BITMINER FACTORY: Solving the problem of energy consumption in crypto mining

akofe (31)in #blockchain • 6 years ago

bit logo.jpg
Since 2007 when bitcoin and other cryptocurrencies gained their popularity, a lot of people have shown interest in and have embarked on mining cryptocurrency. This has gone to establish cryptocurrency as a force to reckon with in the new paradigm shift that will occur in the business world and that these cryptocurrencies will redefine a lot of companies as well as economies of the world and this is already becoming evident.

Mining cryptocurrency however is an energy intensive process or venture as such it comes potentially with a large carbon footprint, which requires attention. In order to perform their tasks, miners need to execute computationally-intensive algorithms on the Blockchain using a plethora of high-tech equipment, such as customized microprocessors or specialized Graphical Processing Units.

       Numerous publications worldwide and other online resources have reported that the amount of energy required to mine cryptocurrencies worldwide is on the increase (currently over fivefold increase in the space of one year or even less). This amount of energy is equivalent to that which is required to sustain the energy requirements of countries like Peru, Portugal or Isreal. Also, it has been noted and confirmed that this energy requirement figure is growing exponentially and is expected to double in the next twelve months i.e up to 150 TWh/year, which is almost the amount of energy consumed by the entire country of Netherlands. And this observed situation is clearly not sustainable in the long run coupled with other factors such as the rising oil prices and so on.

bit second.jpg

       Looking into these issues, a lot of organizations have discovered the problems that may arise from this indiscriminate consumption of non-renewable energy and these companies have raised the alarm and called for measurements aimed at forestalling any issue that may arise from these energy consumption.

       It is for this reason that the bitminerfactory has undertaken a research into and come up with a solution to tackle the problem of energy consumption from the process of mining different cryptocurrencies. The solution that is introduced by the bitminerfactory includes:

· Commited usage of clean energy derived from clean power sources like solar and hydro plants.

· Re-use of otherwise wasted energy through partnership with energy plants around the world which affords them the opportunity to tap into and make use of these energy that would have otherwise gone to waste.

Flexibility which will be achieved through mobile or moveable autonomous mining units

And diversification through ownership of renewable energy assets

With all these steps taken and more, it is clear to all that the bitminerfactory has found a sustainable solution to the energy requirements for cryptocurrency mining activities and have therefore come to stay.

ICO:

Bitminer Factory are promoting an Initial Contract Offering (“ICO”), whereby Mining Contracts are offered to their Clients (“Token Holders”). The “BMF” token, an ERC-20 token built on the ETH platform, represents a Mining Contract between Token Holders and Bitminer Factory. Each BMF entitles the Token Holders to certain contractual rights that are outlined in this Whitepaper and comprehensively presented in our Terms and Conditions document (“T&C”). Up to 100 million BMF with nominal value of 1$ per BMF are offered to potential Token Holders through this ICO - Initial Contract Offering. BMF will be offered at 20% discount to nominal value in a Private-Sale from 25/5/18 to 20/6/18. The following discounts will apply afterwards: 18% from 20/6/18 to 20/7/18, 12% from 20/7/18 to 8/8/18, 6% from 20/8/18 to 20/9/18 and 0% until Hard Cap is reached. As our Mining Farm is a scalable project, Soft-Cap is set at $0.5M and Hard Cap is set at $100m. If Soft-Cap is not met, all Mining Contracts will be cancelled and payments returned to Token Holders. If Hard Cap is met, the ICO - Initial Contract Offering will be closed. ICO will be closed anyway on 30/9/18. Payments for BMF are accepted in BTC, ETH and EURO, following registration on Bitminer Factory website.
bit third.jpg