According to The Statesman, an Indian ex-pat by the name Varun Datta has acquired two UK based power plants to bolster the operations of blockchain energy firm, 4NEW.
The plans in question, are not traditional coal power plants, nor are they of the nuclear persuasion, instead, Datta has managed to secure two ‘waste to energy’ power plans, which use Anerobic Digestion Technology to convert household waste into electricity.
Anerobic Digestion Technology uses microorganisms to break down biodegradable materials such like we may find in our household waste. By cutting the supply of oxygen to the waste, the microorganisms operate through anerobic respiration, this form of respiration contributes to the creation of gases, gases that can in turn be used to fuel the power generation process, leading eventually to the production of electricity (on a very fundamental level at least).
Within this acquisition, 4NEW aim to launch a new cryptocurrency mining farm which in turn will be powered by these two power stations, according to The Statesman, Datta aims to use this to create a farm on par with the mining farms that have recently been built up in the likes of Switzerland.
According to The Statesman, Datta has said:
“We couldn’t be more thrilled than to deliver to our investment community these sites, already operational in the United Kingdom. To be able to deliver two plants and begin mining is fantastic; we can help reduce the cost of mining while helping the planet at the same time. Come the end of June, we will be utilizing up to 10MW per hour to mine crypto currencies bringing the KWATT to life.”
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This is a very innovative solution for an industry that is often accused of doing more bad than good to the environment. Moreover, by repurposing these power plants in this way, Datta and 4NEW are bringing new jobs into the area, boosting the local economy and of course, helping to improve how renewable energy is used here. Moreover, the attraction of a large-scale cryptocurrency farm will no doubt spark interest from the international community who in the future, may wish to tap into the UK’s potential for producing larger scale cryptocurrency mining projects.
The bigger picture is that this could very well play a huge role within the cryptocurrency and blockchain revolution in the UK.