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Powering Blockchain with Renewable Energy Sources (Part 1)

Mon Jul 26, 2021 9:02 am

GX Blocks Energy is a blockchain company which is specialized in dedicated cryptocurrency mining farms and renewable energy sources, providing hybrid services and innovative products in the blockchain ecosystem.

The GX Blocks platform will provide to our users an all-in-one, user-friendly experience with dashboards that facilitate fast and easy access to digital asset mining operations and other blockchain services.

GX Blocks Energy’s strategy is to diversify the funds into the core operations of the business:
1.Renewable energy sources
2.Cryptocurrency Mining
3.Blockchain Energy Projects

Our facilities, supported by renewable energy sources, help to create the ideal conditions for experienced and newcomer users to get engaged in the Blockchain ecosystem through a variety of products with a risk-averse business model.

GX Blocks’ main focus is to power blockchain networks with sustainable and green energy solutions. We are making the networks’ mining outputs more sustainable and efficient, by utilizing the energy produced from renewable energy sources for the operation of our data centers.

Global Energy Problem
The main cause of industrial air pollution is the increasing production of electricity which is driven by the rapidly growing global energy demand.
In fact, 88% of our electricity comes from coal, oil, and other non-renewable sources. It is estimated that by 2040, global energy consumption would have increased by approximately 24-28%.

But even though the use of renewables is expected to grow faster than fossil fuels, the US Energy Information Administration (EIA) says coal, oil, and natural gas will still account for 77% of our energy in 2040.

Mining Energy Consumption and Pollution
The main issue of the Blockchain and Cryptocurrency Mining industry is the excessive energy consumption and air pollution from Data Centers.
The Bitcoin network is currently estimated to consume at least 63–70 Terawatts of electricity per year, and potentially more than double in the future, even surpassing the annual consumption of countries such as Greece (59.3 Terawatts per year).

Economic models tell us that Bitcoin’s electricity consumption will continue to grow substantially.
The amount of energy that the bitcoin network consumes is just over 60 TWh per year, with annual global mining costs estimated at $3.41 billion, assuming a fixed rate of 5 cents per kWh.

When compared to the energy used for Visa transactions, the number is even more staggering.

Charts show that one bitcoin transaction uses 602 kWh compared to 151 kWh for every 100,000 Visa transactions.

Renewable Energy Mining Solution
With the rise of energy production from Renewable Energy Sources, various problems arise. The global energy storage problem stems from the fact that long-term energy storage is impossible. For this reason, it should be produced & consumed simultaneously.
GX Blocks can directly use the excess energy from the provider and consume it without any commitment through conventional agreements with third-party providers.

GX Blocks will solve this problem by eliciting a new hybrid business model, combining mobile mining units directly connected to renewable energy sources, taking advantage of the excess energy production. We will reduce the total power needs of our mining operations by more than 20%, by utilizing innovative liquid cooling methods that increase the energy efficiency of our DCs.

No one can deny that Bitcoin mining consumes a lot of energy. But at the same time, it is important to mention that the central idea of this cryptocurrency is based on energy storage as a digital currency.

Greece is a favourable place for Bitcoin mining and offers ideal weather and geographical landscape conditions for the exploitation of renewable energy sources, such as solar energy. This implies that Greece is a strategic position offering economical efficiency and environmentally friendly solutions to energy production and consumption.

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