Soluna is one of its kind Blockchain company powered by its own private renewable energy. Soluna has come up with the thought of supporting the next level technology with all eco-friendly manner by harnessing the unlimited potential of sustainable energy, Soluna is supporting the next wave of innovations at scale. They are determined for cryptomining to other high-density computations, thus empowering the Blockchain revolution.
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.
Soluna uses renewable energy to power its systems, wants to offset the carbon footprint of mining Bitcoin by building a wind-powered blockchain computing infrastructure in the Sahara Desert. They have planned to build a 37,000-acre wind farm in the Sahara desert to provide clean renewable energy for BTC mining. Since Bitcoin mining becomes more popular, Soluna has realized, the electrical cost of running the operation is causing a series of problems for local communities and environmental groups.
The company plans to build its wind power Plant in Morocco in one of the world’s windiest regions and combine it with the company’s private computing facilities to help power the blockchain in a more eco-friendly and sustainable way. Work is to initiate in 2019 and complete a year later, with the possibility of connecting the site to the national grid.
Soluna is expected to complete the site in five years at the cost of 1.4-2.5 billion dollars. It would invest 100 million dollars in an initial phase, from which it hoped to generate 36 megawatts.
The electricity generated by the plant will feed the Bitcoin mines. Several mining companies chose places where energy is low. Renewable energy is the best solution to lower mining costs. According to Jeff Belizaire from the company, said generated energy will be used to power a computer center in the nearby city of Dakhla that mines bitcoin (BTC) and other proof-of-work (PoS) cryptocurrencies.
States like the US, Canada, and China have passed laws against the crypto mining because the amount of electricity consumed is very high. High energy consumption increases the value of bills for all residents of that area, as authorities need to purchase energy from outside source.
Soluna isn’t the only company expanding its mining operations. Prominent bitcoin miner Bitmain is planning to open a data center in Texas, on the site of a former smelting plant; Canada’s Vogogo bought 14,000 BTC ASICs, the equivalent of 0.5% of the network’s hashing power in early July; CoinGeek signed an agreement to release its own branded ASIC-chip for the Bitcoin Cash (BCH) network.