Bitcoin mining has grown exponentially, and this has huge energy implications for the world. For mining to be sustainable into the future, renewable methods must be developed and used.
The Time to Mine Crypto Has Passed for Many
For many entering the cryptocurrency space, they come across the phrase “Bitcoin mining” and are immediately intrigued. Mining comes with the connotation of getting rich quick, striking a fortune, or getting lucky and earning a life-changing amount of money. Unfortunately, it is normally completely uneconomical for average joes to start up a crypto-currency mining operation.
On top of the massive initial investment for mining hardware and cooling systems, miners need to factor in the cost of the electricity that is needed to power the equipment. The Bitcoin mining industry has a razor-thin profit margin as it is and having a price of electricity that is even a few tenths of a cent more expensive over the competition can mean getting beaten out of the market.
Apart from the massive economic hurdles with mining, a serious concern for all PoW based cryptocurrencies is their effect on the environment. Over the past several decades, there has been a huge push for green, renewable energy sources all over the world. Bitcoin mining has blown up to monumental levels in the past year, with the total energy used by the network rivaling the power consumptions of some smaller countries. This amount of consumption, especially from fossil fuel energy sources, will continue to harm the environment until we come together and find better ways to create energy.
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Cryptocurrency Mining Goes Green
Moonlite is looking to launch one of the first completely green Bitcoin and cryptocurrency operations using 100% renewable energy. They’re launching a token sale to get to project off the ground, and they’re offering an attractive token structure to get investors on board. They plan on taking 60% of the proceeds and converting them to fiat currency to offset the costs of operation and invest in related opportunities.
Another 20% of the funds will be retained and used to create a cryptocurrency hedge fund, safely in the control of people whose job it is to not lose money. This will be spread around different projects to give the best ROI for investors. The final 20% will be used to reinvest in new equipment and expand operations to generate even more revenue.
If you make the decision to invest in the project and become a token holder, you’ll have a say in all operations of the company. Token holders have the right to vote on various financial matters via the Security.Vote platform. With this ability, they give input on the company’s direction and current outlook. For example, if token holders were unhappy with the 60:20:20 ratio split and they change the percentages accordingly.
The ICO is set to launch in less than 24 hours, with the second phase of the pre-sale open now for those looking to join the whitelist. The first phase of the pre-sale ended in January, with already over $3 million invested and another $2.75 million pledged. Those looking to find out more information about the project and the token sale can visit Moonlite.io.
What do you think about mining with renewable energy? Is this an important factor for the future of mining? Let us know your thoughts in the comments down below!
Images and media courtesy of Moonlite.io