Japan Green CryptoCurrency Mining
Japan bet for Clean mining
Kumamoto-Energy is the local power producer of Japan and they have recently announced that they will use solar power to mine cryptocurrecy blocks, giving to this technology the opportunity of been mined without harming the environment.
On 20th February 2018, Kumamoto-Energy Co Ltd made an announcement that it has established a new affiliate company “OZ Mining’’ in late 2017 with an aim to utilize the excess electrical power which yields from their solar generation plants for mining cryptocurrencies.
Kumamoto-Energy has collaborated with another major electrical powerhouse, TakeEnergyCorporation Co Ltd, to run the “mega solar plants” in Kumamoto Prefecture.They also announced that, OZ Mining buys electricity from them at the exchange rate of ¥10-19/kWh, but it can also depend on multiple factors such as supply area, contract agreements and seasons.
Kumamoto-Energy has established mining farms which they call as data center facilities and container-based mining rigs which is to be accommodated all throughout the power supply area and also produces and sells elaborate systems which are efficient for cryptocurrency mining.
The most difficult part of the whole mining process is that it takes requires huge amounts of electrical power and complex and efficient computer systems.
It is predicted that when crypto mining industry will reach its peak with exponential growth, much of the earth’s power resources will be on the verge of exhaustion.
Saburo Takahashi, a Security Analyst at Kansai Electric Power says:
“This is a time for improvisation, mining won’t go away for the next 100 years, efficient renewable sources of energy is the only way that cryptocurrency mining will be profitable in the future”
When renewable sources are compared to the traditional sources of energy, we can observe that they are unevenly distributed, expensive and not quite well introduced in the current power market, but with proper utilization of renewable sources like, solar, hydro, wind, geothermal the crypto economy can make renewable energy more affordable and profitable for everyone.
Recent statements from Kumamoto-Energy show that there are still hopes for a balanced and greener future. Once Kumamoto Energy starts following the solar mining process, more companies may join the mining process.