Powering the Blockchain Revolution with Renewable Energy
Bitcoin mining as a global industry consumes energy at a rate comparable to smaller countries the size of Ireland and Austria. The blockchain revolution, despite its massive successes, has had a number of adverse effects on the environment stemming from the high amount of electricity blockchain mining consumes. As per mid-March 2018, about 26 quintillion hashing operations are performed every second by the Bitcoin network. The primary fuel for each of these calculations is electricity.
Environmentalists have repeatedly said that the increasing electricity consumption by blockchain technology isn’t sustainable. Blockchain networks are being created at a fast rate, and the current explosion is attracting more potential miners to the decentralized mining economy. This network of miners and crypto users continues to grow at an accelerated rate, but sustainable energy solutions have not been successfully integrated. This decentralized economy of computing power is an invaluable tool for the modern age of economics, but the massive overhead of maintaining this network is limiting its growth and development. Many cryptocurrencies are created and maintained through the decentralized mining process, so finding a scalable solution to blockchain’s energy problem is an inevitability that miners and blockchain enthusiasts must deal with if the blockchain revolution is to continue.
Enter Bitminer Factory, a blockchain project committed to developing clean and renewable energy solutions for cheaper and more environmentally friendly Blockchain mining. The use of renewable energy to supply the consumption needs of the growing Blockchain ecosystem has become inevitable to guarantee the sustainability of mining activities and the blockchain as a whole. Most stakeholders are still yet to integrate renewable energy sources and enabling technologies, such as solar and wind power with storage, into their energy management programs, and the first to do so will inevitably pull ahead of their competition/
Bitminer Factory aims to be among the first cryptocurrency mining companies to use renewable energies on a large, global, scale to reduce the environmental impact of mining activities. The company was formed in November 2016, and has since been at the forefront of cryptocurrency mining innovations, and Bitminer Factory is currently the largest mining operation in Italy and most of Europe.
Bitminer Factory is bringing its expertise in infrastructure, particularly renewables, technology and digital marketing to mining and Blockchain technology. They already produce mining rigs, both GPU- and ASIC- based, and have made them readily available to retail and business clients. Bitminer Factory’s sustainable solution for renewable energy is founded on four key pillars:
- Bitminer Factory has pledged and is committed to using clean and renewable energy sources, for its mining operations. Environmentally friendly energy sources such as hydro and solar plants, to help reduce the carbon footprint created through mining cryptocurrencies. Additionally, their decentralized mobile farming equipment would be located near Eco-friendly sources. This would drastically reduce the amount of CO2 emitted compared to using traditional energy supply.
- Reuse of otherwise-wasted energy: Energy plants all over the world, either renewable or not, often have energy left that is not used and goes to waste. Bitminer Factory has set up corporate partnerships that would enable them to tap into these energy sources. This would reduce the need of producing more energy for its mining operations, and would benefit the environment while reducing cost too.
- Flexibility through mobile mining units: Bitminer Factory utilizes mobile mining units which can be easily moved around. They are often thought of as “on-the-wheels” autonomous computing containers. This gives Bitminer Factory’s engineers easy access to plants with the highest spare capacity from time to time.
- Diversification through renewable energy asset ownership: The Bitminer team, plans to invest directly in the construction of solar hydroelectric power plants if 30% of the amount raised through the ICO exceeds $20M. This should enable Bitminer Factory to achieve their goal of being powered by 100% clean and renewable energy for their mining equipment. This would strengthen Bitminer Factory’s competitive position immensely, and help the company achieve their long-term sustainability goals.
Bitminer Factory Token (BMF):
Energy projects often require a large amount of funds to execute them. Bitminer needs investor support to achieve its goals. The company already has in place the technical know-how and a highly experienced team with over 1,000MW of renewable energy projects and 1,000 miners up and running.
To reward their early investors, Bitminer Factory has ensured there are multiple avenues investors can earn value from their BMF.
Yearly payouts from the profits of Bitminer Factory will be paid to token holders in ETH, and token holders will benefit directly from Bitminer Factory’s listing on the UK Alternative Investment Market. The Bitminer Factory will mine the most valuable and profitable cryptocurrencies, and yearly payouts would be converted into Ethereum and distributed to BMF token holders via smart contract.
Starting from the 1st quarter after the ICO ends, BMF token holders would be able to sell their tokens back to Bitminer Factory. Management will issue quarterly operating reports, and make offers, to buy back tokens from BMF holders. 1 BMF = $1.1 for the 1st buyback and it is estimated there would be quarterly increases of 10%.
BMF will be a fully functional cryptocurrency to be traded for value on typical exchanges and within the greater blockchain ecosystem
- The private sale was successfully completed on 20th July 2018, with over $1M BMF tokens sold.
- Pre–ICO: Ends 20th July 2018
- ICO: 21st July 2018 – 30th September 2018: BMF would be issued and listed on exchanges.
- 31st July 2018: Delivery of the 1st mining unit, for the project, powered by renewable and clean energy.
- January 1st 2019: Delivery of Bitminer Factory’s ICO mining farm.
For more information, visit https://www.bitminerfactoryico.io/en/
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