One entrepreneurial company in the cryptocurrency world has just announced a deal that might come off as quite controversial for the cryptocurrency enterprise. The company has partnered with a tire-based waste-to-energy company to help eliminate the high amount of waste that cryptocurrency companies often produce.
The company known as Standard American Mining has partnered with PRTI, a tire “thermal demanufacturing company” to help make graphics-cards based mining systems that will help with a wide range of cryptocurrencies across the crypto space.
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The way that they do it is through taking old tires, where they then place them at a precise temperature, resulting in the combustable components like steel, carbon black, and burnable fuel to be released. Once this energy is released, they are able to make energy that can help to power an onsite cryptocurrency mining farm. If they are able to fully take advantage of this type of energy production, the amount of energy they will save from fossil fuels will be unprecedented. This not only is a groundbreaking piece of technology in the industry, but it will help to eventually solve the issue that mining takes on the amount of energy that it uses.
Cryptocurrency mining is extremely profitable, but one of the biggest barriers to making a high amount of profit is the amount of energy that the process consumes. If they make energy with this new type of energy production, it could have a large effect on the broader market of mining. Being able to take advantage of an underutilized electricity source, could potentially help to shape and reshape the markets that currently exists on mining. The hopes are high this new type of energy production can help to make mining the currency more cost-effective.