New York to Ban Bitcoin Mining!!….so what does this mean for the future of Cryptocurrency??
So why the Ban?
This ban has come into place in order to protect and reserve natural resources due to the amount of low cost energy that the Bitcoin miners are currently utilising. Two Cryptomining facilities in the City are allegedly responsible for a huge spike in electricity bills for local residents in the Plattsburgh area.
So what does this mean for the future of cyrptocurrencies? Is this just the start of a possible wave of mining banning?…..
A Possible Solution
Luckily for us there are some highly focused pioneers in the field of Waste to Energy management and eco friendly blockchain technology who have taken this problem and created a token which may provide a great solution!
4NEW as previously discussed is still currently an ICO. The Company’s main purpose is that of converting waste into green energy.
How, you may ask?
Well the process goes like this…they will collect the waste from the landfill sites, process it through a highly pressured combustion chamber, generating free energy and organic byproducts.
They will then apply this free energy to an onsite crypto-mining farm thus resolving the issue of the high energy consumption!!
A little more about 4NEW & the thinking behind the technology!
As we know electricity is an intangible commodity and as such it is not possible to scale electricity globally due to its dependence on a tangible infrastructure that tends to be localised and dependent on jurisdictional laws.
However with the advent of blockchain technology, for the first time in human history, we now have the ability to scale a localised, intangible commodity such as electricity, on a global scale!
So, how does it actually work?
The way this is done is by pegging kilowatts of power to monetary units. 4NEW have accomplished this thanks to the Etherium based ERC20 token known as the, KWATT. These tokens embody the output capacity and although they are kilowatts of power, technically speaking they mobalise on the blockchain network via the Ethereum platform.
The first Power Plant site will go live in June, 2018 at the Driffield Site, here is the drone footage from the site: https://www.youtube.com/watch?v=BH9Q7zSaTY8
The output capacity from this first site is expected to be 25 Megawatts per hour and with this 4NEW expect to support 12,000 Antminers and 35,000 GPUs.
A great way to envision this business model is that 4NEW is the world’s first eco-friendly, tangible, blockchain ecosystem powered by a dedicated waste to energy power plant. Production meets consumption under one roof. Or they are a blockchain with a battery pack!!
Please find below the links for the Official 4 New channels:
4NEW Website: https://4new.io/
Official Telegram Group: https://t.me/FRNCoin
Facebook Page: https://www.facebook.com/4newcoin
Youtube channel: https://www.youtube.com/channel/UCLzicKiydBSy1nmLSjmkMYg