According to recent solar news, Routemaster Capital Inc. has invested $1.35 million to buy 49% of the company Pinedale Springs LLC. Pinedale Springs operates in Cary, North Carolina and owns a solar farm and a cryptocurrency data center in an undisclosed location. Both the solar farm and the data center are located in what is known as North Carolina’s “Research Triangle” region, where many large technology companies are operating. It sounds like a good place to go solar!
According to globalnewswire.com, Routemaster Capital will invest in a company that already has proof of a concept facility capable of mining virtual coins (cryptocurrency) using green energy from solar sources. This means the mining operations result in a dramatically lower quantity of carbon dioxide emissions because they use electricity from solar panels, serving as evidence that solar is the way to go.
Unlike traditional currency, virtual coins are not tied to any central bank. Instead, they are being mined by solving complex math problems using computers in huge mining facilities all across the world (most of them nowhere near a solar installation). Due to the complexity of the operations, these computers consume a huge amount of electricity. When you are talking about 25,000 computers in a single virtual coin farm, you quickly get a picture of just how much energy these mining operations require worldwide. And it’s not coming from solar installations or wind farms either. Solar is so important when it comes to our environment.
Up to now, mining facilities required extensive use of fossil fuels for energy. In fact, it has been demonstrated time after time that huge cryptocurrency mining operations are consuming huge amounts of electricity (none of it from solar sources) and are responsible for releasing excessive amounts of CO2 into to atmosphere; and CO2 is one of the most prominent causes of global warming.
#Bitcoin Boom’s Negative Impact on the Environment – Time To Connect Crypto & Solar!
According to various experts, mining virtual coins is seriously hampering the transition away from fossil fuels and into solar energy. The fact that the amount of electricity necessary to mine one coin is on the rise (due to the algorithm behind the scenes) is having an adverse effect on the environment. These coin mines need large amounts of power; power that could only be obtained by burning fossil fuels up to now. Everything was stable and mining operations were working relatively fine until the Bicoin boom hit the markets a few months ago – this is where solar needs to come in to play.
The problem is that the math problems the computers have to solve become increasingly more complex. Mining a new coin requires more energy (including from solar sources) than was required to mine the last one. Also, the price of Bitcoin has reached $17,000 not long ago (from $1,000 at the start of 2017). This means that the energy requirements of the coin mining industry are growing at an alarming rate – and there is not enough solar energy available yet to cover this rise in demand. It has been forecasted that coin mining will consume as much electricity per year as the entire United States in 2019 – if changes are not made quickly. In other words, coin mining operations will consume as much electricity as the entire industry, residential properties, military installations, and government buildings in the US in 2019.
However, there is some good news as well. The transaction between Routemaster Capital Inc. and Pinedale Springs LLC. shows us that there is a better way – using solar energy. It looks like the solar plant is capable of delivering enough electricity to the coin mining facility and data center for these to operate normally. Considering the fact that solar power output fluctuates during the day and that cryptocurrency mining operations need a lot of energy, this is definitely a breakthrough. No further details are available at the moment, so the capacity of the solar installation is unknown.
And even more good news follows. Not only is the coin mining operation powered by solar sources, it is cash-flow positive, too. This means it is making money while using electricity from 100% solar sources. Outstanding! According to the two companies, they are using alternative energy (solar power) to power both the cryptocurrency data center and the blockchain data center. The companies are inviting people who want to invest in the cryptocurrency market to do so in a responsible way and work with environmentally-friendly mining operations.
The fact that Pinedale Springs LLC is able to power a coin mining operation of this magnitude using only solar energy is incredible. However, this demonstrates that it is absolutely possible to mine virtual coins without causing harm to the planet. Companies and researchers have been looking for ways to make cryptocurrency mining less damaging, and now there is a solution. And the “solar” solution not only works, but is very profitable.
Because solar installations and solar projects are increasingly powerful and technologically advanced, they are able to output more electricity. If the output is so large, the cost per watt of electricity should decrease – and the price has been slowly decreasing over the last couple of years. Experts estimate that solar power will be cheaper than electricity produced from burning fossil fuels by 2020. This means it will be cheaper to operate a virtual coin mining operation on solar power than it would be to rely on fossil fuels. There will simply be no incentive for businesses to keep using electricity from fossil fuels.
Solar Is The Way To Go!
This, in turn, can greatly decrease the amount of CO2 we throw into the atmosphere each year. Solar panels are a green, sustainable way of producing electricity. Solar power is green energy that does not damage our atmosphere, our oceans, and our soil. Now, more people than ever advocate for solar energy. And it can be produced everywhere, from rooftops and solar canopies placed on parking lots to any unused open field. Now, there are even solar panel carpets that can be unrolled from the back of a 4×4 truck anywhere. These mobile solar plants are versatile and easy to deploy.
If more companies follow the example of Pinedale Springs LLC and start using solar energy to power their coin mining operations, the need for energy from fossil fuels will be quickly reduced in the cryptocurrency industry. Pinedale Springs LLC demonstrated that it can make a profit on solar power and has made the first step in the right direction. It will be exciting to see what will be revealed next in solar news relating to cryptocurrency.