Foleum and the Greening of Cryptocurrency Mining

A headlines screams: Bitcoin uses more power than 159 countries!

In its short 9-years of existence, Bitcoin, and by extension all the other coins, have no lack of naysayers.

Most attacks on Bitcoin have some hint of truth, of course. One of the big ones is in the headline above – that Bitcoin is sucking up more and more power, and that theoretically mining Bitcoin could take more energy than the world produces within a few years. Along with this handwringing claim is the question: What do we get for all this wasted energy?

Well, … cross-border, free of government-and-corporate control money, of course. And given the fact that printing all those paper currencies, running all those banks, and operating all those mines is not exactly energy free, it’s something I think is a good thing.

It’s important to remember also that Bitcoin isn’t, nor are any of the other cryptocurrencies, finished products. When Satoshi Nakamoto gifted the first Bitcoin client to the world in 2009, he did so by contacting other programmers and developers to help him work out the kinks. Since then, a tremendous amount of progress has been made. And as the base layers become more-and-more solid, the developers move on to second and third tier projects to keep solving problems and increase functionality. This is a fun little video visualizing all the work that has been done on the Bitcoin protocol since 2009.

So who is working on the problem of Bitcoin’s (and other coins’) power needs?

The Foleum Project

The problem for most miners is to find power cheap enough to make mining profitable – causing large operations to gravitate to places like near hydro-electric dams in China, Georgia, or Washington state. There are lots of complications for this, though – including regulatory, public relations, and technical (the power drain can be so great that residential transformers can overheat!).

Foleum is planning on hacking this problem by taking itself off the grid. They plan to use hybrid wind-and-solar generators to power their datacenters. The unique design of the generators makes them silent, animal safe, and environmentally friendly. The fact that they use both wind and solar means that they will more consistently provide energy than just wind or solar units. And, the fact that they are self-contained means that the datacenters can be set up anywhere without having to worry about local power costs or the impact they will have on the local community.

Foleum has already begun the process of getting approval for their first datacenter in Durham, North Carolina.

The Foleum ICO

As with all projects like this, they will need funding to scale up. Foleum is in the early stages of an ICO, Foleum Crystals (FOL). Crystals are being registered as securities with the SEC and will entitle holders to an allocation of up to 60% of mining profits. The allocation starts at 10% and rises the longer the crystals are held until it maxes out at 60% after crystals have been held for a full year.

Profits will be distributed in one or more of the currencies being mined, initially BTC, ETH, ZEC, etc. Token holders will also have the ability to vote on the direction of the project will take, including what coins to focus on in the future.

Because FOL is designated a security, initial sales will only be available to accredited investors or non-US citizens or residents. The sale will be held in six stages with specific purchase prices and investor restrictions. You can find out many specifics by reading the Foleum whitepaper.

Foleum Community Building

In addition to building and operating green cryptocurrency mining centers, Foleum is also planning on making its tech and expertize available to everyone. As they have established relationships to acquire large amounts of GPUs and motherboards. They are planning on selling mining starter kits and holding workshops to help interested crypto-novices the opportunity to get into the mining business themselves.

Further, 1% of profits will be distributed on a yearly basis to charities decided on by crystal holders. Thus, not only will Foleum help mining impact the environment less, it will also be giving back to the world-community.

Conclusion

Foleum is a groundbreaking new project seeking to solve one of the biggest problems in the cryptocurrency space by powering mining operations with renewable energy. Check them out today and become part of the solution.