Powering Blockchain with Renewable Energy Sources (Part 1)

GXBlocks

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Powering Blockchain with Renewable Energy Sources (Part 1)


GX Blocks Energy is a blockchain company which is specialized in dedicated cryptocurrency mining farms and renewable energy sources, providing hybrid services and innovative products in the blockchain ecosystem.

The GX Blocks platform will provide to our users an all-in-one, user-friendly experience with dashboards that facilitate fast and easy access to digital asset mining operations and other blockchain services.


GX Blocks Energy’s strategy is to diversify the funds into the core operations of the business:

  1. Renewable energy sources
  2. Cryptocurrency Mining
  3. Blockchain Energy Projects

Our facilities, supported by renewable energy sources, help to create the ideal conditions for experienced and newcomer users to get engaged in the Blockchain ecosystem through a variety of products with a risk-averse business model.

GX Blocks’ main focus is to power blockchain networks with sustainable and green energy solutions. We are making the networks’ mining outputs more sustainable and efficient, by utilizing the energy produced from renewable energy sources for the operation of our data centers.

Global Energy Problem​

The main cause of industrial air pollution is the increasing production of electricity which is driven by the rapidly growing global energy demand.
In fact, 88% of our electricity comes from coal, oil, and other non-renewable sources. It is estimated that by 2040, global energy consumption would have increased by approximately 24-28%.
But even though the use of renewables is expected to grow faster than fossil fuels, the US Energy Information Administration (EIA) says coal, oil, and natural gas will still account for 77% of our energy in 2040.

Mining Energy Consumption and Pollution​

The main issue of the Blockchain and Cryptocurrency Mining industry is the excessive energy consumption and air pollution from Data Centers.
The Bitcoin network is currently estimated to consume at least 63–70 Terawatts of electricity per year, and potentially more than double in the future, even surpassing the annual consumption of countries such as Greece (59.3 Terawatts per year).
Economic models tell us that Bitcoin’s electricity consumption will continue to grow substantially.
The amount of energy that the bitcoin network consumes is just over 60 TWh per year, with annual global mining costs estimated at $3.41 billion, assuming a fixed rate of 5 cents per kWh.
When compared to the energy used for Visa transactions, the number is even more staggering.

The following chart shows that one bitcoin transaction uses 602 kWh compared to 151 kWh for every 100,000 Visa transactions.

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Renewable Energy Mining Solution​

With the rise of energy production from Renewable Energy Sources, various problems arise. The global energy storage problem stems from the fact that long-term energy storage is impossible. For this reason, it should be produced & consumed simultaneously.
GX Blocks can directly use the excess energy from the provider and consume it without any commitment through conventional agreements with third-party providers.

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GX Blocks will solve this problem by eliciting a new hybrid business model, combining mobile mining units directly connected to renewable energy sources, taking advantage of the excess energy production. We will reduce the total power needs of our mining operations by more than 20%, by utilizing innovative liquid cooling methods that increase the energy efficiency of our DCs.

No one can deny that Bitcoin mining consumes a lot of energy. But at the same time, it is important to mention that the central idea of this cryptocurrency is based on energy storage as a digital currency.
Greece is a favourable place for Bitcoin mining and offers ideal weather and geographical landscape conditions for the exploitation of renewable energy sources, such as solar energy. This implies that Greece is a strategic position offering economical efficiency and environmentally friendly solutions to energy production and consumption.

Published: 8 Sept 2020

Copyright © 2020 GX BLOCKS ENERGY S.A.
 

GXBlocks

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Powering Blockchain with Sustainable Energy Sources (Part 2)

Transitioning to a new reality of the Blockchain ecosystem requires solving key issues, especially when the environment and our planet are concerned.
GX Blocks focuses on the sustainable development of modern green energy solutions for the operation of data centers, in order to reduce the carbon emissions from Mining DC’s through Renewable Energy Sources.

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The Blockchain & Cryptocurrency Mining industries negatively impact the environment, as the need for excessive amounts of energy consumption increases Data Centers’ carbon footprint globally.
Greece is a well-chosen strategic location to mine cryptocurrencies through the exploitation of renewable energy sources, as mentioned in our previous Thread.

Renewable Energy Sources​

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GX Blocks will use Hydropower as part of its RES Strategy
There is a considerable global energy problem. Taking into account such issues and committing to environmental friendliness, is what gave GX Blocks the impetus to create a diversified strategy based on renewable energy sources.

The GX Blocks strategy includes the construction of exclusive units of Hydroelectric and PV Power Plants. In the long run, we intend to expand to other RES facilities, such as biomass and wind turbines.

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GX Blocks will use Solar Energy as part of its RES Strategy
As mentioned in our previous thread, the Bitcoin network currently consumes at least 63–70 Terawatts of electricity per year, surpassing the annual consumption of individual countries like Greece (59.3 Terawatts per year), and is expected to increase by more than double in the future.

But there is a way to mitigate this, by using Renewable Energy Sources in the Mining Industry.

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GX Blocks offers a competitive solution to the problem of cryptocurrency mining by using clean and cheap energy. Through our own functional energy parks, we have the ability to efficiently use the clean energy produced by directly distributing it to the mining data centers to extract cryptocurrencies and power the blockchain.

Lower Mining Infrastructure Costs​

Mobile Mining Units (MMUs) will be located next to energy parks, allowing us to have significant savings on cryptocurrency mining facilities and operating costs.
We can take advantage of the existing corporate quality electrical infrastructure, eliminating the need to create new and separate electrical installations.
Another important advantage is our independence from third-party energy providers. In this way, the mining operations continue to operate normally even after a network malfunction, overload, or failure.
Energy savings are not only good for operating costs, but also for a sustainable approach towards the environment. Less energy consumption requirements globally translate to lower needs for generating electricity, therefore reducing emissions.

Decentralized Cheaper Energy​

In this new reality, any intermediary provider ceases to exist and the energy needed for the mining process costs as much as the cost of its production. This suggests that the best possible price is provided regardless of the total energy consumption and without the need to commit through conventional agreements with third-party providers. With immediate consumption, the produced clean energy is directly consumed, saving fees and taxes.

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GX Blocks Ecosystem

Liquid Immersion Cooling​

Globally, as this industry is constantly evolving and expanding, unregulated servers in data centers generate too much heat during operation. In order to avoid this, GX Blocks Energy has extensively researched and concluded in an innovative cooling process through custom tanks.
GX Blocks Energy will use Liquid Immersion Cooling to improve data centers’ life and performance, reducing energy consumption. Our solution will be able to withstand and operate in adverse conditions. By using Liquid cooling we can save up to 10 times the required space and reduce energy costs by up to 20%.

Many countries around the world face an excessive supply of electricity coming from fossil fuels. Demand is lower than supply creating problems as storage of electricity is difficult and costly, usually resulting in significant energy wastage.

Additionally, the Bitcoin mining process requires a lot of energy and is responsible for a large percentage of CO2 production globally, as excessive amounts of electricity are consumed to solve (consent) algorithms, such as Proof of Work.

Given the above issues, GX Blocks has created a network in which the energy produced by Renewable Sources is consumed directly at mining facilities, making the process more efficient, minimizing energy losses, and reducing carbon dioxide emissions from mining facilities.
‘The flexibility of this structure helps us to fuse two of the most important sectors of the 21st century, Blockchain technology and Renewable Energy Sources.’
Prioritizing the environment, GX Blocks aims to make the Blockchain industry more sustainable, by pursuing this innovative strategy to transform the industry.
 
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