With the advent of cryptocurrency, came crypto mining, the process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Use of cryptocurrency and the technology behind it a.k.a blockchain have disrupted businesses, including CRE processes and systems which will get more efficient, secure, transparent and decentralized.
Traditionally, crypto mining facilities were set-up based on availability of low-cost electricity, faster internet connectivity and low-temperature zones as the process is very power/energy intensive, requires good connectivity and generates a lot of heat. Due to this, most facilities are concentrated in areas with a colder climate like North America, Northern and Eastern Europe (mainly Russia) and China.
As more of the world’s economies have started adopting the virtual currency, the demand for mining facilities that reduce energy consumption and increase efficiency of the computational algorithm to create new coins is rising.
The Effects of Crypto Mining
The main point of contention is the amount of energy expended while mining. Constant power supply is required by high-performance computers to continuously solve complex algorithms and also cool the systems. As computers, also called rigs, start heating up, cooling systems are initiated to ensure the mining rigs do not stop working or malfunction. It is estimated that mining uses up to 32 terawatts of energy per year.
Most of the electricity used in mining, comes from coal-based power plants. The carbon emissions from these plants have led to increased global warming. With crypto mining farms (use of extensive range of mining equipment to mine coins) being set up, energy consumption is going through the roof and its impact on the environment cannot be ignored.
An Intelligent Solution to Crypto Mining
While many crypto mining facilities are looking at renewable sources of energy for their power supply, others like technology development company TMGcore are looking at effectively mining currency to reduce the burden on resources and not be dependent on climatic conditions to set up facilities. The company has developed a unique cooling system that reduces cooling costs by 90%. It has also created an intelligent mining software that mines coins according to profitability and ease of mining. This increases the amount of currency mined and also, ensures reduced consumption of energy.
How does it work?
The cooling technology works like the water cycle. The rigs are fully submerged in an immersion fluid. When the rigs start to heat up, the fluid begins to boil. On reaching boiling point, the fluid turns gaseous, moves upward taking heat away from the device. When the gases come in contact with the cooling coils attached above, the gas turns back to liquid and flows into the tank below.
This ensures a continuous process of cooling with no additional energy used for cooling systems like HVAC. Also, this allows rigs to be used anywhere in the world irrespective of the climate conditions of the region.
Stating the obvious, newer, cleaner sources of mining will provide a clean, stable and secure environment, independent of climatic conditions and help in better adoption of blockchain technology.