Proof of work (PoW) Cryptocurrency mining has been the subject of negative news recently. Critics believe that excessive energy consumption and its use of fossil fuels are wasteful and cause irreparable damage to the environment.
However, British entrepreneurs Josh Ridt He hopes to change this situation through his renewable energy business, which converts cow manure into energy through anaerobic digestion.
Farmers use manure to power cryptocurrency miners
Ridt is established Simple crypto hunter In 2017, mining equipment was sold to farmers, who used it to convert cow dung into energy.
In the past, farmers who produced renewable energy typically sold electricity to energy companies at current prices ranging from 0.04 to 0.07 pounds (0.056 to 0.099 US dollars) per kilowatt hour. But with the popularity of digital currencies, farmers soon realized that they could produce ten times as much cryptocurrency as mining.
“The company’s mining machine retail price is usually 18,000 pounds (25,000 US dollars), and the average annual profit over a three-year period is about 30,000 pounds, most of which will be realized in 2021, because the digital currency is recognized by the institution .”
Riddett said that the business has been booming recently because more and more farmers have begun to accept the idea of incorporating cryptocurrency mining into their agricultural operations.
Bitcoin is the most well-known of all cryptocurrencies, but Riddett stated that his equipment is not suitable for mining BTC. Instead, he cited Ravencoin and Ethereum as examples of popular choices.
“Our computers can mine hundreds of different digital currencies, but we don’t mine Bitcoin because it’s not as energy-efficient as other coins, and it’s not so profitable.”
Unlike Bitcoin, both Ravencoin and Ethereum Provide varying degrees of Application Specific Integrated Circuit (ASIC) Resistance. This means that there is almost no advantage to using ASIC mining equipment to mine these cryptocurrencies.
ASIC miners are electronic circuits specifically designed to mine Bitcoin and other cryptocurrencies. Compared with standard graphics cards designed for games, they have an efficiency advantage. Therefore, ASIC miners are more profitable.
At the same time, ordinary people cannot mine efficiently on the ASIC network. Large companies with strong financial resources dominate this field, competing with the latest ASIC miners, while operating at the cheapest energy points.
Some people believe that ASIC networks promote centralization, which contradicts the main principles of cryptocurrency.
What is anaerobic digestion?
Anaerobic digestion uses bacteria in a sealed container to decompose organic matter, including animal feces and food waste, in the absence of oxygen.
The microbial community in the container digests waste to produce biogas and digest. Biogas slurry is used for fertilizers and similar agricultural products, and biogas can be converted into energy.
Methane (CH4) accounts for 75% of biogas, and the rest is composed of carbon dioxide, hydrogen sulfide and water vapor. Biogas is used in the same way as natural gas.