Cryptocurrencies global market capitalization has surpassed $500 billion USD rising over 2000% in 2017. This trend is expected to continue for the foreseeable future as businesses increasingly embrace the elegant design and transparency the blockchain offers to all. However, as of March 31, 2018, Bitcoin mining energy intake has officially surpassed the entire energy consumption of the country of Singapore, which ranks 43 globally in regards to energy consumption. As the difficulty of mining increases to reflect the influx of miners joining the network, this energy consumption will increase. The most astounding aspect of this is that the rate of expansion is exponential.
At the current rate of consumption, next year Bitcoin mining will consume enough energy to be listed as the twentieth country in the world by energy consumption. The model is simply unsustainable. The world relies primarily on the production of energy from the burning of coal and oil, which not only damages the environment but the economy as a whole. If Bitcoin has a great enough impact on the world’s coal and oil supplies, the cost of a kilowatt will rise globally. The more valuable one bitcoin becomes, the more energy will be used to mine that coin, therefore with price spikes, come energy spikes. This will go on until energy around the world will cost much more than it does currently, as a result of increased demand from miners globally. As of September 30, 2017, 1 bitcoin transaction consumed as much power as 7.5 US households for a day. As of December 31, 2017, 1 bitcoin transaction consumed as much power as 10.5 US households for a day. As of March 31, 2018, 1 bitcoin transaction consumed as much power as 30.5 US households for a day.
A blockchain based ecosystem whereby energy produced by power plants, renewable or non-renewable or Waste to Energy technologies, is applied to a digital asset, digital protocol or a smart contract for delivery to cryptocurrency mining farms.
The digital asset or the smart contract would act as a measure of the amount of electrical consumption to generate 1 unit of the respective underlying cryptocurrency mined. The power plant performs as a master node whereby the entire electrical output of multiple power plants flows within a centralized or decentralized public ledger flowing the value of electricity to various mining farms globally.
We throw away 2.12 billion tonnes of waste globally each year, growing 3% each year – this means we will double our waste output in 25 years.
Each of our plants takes in 50,000-100,000 tonnes of waste annually, processing it in an environmentally-friendly method, in order to create electricity. Gate fees offset the operational costs of the plants, allowing for free electricity production.
The world energy supply is around 80 percent reliant on fossil fuel energy. The IEA predicts a rise in global energy demand of 50-60% and a 50% rise in greenhouse gas emissions by 2030.
Crypto-mining energy consumption growth is exponential. As of March 31, 2018, 1 Bitcoin transaction consumed as much power as 30.5 US households for a day, this is a 500% rise since September 2017.
Conclusion
4NEW is the world’s first eco-friendly blockchain ecosystem powered by waste to energy power plants. 4New’s ecosystem will provide a blockchain platform that will enable decentralized, peer to peer transactions whereby production of energy can directly meet the consumption of energy globally.Conclusion
Visit Link Below for Details Information About This ICO:
Website: https://4new.io/
Whitepaper: https://4new.io/wp-content/uploads/2018/07/4New_White_Paper_English-.pdf
Facebook: https://www.facebook.com/4newcoin/
Twitter: https://twitter.com/4newcoin/
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Author: Mairiri
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ETH : 0x05cF614Bb13F01bEb95f56C2891A4c22DaF78244
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