LONDON – February 8, 2018 – With energy consumption of each bitcoin transaction equal to 17.5 U.S household’s daily consumption as of January 31, 2018, sustainability and feasibility of cryptocurrencies has been fiercely debated by both proponents and skeptics alike.
4NEW’s elegant and efficient end to end solution, figuratively, enables blockchain to have its own battery pack with global and scalable ramifications. In an environment where conventional power providers are shrugging away from crypto mining operators as witnessed earlier this week by Bitmain. Additionally, Chinese power plants are also scathing away from crypto mining operations amid regulatory pressures. Given the lack of options to sustain crypto mining globally, one company, 4NEW, has decided to usher in a new era for cryptocurrencies by providing all its power output to crypto-mining farms.
The 4NEW business model is entirely disrupting the traditional utilities company, which is bogged by bureaucracy and governmental roadblocks. Mr. Saransh Sharma, CEO of Mirach Capital Group commented:
Its important to note that 4NEW’s launch of the KWATT Coin last year is literally placing the power in the hands of the people. 4NEW is not an exchange claiming to be backed by energy units produced and supplied by others. 4NEW is the producer of energy and therefore, we generate the electricity, that we own and consequently can use to embed the coin with. Our model removes all middle men from the equation.
4NEW is anticipated to complete the installation of its first plant in June 2018; 6 months earlier than previously anticipated. This lead time certainly enables 4NEW to maintain a first mover advantage towards standardizing transaction fees. This standardization of fees will not only enable cryptocurrencies to usher in a new era of mainstream utilization amidst volatile markets but also sustain global scalability.
To guide 4NEW through these unchartered territories Dr. Moe Levin has been announced as the most recent addition to the noteworthy advisory board. Dr. Moe Levin is the Chief Executive Officer (CEO) of Keynote, founder of the North American Bitcoin Conference, an investor in high-tech startups, and an advisor to governments, regulators, banks, and venture-backed companies.
Some of the projects he has been involved with include The Global Blockchain Council in Dubai (2015 – present), the harmonized VAT treatment of Bitcoin (2013), The OECD Working Party 9 (2013-2014).
Moe is also the co-founder of the first accredited Blockchain Academy, and an early investor in RSK Labs, Labfresh, Dropbox, and others. Prior to founding Keynote, Moe was responsible for launching one of the first venture-backed bitcoin startups which raised $30m from Richard Branson, Index Ventures, and others.
At 4NEW we look forward to utilizing Dr. Levin’s deep insight and extensive network to help combat the voracious energy consumption caused by cryptocurrency transactions.
4NEW, is a Waste to Energy treatment facility, not an energy exchange, with a vision to combat the global energy crisis by disrupting the conventional utilities supply chain. By placing the power in the hands of the people, we hope to reduce the cost of energy by removing the intermediaries from the supply chain. The 4NEW ICO is currently ongoing.
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