By
Godfrey Benjamin
April 12th, 2024
Cryptocurrency mining is slowly destroying the planet as the increasing energy consumption provokes the rising CO2 emissions. CryptoSolarTech is using the solar power to create the new approach to mining and meet the needs of the developing crypto sphere.
The popularity of cryptocurrencies has led to the high demand of the powerful computer hardware suitable for creating mining farms. The opportunity to make digital money without buying them has already attracted millions of people. It has caused not only the increase in cryptocurrency volume but the significant growth of energy consumption. The numbers are shocking – annualized estimated global mining costs are over $3.2 billion.
CryptoSolarTech changes the basis of mining process making it energy-efficient and environment-friendly. The project has just completed the pre-ICO stage which has proved that the ideas behind CryptoSolarTech are shared by investors: thus round brought to the company 8.845,026 €. The CST token sale is to continue till the 14th of July.
The high energy consumption is an important factor for the bright future of cryptocurrencies. The crypto economy is constantly developing. Cryptocurrency mining is attracting more and more people all over the world. And – like it always happens – enthusiasts find a way to make it cheaper. The most evident solution is organizing mining farms in the countries where energy costs are cheaper. That may sound like a smart strategy. However, the world is already facing the results of this trend: the countries which are popular among miners have to fight a significant increase in CO2 emissions.
CryptoSolarTech, the company based in sunny Spain, aims to change the basis of cryptocurrency mining by creating a solar photovoltaic pool capable of generating 45,000kW of energy. The team behind the project works hard for this idea to come true. The notable achievement of CryptoSolarTech is a fifteen year power purchase contract with Respira Energía, an organization that provides electricity to consumers at wholesale prices with a guarantee of 100% CO2 free production. This partnership is to play the crucial role in the solar future of mining.
The plans of the company are ambitious and include ten solar plants with a total investment of €42.8 million. CryptoSolarTech is not the first project which tries to solve the problem of energy overconsumption in crypto mining. However, there is a factor which makes this company unique. CryptoSolarTech is to combine its own solar plants with well-developed mining infrastructure. This complex approach makes the company attractive to investors.
“The operation will be based in one of the sunniest areas of Europe. Our team has an extensive experience of in mining operations,” said Pablo Alonso, co-founder and CEO at CryptoSolarTech. “We have no doubt that this is a winning package with excellent returns that any crypto enthusiasts will be interested in.”
The key element of the platform is CryptoSolarTech token (CST), an ERC-20 type token. “Possession of this digital asset will indicate ownership of a fraction of a cryptocurrency mining farm and a photovoltaic solar energy plant. Users of this platform will be able to obtain their own cryptocurrencies during the CryptoSolarTech ICO in a farm where around three thousand equipment are to be installed” said Alain Aguirre, co-founder and director of the mining operation.
CryptoSolarTech is in the process of Phase 1 of ICO. The things are going well – soft cap has already been reached. The bar has been set high – the project aims at hard cap of 71.400.000 €. It still has plenty of time to go as the last round of ICO is to end on the 14th of July.
The company is not waiting till the end of ICO to start active development: in June CryptoSolarTech plans to apply for an environmental approval request for the project, authorization for the public construction, and grid-connection of the power plants. Less than in a year CryptoSolarTech is to launch the photovoltaic activity and mining operations – this stage is scheduled for April 2019.