Most mining farms are ‘steam engines’, says BaltiCrypto CEO

The majority of mining farms assembled to date represent nothing more than ‘steam engines’ in the grand scheme of things, according to BaltiCrypto CEO Raido Lensment. While serious attempts at large-scale ASICS and GPU networking have been made, and ambitious projects seeking to mitigate the environmental cost of mining are beginning to emerge, he believes we will ultimately look back at the present situation as very much the ‘wild west’ of blockchain technology. ‘Technology is driven by demand. The sudden increase in demand we are seeing will absolutely lead to a similar jump in research spending.’

His own company has positioned itself very much at the frontier, not least due to a firm commitment to 100% renewable energy to power mining operations. In the first instance, this will mean the construction of the SMART Hybrid Energy Farm in his native Estonia. The location was not chosen merely for geographical convenience. In addition to a friendly legislative climate and world-leading adoption of blockchain technologies at the state level, the cold climate means reduced cooling demands, and lower energy consumption. The site will combine wind and solar energy, maximising gains and mitigating periods of poor weather for either one. State-of-the-art battery storage provides a further line of defence against power shortage.

In the longer term, Balticrypto’s foray into the world of green energy will go far beyond merely purchasing, says Lensment. ‘We want to be innovators, not just operators. We see ourselves as wanting to leave everything better than we found it, and that means all technology we employ, too. So for us the research we will undertake through the BaltiCrypto University is a very important part of our future. As we improve technology, we are able to run our cryptomining operations better, but we make it better for everyone else too.’ It’s a bold plan, to be certain, but listening to Lensment speak you can’t help but buy into the vision.

The company plans to take the efficiency gains earned thanks to the sub-arctic climate, and double down, employing the very latest immersion cooling technology. This allows processors to be overclocked as many as ten times, vastly multiplying the amount of processing power that each square metre of warehouse can support. It is this combination of adoption of leading technologies, as well as research and implementation of new practices, that Lensment says will give BaltiCrypto the edge over its competitors.

Whilst already boasting impressive mining, software development and ICO credentials, the team at BaltiCrypto know that attracting the best talent will be crucial as operations expand. BaltiCrypto University, which will exist only in the blockchain initially, with plans for a physical campus by 2021, will provide the means for fostering emerging talent, as well as discovering new talent among token holders, as they participate in online courses, as well as contributing their efforts to the BaltiCrypto Ecoverse in return for real rewards.

The entire Ecoverse is built around a holistic view of potential blockchain applications, coupled with a global perspective on the real needs and issues facing individuals, and the planet at large. The aim is to provide a central hub which not only gives access to mining performance and reward data, but allows token holders to participate in an online village, where they can contribute and learn new skills.

Naturally, mining operations form a core component of the functioning of the Ecoverse. For BaltiCrypto, only the cleanest, most environmentally responsible mining farm would be in line with their stated values and aims. It is now estimated that Bitcoin mining alone accounts for 0.15% of global energy consumption — and it’s only just getting started. At a time when we are being told we are on the precipice of environmental disaster, the thing we can least afford is another energy hungry industry making a surge — yet that is precisely what is occurring. I mention this to Lensment: ‘Yes, perhaps lead petrol engines would be a better example than steam engines’, he laughs.

Far from being overwhelmed by the enormity of the challenge, Lensment and his team saw nothing but opportunity. ‘Always when you face a challenge, there is an opportunity to use it for good. We want to show that responsible, ethical commerce is something people want to be part of, so we are providing that opportunity to all BaltiCrypto Token holders.’

The commitment to making advances across every aspect of mining operations clearly extends to processors and software. The company has assembled a diverse team with a range of expertise, in addition to their own experience running a successful mining operation. They have developed a proprietary system for mining optimisation, constantly monitoring markets to determine the most profitable coins to mine, and making the appropriate change. Their industry-leading hardware and networking experts already boast impressive know-how, but constant innovation and experimentation will see improvements to established methods, and therefore to mining rewards.

It is clear that BaltiCrypto sees itself as more than just another player in the crypto space. They are here to push things forward, to expand the horizon for blockchain application for the good of all. As Raido puts it, ‘Enough of the steam trains. We want to be the Concorde!’

To learn more visit balticrypto.io, and read the Whitepaper or Lightpaper.