As the CEO of Hut 8, one of North America’s largest cryptocurrency miners and the world’s largest publicly traded cryptocurrency miner, I’m often asked questions about energy consumption in the mining of cryptocurrency. Unfortunately, there are many misconceptions around energy use and why it’s required to safely and securely transact cryptocurrencies.
During our ribbon-cutting ceremony in the City of Medicine Hat in September 2018, a reporter asked me how I felt about something “frivolous” like bitcoin using so much energy.
Hydro-Quebéc (HQ) is a public utility that manages the generation, transmission and distribution of electricity in Quebec, Canada, but it finds itself in a position of generating more power than its customers need.
In an article from Le Journal de Québec, Éric Martel, president and CEO of HQ, relates how HQ is facing a death spiral for electricity consumption.
On December 18, 2017, HashChain Technology, a cryptocurrency mining company, went public for the first time on the TSX Venture Exchange under the ticker symbol KASH, joining at least eight other crypto-related startups including HIVE Blockchain Technologies (Genesis Mining).
The inventor of Bittorrent has now turned his attention to blockchain technology and building a greener Bitcoin called Chia. Bram Cohen released Bittorrent to the world in 2004, but, in early 2017, he stepped away from the company he built to focus on blockchain technology.
Australian-based solar startup Power Ledger, among others, is to receive AU$8.25 million in funding from the Australian government for a cutting edge project using the blockchain.
According to an announcement from Power Ledger, the Australia government revealed today that it is to provide $2.57 million in funding for a cutting-edge project in the City of Fremantle, in Western Australia.
A research lab within the U.S. Department of Energy has revealed it is exploring the application of blockchain in managing next-generation power grids.
Making the announcement last week before the U.S. Senate Committee on Energy and Natural Resources, Carl Imhoff, a manager at the Pacific Northwest National Laboratory (PNNL), said that the technology has the potential to facilitate new ways of exchanging energy in a peer-to-peer fashion.
Disclosing that the research lab is actively investigating this application of the technology, he told committee members:
"PNNL is currently working with DOE and industry partners to determine the optimal use of such resilient data concepts as blockchain in emerging market constructs such as transactive energy.
According to an article published by Business Insider, Dutch bank ING recently published a study suggesting that bitcoin mining consumes too much electricity. The report claims that a single bitcoin transaction consumes as much electricity as a house in a whole month, and compares it to the amount of electricity traditional electronic payment methods consume per transaction.
Access to reliable energy is the foundation of economic development and human society. Yet reliable energy can come at a steep environmental cost.
Today’s energy systems are being rapidly reexamined and transformed by both private businesses and public organizations.
Australian blockchain startup Power Ledger has raised $34 million in an initial coin offering (ICO).
That figure includes the $17 million the firm, which is focused on energy trading applications, raised in a presale that ended last month. Among the cryptocurrencies accepted, Power Ledger collected roughly 27,820 ETH, 1,050 BTC and 6,120 LTC. The token also garnered $13.23 million from participants, and was backed by as many as 15,000 supporters total, according to the Australian Financial Review.
One of Australia's largest utility providers is working with blockchain startup Power Ledger to test a new energy trading platform.
Origin Energy works in a number of energy fields, including power plant operation, natural gas processing and both commercial and domestic power delivery. As such, the project will see the company using the trial platform to connect customers who want to either buy or sell excess energy, with blockchain creating an immutable record of where energy is being allocated.