When it comes to Sustainable Energy for Crypto Mining, USP&E offers a full range of thermal and renewable hybrid power station options including diesel, natural gas engines and natural gas turbines, wind energy, solar power, and energy storage (industrial battery banks).
USP&E’s crypto mining power station design engineering teams, located in the USA, Europe and South Africa, offer bespoke renewable hybrid thermal power station solutions that integrate solar, wind, gas turbine, engine, biomass and energy storage in order to drive down fuel consumption and optimize the project IRR over the life of the project.
Recent tightening of crypto market conditions, along with the growing share of affordable renewable and hybrid energy sources is presenting opportunities for the crypto mining industry that have to date not been observed. Conventional power stations often take too long to build and are unsustainable environmentally. But USP&E’s hybrid renewable power stations, which layer PV, Wind, Biomass, and natural gas / thermal energy production, allow for 24/7 delivery of reliable, sustainable and affordable power that the crypto industry needs most.
The cryptocurrency craze has soared in 2021 and along with it the amount of energy consumed. The recent dip in the value of cryptocurrency after passing an all-time high of $50,000 but the energy used to create it has continued to soar during the rise in demand, climbing to the equivalent to the annual carbon footprint of Argentina, according to Cambridge University.
“Historically the electricity used to mine bitcoin alone has been more than entire countries, like Ireland”, said Benjamin Jones a professor of economics at the University of New Mexico. Professor continues to state “We’re talking about multiple terawatts, dozens of terawatts a year of electricity being used just for bitcoin… That’s a lot of electricity”.
There is no government body or organization that officially tracks where bitcoin is being mined nor what type of electricity miners are using. Therefor there is no way of knowing whether crypto miners are using electricity fuelled by renewable energy or fossil fuel.
The challenge within the crypto mining industry is that tracking selective sites and rigs can be difficult as they move from place to place depending on where energy is most affordable.
“Computers and smartphones have much larger carbon footprints than typewriters and telegraphs. Sometimes technology is so revolutionary and important for humanity that society accepts the trade-offs” says investor Tyler Winklevoss.
Many users have pleaded with crypto miners that there is no need for a trade-off between cryptocurrency and the environment. Ethereum differs in stance with Bitcoin and have considered these pleads and have gone as far as to promise to change the currency’s algorithm to make mining more environmentally friendly.
Computer scientist who invented Ethereum, Vitalik Buterin told IEEE Spectrum “Crypto mining can be a huge waste of resources, even if you don’t believe that pollution and carbon dioxide are an issue. There are real consumers- real people- whose need for electricity is being displaced by this stuff.”
The Cambridge Bitcoin Electricity Consumption Index indicates that Bitcoin, one of the widely-mined cryptocurrency networks uses 122.87 Terawatt-hours of electricity every year. A Bitcoin block may consume more than 2,000 kilowatt-hours of electricity when mined, according to Digiconomist. A Bitcoin block's energy consumption is equal to that of an average American household over a period of 72.2 days. Ethereum on the other hand requires 220 kilowatt-hours of electricity per single block, which equates to the average U.S. household energy consumption over 7.44 days.
A company that has been going above and beyond to create a software to track crypto mining and energy consumption is USP&E. CEO Will Gruver says “We have worked alongside some of the world’s leading crypto mining houses to drive down carbon emissions, drive up efficiencies, and manage power availability and reliability through our proprietary software systems including SMARTcrypto, which uses performance and predictive analytics to optimize power output and reduce fuel consumption” he continues to state that “USP&E’s hybrid renewable power stations, which layer PV, Wind, Biomass, and natural gas/ thermal energy production, allow for 24/7 delivery of reliable, sustainable and affordable power that the crypto industry needs most”.
USP&E is different from other companies as they have worked on some of the largest mineral mining projects worldwide providing reliable, efficient and affordable energy for the past 20 years. Standing firm on the committed to Harness energy for life.
To find out more about SmartCrypto contact USP&E now at firstname.lastname@example.org