As everyone knows, Bitcoin is the first cryptocurrency whose transactions are validated through Proof-of-Work, which its computing algorithm is SHA256.

With the progressive advancement of time, and therefore the difficulty of computing itself, technology requires the use of ever-more-advanced standards, with a major impact on the cost of electricity itself.

As described by Digiconomist*, In order to work during the extraction phase, the performantly ASICs (Application-Specific Integrated Circuits), has a energy expenditure which is sums up as the amount of electricity, at a higher consumption which equival as countries like Jordan, Iceland and Syria.

* These calculations are based on Ethereum’s electric mining power of 4.68 TW / h (Terawatt-hours) and of 14.54 TW / h for Bitcoin mining.

Where did this electricity come from?

The electricity used by the datacenter (not to be confused with the Mining Farm, as datacenters are specially designed centers) comes from fossil power plants, which contribute to increased global pollution. As is well known, the cost of energy in countries like Italy has a very high cost (€ 0.24 + VAT per KW at hour): this drives the creators of large datacenters like NovaMining to move to countries where the cost of energy is lower.

NovaMining’s goal is to be able to start its own datacenter with clean energy from renewable sources such as the sun, so as to avoid pollution from using fossil energy, but also to avoid high energy costs that should go to affect economic performance.

We intend to present our offer through the implementation of an ambitious project, which involves the realisation of our first fully solar powered datacenter which will have maximum power of 24 MW (megawatts).

NovaMining