As of this writing in the past 24 hours there have been 270,868 Bitcoin transactions at an estimated value of $683,212,385. According to Blockchain Luxembourg SA, the total value of Coinbase block rewards and fees paid to miners was $12,472,948. Impressive numbers and some would argue we’re in down market, though that debate is for another blog post. I expect we can agree that the planet is in the early stage of a new digital, finance infrastructure and the transactional data we’re witnessing today will pale in comparison to the volume we’ll realize in the future.
As with all coins, Bitcoin has two sides and on the other side there’s a correlating set of statistics that represent an alarming amount of pressure on the planet’s energy resources. It’s profound as to the power consumption for daily cryptocurrency mining when you explore the data. According to Digiconomist.net, this past Thursday (21SEP2018) 200,332,771 kWh of electricity were consumed mining BTC and 6,770,506 US households could be powered from the energy utilization of mining Bitcoin. Surprisingly or not surprisingly, an estimated 30.07 homes could be powered for one day from the energy consumed to mine a single transaction. Further, it’s projected that BTC mining will consume 55.6 TWh on an annualized basis as of today’s transaction volume, similar to the annual energy consumption of Austria or Ireland.
Both sets of data are remarkable and serve as a call to action and for opportunity. That opportunity is to lead toward a more sustainable operational model to support proof-of-work digital, financial transactions. That is the mission of Sustainable Quarry to create a renewable energy mining infrastructure completely off-grid and free of Co2 consumption. 76% of today’s mining costs are related to energy consumption, which is a diminishing return. Technology moves toward efficiency and there will most likely be a lighter PoW algorithm at some point in the future. However, as the algorithm becomes lighter, the transaction volumes will continue to increase and require additional computing power. So then, are we back to square one? We have the capability now to remove the energy and cost friction from the transactional equation of crypto mining. The reduction in electrical load capacity will be an enormous benefit to our electrical grid and to the PLANET! Couple that with the operational reward of eliminating the cost inefficiency from retail energy and you achieve a scale of maximum economic yield.
Sustainable Quarry has studied the problem, organized a profitable, scalable business model and are attracting a capable team of smart minds to move our enterprise forward. Likewise, our planned STO will deliver profit dividends to our Quarry Token holders, an added benefit that pays our community for helping us tackle a problem that can be solved. We’re not the first to move toward sustainable crypto mining, however our application is slightly unique with our patent pending wind turbine. I’ll be documenting our progress along the way. Our journey has started, and we look forward to establishing our tiny carbon footprint as a leader in sustainable cryptocurrency mining.
If you have interest in collaborating, joining our team or learning more about our security token offer (STO) contact us / info@quarrytoken.io /