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Cryptocurrency and Bitcoin’s meteoric rise, Dogecoin appears to have been embittered by recent concerns about the massive energy needed to mine them. But a generational farming family in the UK has found an informal solution to the complex global problem. It’s the method they adopted to harness digital assets that is making headlines, which uses a simple source of energy that the world has in abundance of cow slime. Yes, you heard right! The Philip Hughes family uses powerful computers powered by renewable energy generated from cow mud to mine virtual currencies.
Cryptocurrency mining is very expensive. It requires an insane amount of electricity and causes irreparable damage to the environment, a fact about which Elon Musk, CEO of Tesla and SpaceX, had also expressed his concerns by announcing that Tesla would no longer accept Bitcoins as a means of payment. The issue of carbon footprint has been one of the main brakes on the cryptocurrency market.
The UK-based Bury family are hoping to change that with their renewable energy business that converts cow manure into energy to run computers that mine 24/7 cryptocurrencies. Josh Riddett, a family member, had started Easy Crypto Hunter in 2017. Recently his business is said to have taken around Rs. 51.6 crore in bookings. Riddett also told the BBC he had seen an increase in inquiries from other farmers calling him about the project.
In 2020, Riddett attended the European Union Crypto Summit as a delegate. In a statement, he said Musk wiped billions from the global crypto markets when he said mining Bitcoin was bad for the environment, but what his company was doing couldn’t be more. environmentally friendly, adding that its computers were capable of mining hundreds of different digital currencies. .
How it works?
The owners of the farm say that a single site hosts 40 mining computers that operate 24/7. They are powered by anaerobic digestion (AD) machines, which transform cow dung into renewable energy. Farmers who have renewable energy sources such as solar, hydro, wind or anaerobic digestion can sell their electricity to the national grid for around 4 to 7 pence per kWh. However, they could earn up to ten times as much if they used a crypto mining machine, according to a report in Off Grid Energy Independence.
The company, Easy Crypto Hunter, says it currently has more than 250 registered customers, including crypto whales and high net worth individuals, who often own 30 to 40 mining computers.
When we started this business four years ago, green energy was not on our customers’ radar, but it is now about 40% of our business and it is growing every day. It’s a good idea for both the customer and the green energy supplier, therefore a win-win at all levels, ”Riddett said in a statement.
But even Riddett’s Easy Crypto Hunter was not mining Bitcoin because it is not so “energy efficient or profitable”.
Musk had explained long-standing environmental concerns over cryptocurrencies last month as Tesla withdrew from support for Bitcoin. “Cryptocurrency is a good idea on many levels and we believe it has a bright future, but it can’t come at the cost of the environment,” he tweeted. The price of Bitcoin as well as the price of Dogecoin and that of certain other cryptocurrencies had suffered from the decision.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
Elon Musk (@elonmusk) May 12, 2021
And Musk’s concerns are not unfounded. Mining Bitcoin requires extremely powerful and power hungry computers. Even Easy Crypto Hunter, which prides itself on its “green mining”, does not mine Bitcoin, and its reason is somewhat the same that it is not “energy efficient”.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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