proof-of-work (PoW) cryptocurrency mining has been the subject of bad press in recent times. Critics argue that excessive energy consumption, and the use of fossil fuels, are wasteful and cause irreparable damage to the environment.
But, the UK-based entrepreneur Josh Riddett It hopes to change that with its renewable energy business, which converts cow dung into energy through anaerobic digestion.
Farmers use cow dung to power cryptocurrency miners
reset set up easy crypto hunter In 2017, selling mining equipment to farmers who, in turn, use it to convert cow dung into energy.
In the past, farmers producing renewable energy typically sold that electricity to energy companies for £0.04 to £0.07 per kilowatt-hour ($0.056 to $0.099). But with the rise in popularity of digital currencies, farmers soon realized that they could make ten times as much mining cryptocurrency instead.
“The company’s mining equipment typically retails for £18,000 ($25,000) and has averaged around £30,000 in annual profits over a three-year period, with the bulk of these profits in 2021. Digital currencies gain institutional acceptance.”
Riddett said the business has been booming lately, as more farmers cotton on to the idea of incorporating cryptocurrency mining into their agricultural operations.
Bitcoin is the most recognizable of all cryptocurrencies, but Ridget said that its equipment is not ready to mine BTC. Instead, he cited Ravencoin and Ethereum as popular alternatives.
“Our computers are capable of mining hundreds of different digital currencies, but we do not mine bitcoin because it is not as energy efficient as other coins and is not as profitable.”
Unlike bitcoin, both Ravencoin and Ethereum . provide varying degrees of Application-Specific Integrated Circuit (ASIC) Resistance. Meaning, there is little benefit from using ASIC mining equipment to mine these cryptocurrencies.
ASIC miners are electronic circuits specifically designed to mine bitcoin and other cryptocurrencies. They offer efficiency advantages over standard graphics cards, which are designed for games. Thus, ASIC miners are more profitable.
Also, ordinary people cannot mine efficiently on the ASIC network. Large corporations with deep pockets dominate the sector, competing with the latest ASIC miners to base operations in the cheapest energy locations.
Some argue that ASIC networks promote centralization, which is contrary to the primary principle of cryptocurrency.
What is Anaerobic Digestion?
Anaerobic digestion uses bacteria to break down organic materials, including animal dung and food waste, in a sealed container and in the absence of oxygen.
The microbial communities within the containers digest the waste product to produce both biogas and digest. The digestate is used for fertilizer and similar agricultural products, while biogas can be converted into energy.
Methane (CH4) comprises up to 75% of biogas, with the remainder made up of carbon dioxide, hydrogen sulfide and water vapour. Biogas is used in the same way as natural gas.