
The company has stated that the first wind farm will be completed within the coming five years with the main focus being the building of a wind farm with the electricity generating capacity of 36 megawatts.
Soluna has stated that it is dedicated to promoting vertical integrations for the Blockchain space through the use of power plants generating renewable energy. The wind farm that the company will be building in Morocco will initially be off-grid but later on, it is expected to be integrated with the main grid before the end of 2019.
Creation Of The First Service Node
Soluna’s CEO, John Belizaire, has stated that the company has a vision of powering the Blockchain technology using energy which is clean and most importantly renewable which it will own as well as control.
He added that through this project, the company will be providing a solution to the ever-growing demands for more energy to be used in powering Blockchain networks. He went on to say that the company would also be creating the first service node which would allow for high-density computing to be utilized by other Blockchain networks in the near future.
Soluna is relying on the surge in Crypto mining activities, which it believes will remain constant even in the future. For Crypto mining to remain profitable, the reduction of energy costs is very important.