With the rapid rise of cryptocurrencies and Bitcoin, Dogecoin seems to be disturbed by recent concerns about the large amount of energy required for its mining. However, a generation of peasant families in the UK came up with an arbitrary solution to this complex global problem. The method they used to mine digital assets is headline news, which uses the world’s abundant simple energy-“cow dung”. Yes, what you heard is right! The Philip Hughes family is using powerful computers to mine virtual currency based on renewable energy generated by cow dung.
Mining cryptocurrency requires a huge price. It requires a lot of electricity and causes irreparable damage to the environment. Tesla and SpaceX CEO Elon Musk also expressed concern when announcing that Tesla will no longer accept Bitcoin as payment. The carbon footprint problem has always been one of the biggest obstacles to the cryptocurrency market.
The Bury family, headquartered in the United Kingdom, hopes to change this situation through its renewable energy business, which converts cow dung into energy to run computers that mine cryptocurrency 24/7. A member of the family, Josh Riddett, founded Easy Crypto Hunter in 2017. According to reports, his company recently received approximately Rs. Bookings valued at 516,000. Riddett also told the BBC that he saw a surge in inquiries from other farmers calling him about the project.
In 2020, Riddett attended the EU Cryptocurrency Summit as a representative. In a statement, he said Musk said Bitcoin mining is harmful to the environment, but what his company is doing could not be more environmentally friendly. Musk has wiped billions of dollars from the global crypto market, adding that His computer is capable of mining hundreds of different digital currencies.
How does it work?
The owner of the farm said that a site hosts 40 mining computers that work 24/7. They are powered by anaerobic digestion (AD) machines, which convert cow manure into renewable energy. Farmers with renewable energy sources such as solar, water, wind, or anaerobic digestion can sell electricity to the national grid at a price of 4-7 pence per kilowatt hour. However, according to a report by Off Grid Energy Independence, if they run crypto mining machines, their income can be as high as 10 times.
Easy Crypto Hunter said it now has more than 250 registered customers, including crypto whales and high-net-worth individuals, who usually own 30 to 40 mining computers.
“When we started this business four years ago, our customers did not pay attention to green energy, but now it accounts for about 40% of our business and is growing every day. This is both for customers and green energy suppliers. A good idea, so it’s a win-win situation,” Ridt said in a statement.
But even Riddett’s Easy Crypto Hunter did not mine Bitcoin because it is not “energy efficient or profitable”.
Last month, as Tesla withdrew its support for Bitcoin, Musk elaborated on long-term environmental concerns about cryptocurrencies. “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot be done at a huge environmental cost,” he wrote on Twitter. The price of Bitcoin and the prices of Dogecoin and other cryptocurrencies have all been affected by this decision.
Tesla and Bitcoin pic.twitter.com/YSswJmVZhP
-Elon Musk (@elonmusk) May 12, 2021
Musk’s concerns are not unfounded. Mining Bitcoin requires extremely powerful, energy-intensive computers. Even Easy Crypto Hunter, which is proud of “green mining”, does not mine Bitcoin, and the reason is somewhat the same-it is not “energy-saving”.