With the expansion of the cryptocurrency market increases and consumption this sector of energy. If Bitcoin will continue to grow at the current rate, every year will be consumed more energy than in countries such as Peru. One possible solution to this problem is renewable energy – energy from sources that are on a human scale are inexhaustible.
4NEW company was created specifically to address such problems. 4NEW plans to recycle waste and turn them into a source of energy. This technology is used for over 70 years and today there are already 83 plants producing energy from waste. This energy can be sold to other companies or used to power their own farms 4NEW. Their whitepaper States that it is economically profitable:
“The cost of energy production will be covered by the profit obtained from the enterprises for waste collection and sale of the finished product, which contributes to the stable operation without a loss or with marginal profits. Therefore, the resulting energy will be freely available for use or sale.”
Integral to this system is unique 4NEW token KWATT, standard ERC20, based on the Ethereum Protocol. One token is equivalent to 1 kW of electricity generated per year, (the average retail price per kWh of electricity in the world currently is $0.15). ICO started in late January and will continue until March 2018. All members who want to join in the solutions to the problem of recycling for the energy industry, can participate in the development of the platform. It is planned to open three factories for the production of regenerative energy in the UK. Initially, it will generate 10 megawatts of electricity per hour, then as soon as the system will be completely up and running at maximum power, the figure will rise to 40 megawatts per hour. It is planned that all three plants will generate 300 million KWh per year. The team offers its services in the exchange of coins 4NEW in their own ecosystem. For the first time in world practice, the plant will work on Blockchain technology.
And because 4NEW will produce their own energy, they are able to set her price that standartisied fees. The company will be able to act as a wholesaler in the utilities sector, and the use of Blockchain technology will allow all actors of the ecosystem 4NEW trade waste and electricity using internal token platform — KWATT. Coin holders KWATT can use them to make transactions when paying for goods and services and other decentralized platforms.
CEO of 4NEW Limited Sandeep Golecha sure that this project will succeed. After all, in addition to the sale of electricity generated to the national grid of great Britain, part of the energy will be directed to the mining of cryptocurrencies. Given that mining farm 4NEW will be provided with electricity at cost, it will make their work more profitable than any competitor.
Huge energy costs associated with transactions, and bitcoin mining will continue to grow. On the official website of the company guide 4NEW reported that just 14 months of world energy consumption associated with Bitcoin transactions increased by 2.5 times. Iceland already uses more energy for cryptocurrency mining than for energy supply of households. Other studies show that countries such as New Zealand and Hungary (and 157 other countries) to use more than 42 TWh of electricity per year and consume as much CO2, how many 1 million transatlantic flights. This frightening statistic underscores the need that cryptocurrencies will need to switch to “Green energy”, for example, that plans to implement 4NEW. If the scheme is to work successfully, the world will be able to observe a significant reduction in electricity costs associated with cryptocurrency. Particularly acute question concerns the mining farms that use extremely polluting resources such as coal.