Soluna is a Blockchain company powered by its own private renewable energy. By harnessing the unlimited potential of sustainable energy, Soluna is supporting the next wave of innovations at scale, from cryptocurrency mining to other high-density computations.
Soluna plans to vertically integrate best-in-the-world renewable power generation experience and capabilities with blockchain computing facilities. By doing so, Soluna can mine cryptocurrencies more cheaply and with less adverse environmental impact than other companies.
Bitcoin, the most famous cryptocurrency is earned or ‘mined’ by using your computer power to help process transaction records that support the currency. This requires enormous computing capacity and a lot of electricity. Accordingly to a recent study, Bitcoin energy consumption can power an entire country such as Ireland but this power demand has created the most powerful blockchain and for this reason, Bitcoin network is 100,000 times more powerful than the top 500 supercomputers. The mining process mostly is done with huge machines in warehouses which have to be in the cooler climates of Iceland, Canada, northern China, and Russia, where it costs less to disperse the heat generated and electricity is cheaper.
The company will build its wind power Plant in Morocco in one of the world’s windiest regions and combine it with the company’s private computing facilities to help power the blockchain in a more eco-friendly and sustainable way. Work on the initial off-grid phase will start in 2019 and complete a year later, with the possibility of connecting the site to the national grid, Belizaire told Reuters.
Soluna is expected to complete the site in five years at the cost of 1.4-2.5 billion dollars. It would invest 100 million dollars in an initial phase, from which it hoped to generate 36 megawatts.
The electricity generated by the plant will feed the Bitcoin mines. Several mining companies chose places where energy is low. Renewable energy is the best solution to lower mining costs.
States like the US, Canada, and China have passed laws against the crypto mining because the amount of electricity consumed is very high. High energy consumption increases the value of bills for all residents of that area, as authorities need to purchase energy from outside sources.
Energy consumption for mining has become a political issue for both the general public and the crypto community. The solution is solar and wind power. Soluna is trying to reduce the ecological impact of cryptos.