A cryptocurrency mining rig that runs on clean energy is coming to Iceland. This miner will have all the strengths of the regular bitcoin and other cryptocurrency mining rigs but would share none of their ecosystem-damaging weaknesses.
The Need for a Cool Miner
These days mining bitcoin and other altcoins have become quite a lucrative venture, and thousands of people are looking towards the direction of this business. The interest has even stimulated the cyber security market, as malicious mining software has also become a growing business.
But even as everyone piles into the new digital currency revolution to make big bucks few are thinking of the possible environmental degradation that comes with the process.
According to Digiconomist, the Bitcoin network alone gulps down more electricity than the country of Bulgaria. Otherly, Bitcoin’s energy consumption could power at least 4,357,919 households in the United States. The cooling of these machines accounts for yet another highly consumptive feature of the process.
If blockchain-based virtual currency would indeed succeed in their journey to disrupt and revolutionize the finance ecosystem, then there have to be environmentally friendly and sustainable methods for securing crypto networks.
Heeding the Eco-Call
Per Digital Trends, Moonlight is constructing an eco-friendly data center in Iceland which will serve as a cryptocurrency mining platform. The data center will mine bitcoin, litecoin, bitcoin cash and dash on an industrial scale.
The construction of the green energy rig begins in April and will launch in August 2018.
While the project hopes to help the organization become a significant crypto-mining firm, the project also represents a growing demand for low-cost, sustainable and green energy cryptocurrency mining facilities.
The founder and Group CEO of the Moonlite project, Eric Krige reiterated that:
“Our data center and future data centers will always make use of 100 percent clean and renewable energy sources, such as energy being generated from hydro, wind, and geothermal sources.”
According to the CEO, Iceland is the best location for the project because of the cool climate, which would eliminate the need for an extensive cooling infrastructure. In addition to using clean energy to mine, the team will also employ smart technology.
“We will be deploying custom mining software and additional software that is already on the market,” Krige said.
“Our teams will be implementing some smart mining tech as well, including A.I and custom algorithms to assist in miner management, and to ensure that we are focusing on what is profitable at all times.”
The founder also noted that the data center would initially run at a capacity of 15 megawatts, and hopefully expand over time. The Moonlite project aims to produce $8 million worth of mined cryptocurrency monthly.
As world powers like France and other European nations continuously look for ways to solve the menace of global warming, having a cryptocurrency mining rig that runs on clean energy will also serve the interests of both crypto investors, enthusiasts, and the crypto novice.
If this project successfully kicks off, it will serve as a source of inspiration for many other projects, and within a short while, crypto mining could very well go green.