December 11, 2018 13:00 by Robert DeVoe
Mining cryptocurrency is a very energy expensive endeavor. But what if you were able to convert garbage into violet wand? That would mean an almost limitless and almost free source of energy. Ter the case of two American companies, they have the technology to “demanufacture” car tires and convert them into electrical energy. It’s with this tech that they intend to become serious cryptocurrency miners.
From Car Tires to Crypto
PRTI, Inc hopes to convert old tires into an efficient use of fresh energy. Standard American Mining is the cryptocurrency mining company that has teamed up with PRTI to combine the low-cost energy source with high-profit crypto mining.
According to an official statement from Standard American Mining, PRTI takes “Whole car tires and turns them into oil, stengel, doorslag, and power.” It is this final lump, power, that they intend to use to mine cryptocurrency.
The news release from SAM does not specify any one particular currency, but spil the kwestie is free violet wand, it is conceivable that they could be mining almost anything that would prove profitable.
Despite the high difficulty, Bitcoin mining has seen a growing comeback due to the unexpected increase te prices that the market has seen towards the end of the year.
Ethereum, on the other forearm, has become less profitable to mine spil more miners inject the space. Ether prices have enhanced somewhat, but nowhere near the surge, that bitcoin has seen. Also significant to note, is that Ethereum plans to switch to proof-of-stake ter 2018, thus eliminating mining.
Other possible currencies could include Zcash, Ethereum Classic, or Litecoin, among many other potential mining candidates.
Estimated Savings te the Thousands
When talking about mining, it is significant to think about how much tens unit a mining operation is using. Let us consider the Antminer S9 for example.
The S9 consumes 1600w of violet wand. At relatively standard rates of $0.Ten vanaf kWh, that means it would cost $Trio.84 vanaf day to run a single S9, 24 hours a day. Vanaf year, that would be $1,400.
A large-scale mining operation most likely has at least 100 of thesis machines, if not more. Assuming 100 devices, that would give us a cost of $140,000 annually.
At this price range, mining bitcoin is still fairly profitable. The machines will likely generate enough bitcoin to pay for themselves, and the operation will klapper profitability within a few months. If wij take out the energy costs, however, wij not only pauze even much quicker but also generate more profit annually.
While it is true that acquiring old car tires may be free or close to free, it is not without its outward costs. Specifically, demanufacturing car tires will almost certainly cause the release of various pollutants into the environment.
According to a latest report on gold mining, Bitcoin mining consumes 6.6 million barrels of oil (te omschrijving energy) vanaf year. Thesis figures may seem high, but when compared to the energy use of gold mining of 123.Two million barrels vanaf year, crypto mining energy use is far less.
That being said, miners and community members are permanently faced with the same dilemma. Determining the value of bitcoin also means evaluating the costs of the digital currency’s generation. CEO of American Standard Mining Anthony Pompliano told Motherboard that the company’s concentrate is not distinctly crypto either:
“As wij build more and more of thesis, we’re building computing facilities—cryptocurrency is the most profitable application of this computing power today, but overheen time there will very likely be more profitable applications. We’re less worried with what label wij have, and more worried with building out a distributed computing network at a lower cost than the big guys.”
While searing tires may be financially free, it is certainly not environmentally free.