In a latest development, 4NEW, a block-chain based energy plant led by Varun Datta, an Indian ex-pat, has secured two operational Waste to Energy power plants that produce over 10 Megawatt of electricity per hour in United Kingdom. The power plants utilize the Anaerobic Digestion technology to convert regular household waste and feedstock into electricity sold to the UK national grid.
4NEW’s securing of the two power plants are set to ensure and redefine the crypto landscape by bolstering local community for years to come. In Q3, 4NEW is set to launch an onsite crypto-mining farm that will be powered by a dedicated electrical supply to generate Etherium, Bitcoin, Bitcoin cash, Litecoin and other digital assets. 4NEW is on the verge of developing a staggering power supply that is on par with the electrical usage in finance havens like Switzerland, for crypto currency production.
The traditional approach has always been to produce the cheapest possible power for crypto generation however; it’s untenable with the amount of electricity required for even a single Bitcoin transaction. With the electricity consumption rates on the rise worldwide along with US utility companies banning subsidized power rates to miners, 4NEW’s far-sighted approach of pursuing renewable energies from waste to energy power plants, makes it an innovative and cost effective solution in the long-term.
“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” said Varun Datta, Founder of 4NEW.
Despite a series of warnings issued by the central banks that digital currency is risky and unregulated investment, interest in Bitcoin in India is rapidly on the rise. Although the crypto currency is known for its volatility, it has gained appeal along with other virtual currencies following India’s demonetization move last year. Among the youth especially, Bitcoin is gaining fast popularity because of expectations of getting high returns in a quick amount of time. Its rapid rise has drawn millions of new Indian investors, which is boosting the demand even further. The fear of missing out on this global watershed movement for how we perceive and exchange currency is gaining strong traction among the Indian populous.
In this fevered frenzy, men like Varun Datta are stepping to the fore by developing new and exciting and renewable ways to generate crypto-currencies and this should be an encouraging indication for the Indian investors. Perhaps, in the near future, seeing the immense demand for this technology and successful ventures run by Indians abroad, the Indian government will open its eyes and possibly take the validity and power of crypto-currency more seriously and consider making it mainstream, locally.