The purpose of this article is to discuss a major problem within the cryptocurrency industry, which is the excessive use of electricity in mining. Lately, this topic has received tons of press from different news outlets. Viewo has a unique solution to this massive problem, and we will revolutionize and create a paradigm shift in crypto mining.
According to “The Guardian” newspaper, Bitcoin mining uses as much CO2 a year as 1 million transatlantic flights! As more and people move to mining, these numbers will continue to increase.
The more electricity you burn correlates to faster computing and the more likelihood that you’ll mine coins.
According to Credit Suisse, 80 percent of mining costs are associated with mining. They estimate that a $50,000 BTC price would increase electricity consumption tenfold!
Unlike indoor farming where a product is grown and consumed, BTC and other crypto farming produces a virtual product.
Viewo’s solution is called POEW, also known as Proof of Encoding Work. Virtually all online videos need to be encoded in at least eight different formats so they can be viewed properly on various devices and resolutions. This includes iOS phones, android phones, tablets, computers, televisions, etc.
With Viewo’s POEW, miners will use their GPU setups to encode videos. The reward will be VEO tokens. Because Viewo needs to encode videos for its sharing platform anyway, the mining electricity is not wasted, but rather used for legitimate purposes.
POEW (Proof of Encoding Work) is a real solution to the mining energy crisis and will create real value for Viewo and it’s miners.