IOEN IS ENHANCING CRYPTO MINING WITH CLEAN ENERGY
Over the past several years, cryptocurrencies like Bitcoin have been quietly growing in popularity, with an ever-larger number of people buying and selling them. Now that Bitcoin has hit the mainstream and become a worldwide phenomenon, more people than ever are looking to get into the cryptocurrency game.
However, the production of cryptocurrencies isn't anything like that of regular money. There's no central authority that issues new notes; instead, bitcoins ( or any of the other so-called 'alt-coins') are generated through a process known as 'mining'. So what is cryptocurrency mining, and how does it work?
Cryptocurrency mining and the blockchain:
Before getting to grips with the process of cryptocurrency mining, we need to explain what blockchain is and how that works. Blockchain is a technology that supports almost every cryptocurrency. It is a public ledger (decentralised register) of every transaction that has been carried out in that cryptocurrency.
These transactions are assembled into what are called "blocks". These are verified to ensure that they are legitimate by cryptocurrency miners. This checks if the same coin hasn’t been expended again before the transaction has cleared, and that the input and output expenses tally. Then the next sequential transaction block is connected to it. This is how cryptocurrencies are created and how new cryptocoins are made.
As there is no central authority or central bank, there has to be a way of gathering every transaction carried out with a cryptocurrency in order to create a new block. Network nodes that carry out this task are called dubbed 'miners’. Every time a slew of transactions is amassed into a block, this is appended to the blockchain. Whoever appends the block gets rewarded with some of that cryptocurrency.
To prevent the devaluation of the currency by miners building lots of blocks, the task is made harder to conduct. This is achieved by making miners solve complicated mathematical problems called “proof of work”
IOEN: IT'S ROLE IN ENSURING CLEAN ENERGY FOR MINING.
IOEN is perhaps one of the most cutting-edge ways to integrate climate technology, as it aims to build microgrids to store electricity through a peer-to-peer blockchain.
The fact that solar panel prices are plummeting, and even in cloudy old Germany, residential rooftops contribute 14% of total installed capacity. With the proper inverter directing energy into the house rather than back to the grid, the purchase will eventually pay for itself.
What if paying for the solar panels is done by cryptocurrency mining rewards? This is the basis of the IOEN Solar Mining Use Case. And it works: IOEN has conducted tests with 36 solar panels on a residential Australian home with an Antminer D3 using 1200W. Granted, Australia is sunny, but a small supplemental battery can fill in the curve.
The numbers are getting better all the time. Looks like crypto is here to stay.
IOEN is an acronym for Internet of Earth Network.
The Internet of Energy Network (IOEN) is a community-driven network that enables connection and value exchange between any energy device, user, or market. Using blockchain and Holochain technology, IOEN enables homes anywhere to function together as an intelligent, cooperative electricity system. By connecting homes in this way, they become a local, virtual energy microgrid. Built on Holochain, the Internet of Energy Network is composed of two currency layers.
-The first is IOEN itself (pronounced “ion”), which is used as a staking asset to unlock new microgrid economies.
-The second layer is a series of Internet of Energy Currency (IOEC) credit systems unique to each community exchanging energy value within a minigrid.
We are the backbone of the new tokenised energy ecosystem, building out the global clean energy ecosystem wherever you are, device by device.
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