Cryptocurrency miner, CryptoBlox Technologies Inc. (CSE: BLOX), has taken a revolutionary new step towards cleaning up the environmentally unfriendly cryptocurrency space.
The company signed a non-binding letter of intent (LOI) on Tuesday to form a partnership with Crypto Green Tech Inc where CryptoBlox can ultimately buy the rights to Crypto Green’s modular, renewable energy-powered crypto mining infrastructure.
The company’s proprietary technology, currently pending patent approval, centres on a modular renewable energy-driven digital asset mining device. The system harnesses electricity generation through an array of solar panels and wind turbines thereby enabling sustainable and eco-friendly cryptocurrency mining.
The deal will give CryptoBlox the exclusive worldwide development and distribution rights for the patent-pending technology, giving both an off-grid mining infrastructure expansion option for retail users, and an option for digital asset self-mining facilities for itself.
Beyond digital asset mining, Crypto Green’s technology boasts versatile applications. Users can utilize the generated power to charge electric vehicles, ensure backup power for their homes, or directly monetize the energy produced through digital asset mining, eliminating the need for third-party intermediaries.
“CryptoBlox is looking to shape the next paradigm of digital asset mining and we hope that having a company like Crypto Green as strategic partner will allow us to do so at an accelerated pace” said Akshay Sood, CEO of CryptoBlox.
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Crypto Green technology retains all mining revenue
Unlike traditional methods where excess renewable energy is sold back to the grid operator or utility company at a reduced rate, Crypto Green’s technology, in conjunction with blockchain principles, eliminates the requirement for intermediaries. This lets users monetize their energy production more lucratively, retaining all mining revenue while also accruing valuable carbon credits for future monetization.
The development and distribution rights will fortify the company’s energy-driven off-grid mining position while giving them the opportunity to expand by incorporating energy assets that offer cost-effective energy solutions. This expansion is particularly timely, given the global energy challenges caused by climate change.
Recent grid emergencies like what happened in Texas, when the ERCOT grid collapsed dramatically in a 2021 winter storm, highlight the risks of relying on traditional grid electricity for energy-intensive operations, such as digital asset mining. The company’s main objective is to decrease dependence on grid power and minimize intermediary risks by investing in stranded and renewable energy sources.
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Renewable energy is essential to reduce environmental concerns
Renewable energy sources are essential for cryptocurrency mining due to their significant environmental and economic benefits.
The energy-intensive nature of cryptocurrency mining, particularly Bitcoin, has raised concerns about its carbon footprint. By transitioning to renewables like solar, wind and hydroelectric power, mining operations can substantially reduce their carbon emissions, mitigating their impact on climate change.
Riot Platforms (NASDAQ: RIOT), Hut 8 Mining (TSX: HUT) (NASDAQ: HUT) and Greenidge Generation (NASDAQ: GREE) are players in the cryptocurrency mining industry actively incorporating renewable energy sources into their operations.
Riot is committed to sourcing a significant portion of its energy from renewables, aligning with their goal of sustainable mining practices. Meanwhile, Hut 8 Mining, based in Canada, has been harnessing hydroelectric power for their Bitcoin mining operations.
In upstate New York, Greenidge Generation employs natural gas for energy generation but is equally dedicated to carbon offsetting and plans to integrate solar panels into their facilities.
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