The local power producer and supplier from Japan’s Kumamoto City, Kumamoto-Energy has recently announced that they will be utilizing solar power for mining cryptocurrencies.
This opens up the new array of possibilities on how cryptocurrency can be mined in a clean, green and renewable way.
On 20th February 2018, Kumamoto-Energy Co Ltd made an announcement that it has established a new affiliate company “OZ Mining’’ in late 2017 with an aim to utilize the excess electrical power which yields from their solar generation plants for mining cryptocurrencies.
Kumamoto-Energy has collaborated with another major electrical powerhouse, TakeEnergyCorporation Co Ltd, to run the “mega solar plants” in Kumamoto Prefecture.
Kumamoto Energy further adds to their announcement that, OZ Mining buys electricity from them at the exchange rate of ¥10-19/kWh, but it can also depend on multiple factors such as supply area, contract agreements and seasons. Kumamoto-Energy has established mining farms which they call as data center facilities and container-based mining rigs which is to be accommodated all throughout the power supply area.
Kumamoto-Energy also produces and sells elaborate systems which are efficient for cryptocurrency mining.
The most difficult part of the whole mining process is that it takes requires huge amounts of electrical power and complex and efficient computer systems.
It is predicted that when crypto mining industry will reach its peak with exponential growth, much of the earth’s power resources will be on the verge of exhaustion.
Saburo Takahashi, a Security Analyst at Kansai Electric Power says,
“This is a time for improvisation, mining won’t go away for the next 100 years, efficient renewable sources of energy is the only way that cryptocurrency mining will be profitable in the future”
Cryptocurrency mining if left unchecked will potentially lead to environmental disaster and major resource crunch.
But recent statements from Kumamoto-Energy shows that there are still hopes for a balanced and greener future.
When compared to the traditional sources of energy, renewable sources are unevenly distributed, expensive and not quite well introduced in the current power market, but with the proper utilization of the renewable sources like, solar, hydro, wind, geothermal the crypto economy can make renewable energy more affordable and profitable for everyone.
Once Kumamoto Energy starts following the solar mining process, more companies may join the mining process.
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Source: New feed