In the course of the last few of years, there have been considerable discussions relating to the energy consumed by cryptocurrency mining. The process of generating new bitcoin is called mining, and this consumes a lot of electricity in the process. According to bitcoin Energy Consumption 2017 Index, bitcoin’s annual estimated electricity consumption is equivalent to 29.05TWh or 13% of the total global energy electricity consumption. The estimate means that the electricity consumed as a result of bitcoin mining now exceeds that of 159 individual countries and more than Ireland or Nigeria.
Significant amount electricity consumed poses a considerable issue because bitcoin mining is seen as unsustainable in the long run, due to its heavy energy consumption. However, some miners are coming up with innovative ideas to harness the excess heat generated from mining to produce cash crops.
What innovative ideas have they come up with?
In a Twitter discussion on March 10th, the co-founder of Czech cryptocurrency exchange Nakamoto X revealed a photo of large bunches of tomatoes that were grown using excess heat from crypto miners.
revealed that a bespoke housing for bitcoin servers was created to harness heat and send it to the greenhouse currently growing the tomatoes.
The venture which would be soon be joined by another business called Agritechture has been in “stealth” mode. However, it has now produced its first batch of crops on a five-acre greenhouse filled with tomatoes named ‘Cryptomatoes.’
Brejcha explained the underlying technology behind “Cryptomatoes” which is a Container that is being placed in the basement and the excess heat from the crypto mining rigs, and computer server is blown into the various greenhouses.
Mining rigs and computer servers generate a tremendous amount heat, and many other advocates have set up mining farms in countries where electricity is affordable and in abundance to heat up homes.
One individual enquired why Brejcha did not grow cannabis plants with the excess heat generated. Brejcha, however, responded saying:
“Unfortunately because of local strict rules, we were unable to obtain a license for medical marijuana growing, so we had to choose tomatoes and other vegetables instead”
According to Brejcha people will be able to buy the tomatoes in ordinary shops. Additionally, Brejcha says the team also plans to include vertical farming for the project’s roadmap following the project’s initial stages.
Opposition to the Idea
Although some individuals are entirely against crypto mining in the first instance, because it uses a lot of electricity, hence it is deemed inefficient. One individual commented on Brejcha’s Twitter account saying “Would it not be more efficient to not crypto mine, to begin with.” However, Brejcha reply was that his team are different as they produce its energy using 100 percent bio waste produced power.
With all the complaints about the wastage of energy resulting from crypto mining, Brejcha, and other crypto advocates are showing individuals that mining can have a closed energy cycle loop by reusing the excess heat generated from crypto mining to produce cash crops.
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In a move already mooted or across the globe in other countries, the Winklevoss brothers Cameron and Tyler have submitted a proposal for a self-regulatory body to oversee cryptocurrency markets.
The brothers’ plan to police the cryptocurrency arena, where ICOs, trading, and trade-offs happen daily, is actually quite a . The U.S. Securities and Exchange Commission (SEC) and CFTC have run on a system of self-regulatory organizations (SROs) to police trading top to bottom in the formal asset sector for the longest time. All irregular movement is typically flagged by one of these bodies before an SEC investigation begins.
The Sign of a Maturing Asset Class?
The Winklevoss twins run the that trades bitcoin and ether. They have made billions out of bitcoin’s meteoric rise during 2016 and 2017 and represent calculated, sober voices when speaking of and others. Optimists rather than enthusiasts, the brothers are unofficial ambassadors of success for virtual currencies and are now looking at their next project in the world of digital coins.
Billing their proposal as the “Virtual Commodity Association,” they imagine a non-profit, self-regulatory organization geared to monitor all virtual currency markets, with special attention paid to custodians of the realm. As a first port of call, the body would formulate standards, enable protocols that render companies transparent and work closely with existing regulatory bodies like the CFTC to combat fraud. Currently, no regulators has direct authority over the spot markets for digital assets.
This self-regulation would also begin to facelift the digital coins that have given mainstream investors such alarm at times. In a , it was apparent that the Winklevoss brothers have a positive long-term view of cryptocurrencies per se, and that they are looking beyond the hype and see bitcoin and other digital currencies as the future gold.
In a joint statement, the brothers said that:
“The promise of virtual commodities and their impact on the future will be profound – but individuals and institutions need to feel safe and secure when transacting.”
Echoing the sentiments of any mature, successful market in the world, they added that they “… believe a thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market.”
Getting in First Paid Them Before
There is currently no directly responsible regulator overseeing the host of exchanges that trade digital currencies in the spot market. The Financial Industry Regulatory Authority, which receives funding from the fraternity, is the top cop for Wall Street brokerages.
Cryptocurrency is broadly “governed” by an amalgamation of state laws that many fear is a woefully porous and inadequate situation, inviting abuse. , the CFTC Republican Commissioner, has already called for digital exchanges to form such a private regulatory body. While congratulating the Winklevoss brothers on their initiative, he spoke of their “energetic leadership and thoughtful approach in outlining a virtual commodity self-regulatory organization (SRO) concept.”
He added that he encouraged “Gemini (or any other market participant, advocacy group, platform, or firm) to be aggressive in promoting these qualities within any SRO construct.”
The Virtual Commodity Association is imagined as funded by the fraternity, just like FIRA, and would regulate all U.S. exchanges and custodians, and would be funded by membership fees. Fiduciary duties, fiscal rectitude, information handling and cybersecurity would all be aspects of the exchanges that the body would formulate policy on, police and enforce through sanctions.
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