Easy Crypto Hunter, the UK’s premier Blockchain and Cryptocurrency authority, is vowing to save the financial validity of thousands of renewable energy sites who have been let down by the government scheme with a forward-thinking financial model.
Unlike mining Bitcoin directly, which is no longer profitable in many instances, Easy Crypto Hunter’s altcoin mining devices power the entire blockchain ecosystem. This effectively allows you to be able to power hundreds of varying projects. In more simple terms, you are able to back the whole racecourse, rather than betting on one horse, enabling vastly higher returns.
In 2010 the UK government launched a ground-breaking new Tariff system, which includes the Feed in Tariff (FiT) and the Generation Tariff, to stimulate the uptake of renewable energy in Britain. Under the generation tariff, you are paid for every unit of energy that you generate. Under FiT, you can be paid for each unit of energy that you export back to the National Grid.
Since its inception, the FiT rates consistently decreased for suppliers, resulting in the scheme becoming financially unviable for both the UK government and suppliers themselves. Renewable energy sites can cost millions of pounds and the FiT were no longer viable for a sustainable and timely return on investment.
The government abolished the scheme for any renewable site applying after 31st March 2019, causing great uncertainty for the industry and concern over the financial return of future creation of green energy facilities.
Now, Easy Crypto Hunter is offering the solution of Cryptocurrency Mining, which could have a positive impact on the owners of these sites, owners of new sites and the environment itself.
Easy Crypto Hunter’s Cryptocurrency Mining can effectively monetise the power produced. The surplus and unused renewable energy is used to power a Mining Rig and in return, the owner earns cryptocurrency that can be converted to Sterling. This means that no energy is wasted and it has a positive impact on the environment because there is a financial motivation for the formation of new renewable sites.
Josh Riddett, CEO of Easy Crypto Hunter explains: “In the energy sector, we have solar, wind, hydro and anaerobic digestion sites that potentially have wasted energy that can’t always be harnessed. This could be due to excessive grid connection costs in remote locations or perhaps the amount of power generated doesn’t make it financially viable to warrant the connection in the first place. This is where cryptocurrency mining becomes the unique solution.
“As an example, a farmer who has renewable energy sites, who is currently benefiting from government tariffs, could be currently earning 6p – 12p per kWh. Using that same energy to power the Mining Rigs they could be earning up to 40p per kWh and with each unit only consuming 1 kW of power, it is exceptionally flexible and easy to scale. This means a reduced ROI period on their initial infrastructure on the sites, taking potentially years off multi million-pound payment periods.”
Easy Crypto Hunter’s solution not only benefits those with existing renewable energy sites, it also opens up options for new renewable sites where there is no longer a tariff available to take advantage of.
For new renewable energy sites, Mining Rigs form a new financial option, independent of any external influences such as governments, private companies or third party entities and due to the fact that it’s blockchain-based, you do not need approval or a license, it’s simply, as Josh calls it: “Plug and play,” where providers get paid daily for the computational power generated.
Easy Crypto Hunter is currently its 10th renewable energy site in the UK within just a few months of the proposition being publicised. With larger commercial entities now showing high levels of interest, this technology is set to make huge waves within the UK green energy space.
What is Crypto Mining?
Crypto Mining is being paid for providing computational power to the Blockchain. The Mining Rigs effectively process and verify all of the transactions on the blockchain, updating the ledger of information and ensuring all transactions on the network are correct.
As a ‘thank you’ for voluntarily providing sources to this network, the individual companies using the network then pay the owner of the rig in cryptocurrency, in return for upkeeping their network.
What is Blockchain technology?
Blockchain is the underlying technology behind cryptocurrency, the same way in which the internet is the underlying technology for websites such as Amazon, eBay and Facebook. Blockchain changes the way data is stored and transferred between parties, it is the method of processing transactions through a fast, traceable, secure, decentralised network at minimal cost.
Similar to companies using the internet to perform a myriad of services, various blockchain companies use the underlying technology of blockchain to create a new unique range of products and services on that network.
Josh Riddett continues: “Currently, the cryptocurrency market is worth $220 billion. JP Morgan recently created its own digital coin for payments and Amazon and Whole Foods have started accepting cryptocurrency as a form of payment.
“Many people believe that there are more than two thousand cryptocurrencies in existence, however, only a very small handful are trying to be a form of payment like bitcoin. The vast majority of these are entirely different products and services using the Blockchain technology such as insurance, stocks and shares, medical data and logistics.
“Most people think it’s crazy to get paid for plugging in a computer, but providing computational power is a profitable business. Companies would rather pay you to rent out power than spend on their own infrastructure, similar to how Airbnb doesn’t own hotels and Uber doesn’t own taxis.”
For further information visit www.easycryptohunter.co.uk